Hello...
I'm a broker seeking lenders/investors who will lend to Americans who wish to purchase or build vacation/retirement homes at a beachfront resort in the Dominican Republic (Caribbean).
Most of the prospective buyers have net worth of at least $5m, and significant income-producing assets here in the U.S. I'd like to find rates between 6.5% to 9%, 20-30-year amortization, 10-year balloons would be OK. I'm looking for a direct lender who is willing to base loans on a combination of both Dominican and U.S. assets. The range of property prices to be purchased is between $500k to $5m; the median mortgage will likely be $1m to $1.5m. Some of the buyers wish to purchase existing homes/condos, while others wish to purchase estate lots then build homes on those lots (i.e., construction-to-permanent financing).
I also have several developer clients who are seeking funds for development projects in the D.R.; some projects are beachfront residential developments, others are assisted-care homes for retired Americans, and some of the projects involve adaptive-reuse/upscale condo conversions in the old quarter of Santo Domingo.
Regarding exit strategy-- With the rate of appreciation in the Dominican real estate market, and the financial strength of these borrowers, most of these loans will likely be refinanced within the first few years, before the maturation of any balloons.
Any ideas as to lenders/investors who will fund these deals? Thanks for your time and insight.
Ed Flower
commercial.loans@gmail.com