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					Villas Mar y Sol
Bávaro, Punta Cana, DR

Villas Mar y Sol
Project Information Bávaro Beach, Dominican Republic
Version: 1.1 Updated: October 2006

Prepared By: Panam Management Group, Inc.
U.S.A.: 1879 Amsterdam Avenue, Suite 100 New York, NY 10031 (212) 690-8660 (Office) (888) 726-2664 (Toll-free) (212) 690-8625 (Fax) Dominican Republic: Carretera Luperon Plaza 2001, Suite 201 Santiago, Rep. Dom. (809) 971-1164 (Office) Website: http://www.panammg.com Email: info@panammg.com

Villas Mar y Sol
Bávaro, Punta Cana, DR

Company Focus:
Panam Management Group, Inc. (PMG) is a full-service management firm that specializes in residential and commercial development in the Dominican Republic. PMG focuses on the development, financing, and resale of constructed and pre-construction oceanfront properties, hotels, commercial lots, and condo conversions as well as land developments located throughout the Dominican Republic. Since its inception, PMG has honed its ability to provide clients, developers, land-owners, investors, and end-buyers all necessary resources to facilitate their real estate needs within the Dominican Republic. The company makes the steps to investing in international real estate just like investing domestically. This is achieved primarily through offering commercial and residential loans structured much like a U.S. mortgage. This was further assisted by a presidential decree in 1998 giving foreign investors the same rights as Dominican citizens with regard to property ownership in the Dominican Republic. PMG works with well-established developers to offer residential and resort properties through partnerships or individual purchases. Prior to signing an agreement with a developer, the law firm of Figueroa, Guilamo & Associates conducts a background check to verify that the developer has no liens or pending law suits. Commerce in Latin America can prove difficult for companies unfamiliar with the considerable difference in the business climate. PMG has been operating out of New York and Santo Domingo for five years while building strategic relationships through a proven track record of competency and efficacy. In doing so, PMG has polished the skills required to conduct business productively.

Dominican Republic:
The second largest nation in the Caribbean, the Dominican Republic occupies the eastern two-thirds of the island of Hispaniola in the Greater Antilles. To the west are Jamaica and Cuba; Puerto Rico is east beyond the 112-kilometer Mona Passage; and the Southern tip of Florida is about 1,000 kilometers away. Situated in the heart of the region between North and South America, the country is bathed by the Caribbean Sea on the South coast and the Atlantic Ocean to the North. With a land area of 48,442 square kilometers (18,679 square miles), it is larger than the Bahamas, Jamaica, and Puerto Rico, all the Virgin Islands and the entire French West Indies put together. The Dominican Republic is slightly larger than the Netherlands, and approximately the size of the U.S. state of Maryland. The Dominican Republic is a land of contrasts with towering mountains and rocky cliffs, rain forests, fertile valleys, cacti-studded deserts, 1,600 kilometers of coastline and about 300 kilometers of prime soft sand beaches. The country is crossed by four rugged mountain ranges bisecting northwest to southeast. The largest is the Cordillera Central with Pico Duarte, the tallest point in the Caribbean, rising over 3,175 meters. Three large fertile valleys rest between the ranges, one of which holds Lake Enriquillo in the southwest, the lowest point in the Caribbean falling 40 meters below sea level. It’s the only salt water lake in the world inhabited by crocodiles.

Area Overview:
The Punta Cana area lends itself more to those looking for the type of vacation where the resort has everything and one never has to go outside the gates. Note the nearest city, Higuey, is about a 40 minute drive away. Beyond the resorts is mostly empty countryside. You can literally walk for miles along the beach without seeing anything but an occasional construction project or the next hotel. El Cortecito, located between Punta Cana-Bavaro and Macao, is the closest thing to a little beach town in the area. Nearby is Manatee Park, wildlife ecological/adventure site and the Ponce de Leon house is near Boca de Yuma, a choice for fresh fish lunches by the seaside. Handicraft vendors rotate, offering “Market Day” at the different hotels. There are several souvenir shops located right on the beach.

Villas Mar y Sol
Bávaro, Punta Cana, DR

The array of water sports options offered right on the beach is amazing: catamaran boat rides, double-decker party boats, restaurant dining at sunset on the sea, parasailing, glass bottom boats for marine life observation, sports fishing, diving, snorkeling, flying boats, and speed boats. The boat taxis can take you from one hotel to another via the beach. There is also banana boating, kayaking, windsurfing, sailing and beach volleyball. But there are other activities to consider: Safari-type excursions on four-wheel bikes, buggy rides, jeep safaris, monster trucks or helicopter rides for a privileged view. A dozen companies offer these adventure tours that take the tourists to observe tropical wilderness, visit a countryside home where a typical Dominican lunch will be served, examine tropical crops, and take a dip at a deserted beach or a swim in a cool river. Horseback riding is also popular in Punta Cana with the option of riding on deserted white-sand beaches, making for great photography. Marinarium, the marine park on the sea offers snorkeling with sharks and rays. Dolphin Island: a short boat ride away is an artificial island where tourists can swim with trained dolphins right in the sea. The package includes a 15-minute free time with the dolphins where you can choose your new dolphin friends. Manati Park Bavaro, a 130,000 square meter preserve with permanent exhibits of birds, reptiles, and fish. A show with parrots, dolphins and dancing horses is included in the admission fee. Free shuttle bus to and from principal hotels in the area.

