Construction Draws
Like North America and Europe, Casa Linda constructs based on payments made at certain stages of construction. Although payment terms are based on client needs, the following is the general outline:
- 35% of purchase price to begin construction (this amount is less $15,000 if a lot reservation was done previously)
- 30% of purchase price 2-3 months after start of construction (dependent upon construction schedule)
- 25% of purchase price 5-6 after start of construction (dependent upon construction schedule)
- 10% percent upon taking possession of the villa less a $5,000 holdback pending period to correct any deficiencies and obtaining final title.
Financing
Mortgage financing is offered through several Dominican banks; however, the process can be quite cumbersome for foreigners, especially as there is usually a language barrier. Casa Linda suggests using a Canadian/Dominican mortgage brokerage, Mortgage Innovations for financing. Broker, Mel Valerio, can help you navigate the financing waters.
For more information about finance, please contact our office or Mel Valerio at Mortgage Innovations directly at: www.mortgageinnovations.ca or at 780-474-7900.
