According to the general manager of the Fiduciary Reserves of the Dominican Republic, Andres van der Horst, through the figure of escrow More than 250,000 families throughout the country have been allowed to access a mortgage and financing.
“The bank is going to imprison that low-income person who did not have that purchasing power and can have access to a home and access to credit and a credit card, etc.,” the official said.
He highlighted that in 2014 the escrow public for the construction of the City Juan Bosch, where almost 25,000 families have been able to access low-cost housing that previously did not have the ability to obtain long-term mortgage financing because there was no such figure.
“With this figure, more than 250,000 families throughout the country have been allowed to access financing and a mortgage on the security that the builder it is not going to cheat the bank and it can lend to that low-income person who did not have that purchasing power,” he explained.
He added that it is no secret to anyone that, at the public and private levels, real estate development has played a leading role in the economic progress of the Dominican Republic.
“From Fiduciary Banreservas we have about 150 private real estate trusts. But at the level of the other trust companies such as La Universal, La Nacional, BHD, Popular, among others, they have a large number of trusts made in this way. Why, because the State through the Escrow It guarantees a series of benefits, especially the ITBIS exemption, a land bonus that has allowed this industrial sector to develop,” he explained.
He pointed out that without Law No. 189-11 on the Development of the Mortgage Market and the Escrow, the development of the real estate sector would have been difficult.
“Before that law, the anecdotes of engineers who deceived people were huge and nobody got involved because there was always a deception. With the escrow No, because the trustee does not pay a penny until everything the contract says is fulfilled and the bank does not put a penny until the trustee does not give it the go-ahead that everything the contract says is being fulfilled”, highlighted the owner of Fiduciary Banreservas.