Project Description:
Villas Mar y Sol II is a project developed in the province of Altagracia. It is located at Bavaro Beach, on the east coast of the Dominican Republic. This residential complex is only 5 minutes from the beach and 15 minutes from the international airport of Punta Cana. With a total area of 3,000m², Villas Mar y Sol II is a two-story complex with 28 condominiums consisting of one, two or three bedrooms up to 116 m² (1,248 ft²). This project is a modern yet simple residence offering security, value and good taste; its modern designs offers a tropical-Mediterranean feel, ample social space, balconies, parking, recreational space and swimming pools. Construction Features: • • • • • Mahogany wood throughout Imported ceramic tiles 100% solid iron rod and concrete construction Wireless internet access Large windows and sliding doors • • • • • Alarm system ready Air condition ready Cable TV ready Marble countertops Terracotta shingles

Mar y Sol II Features: • • • • • • Tropical and Mediterranean design 25% discount to Villas Bavaro 4-star Resort 3 Large Pools (2 adult, 1 children) Huge gazebo for entertainment Landscape lighting and sprinkler systems Walking paths • • • • • • Gated Community ~ 24 Hour Security Beach access Handicap and stroller access throughout Condo association Maintenance team Rubbish removal

Villas Mar y Sol
Bávaro, Punta Cana, DR

Immediate Area Features: • World renowned beaches (40 km) • 12 minutes to Punta Cana International Airport • Exclusive Shopping Center at 700m (under construction) • 10 golf courses under construction in area • Restaurants and cafes of all kinds (including on beach) • Clubs ~ Casinos • Scuba Diving ~ Deep sea fishing • Soccer ~ Tennis ~ Bowling • Horseback riding • Hospitals and pharmacies • Manati Park • Helicopter and small plane excursions

Villas Mar y Sol
Bávaro, Punta Cana, DR

Renderings:

Actual Construction Pictures:

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Villas Mar y Sol
Bávaro, Punta Cana, DR

Floor plan:

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Villas Mar y Sol
Bávaro, Punta Cana, DR

Map of Project Location:

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Villas Mar y Sol
Bávaro, Punta Cana, DR

Financing Opportunity:
ePrestamo (www.eprestamo.com ), is a newly formed commercial and residential internet based facility for financing and providing loans for Panam’s exclusive commercial development projects as well as supplying the residential “End Buyer” mortgage financing. The financial lenders through ePrestamo are U.S., Foreign and D.R. lenders that are able to provide financing in both U.S. Dollars and Dominican Republic Pesos. What ePrestamo is also able to provide the residents of Villas del Sol II, is up to 90% LTV financing for 30 yr. terms in Dominican Republic Pesos and 80% LTV in U.S. Dollars for 20-25 years, depending on individual case by case basis. ePrestamo is part of the International Mortgage Association. Financing Terms: • 80% LTV financing or refinancing • Mortgages available in U.S. Dollars. • Term: Up to 30 years • Interest rates 8-10% • All loans are full documentation • 640 FICO mid score or equivalent • • • • • Up to 40% DTI Loans available for properties anywhere in the D.R. Mortgage loan origination fee: 3 points Loans do not require U.S. assets or US citizenship Loans starting at U.S.$100,000

Visit ePrestamo’s website at: www.eprestamo.com and use the mortgage calculator to help determine your monthly mortgage.

Property Tax:
There is currently no property tax for any property appraised under $150,000.00. On property appraised above $150,000.00 an annual tax of 1% is charged on the amount above $150,000.00.

Title Insurance:
Stewart Title Dominicana helps buyers, lenders and sellers minimize risk and close their Dominican real estate transactions with speed and confidence. Offering a wide range of products including title guarantees, escrow and closing solutions, our dedicated professionals are committed to offering you the most efficient and secure transaction whether buying commercial or residential real estate. When necessary, there is a one-time charge for title insurance which is usually 1% - 5% of the selling price due at closing. Title insurance may be provided by Stewart Title: www.stewarttitlelatinamerica.com

Legal:
FIGUEROA GÜILAMO http://www.fgasoc.com.do/, Panam Management Group’s lawyers within the Dominican Republic, is a law firm specializing in Corporate Law and real estate investments, founded in 1982 in the city of Santo Domingo, Dominican Republic. Since the early nineties, as a result of tourism development, this firm has engaged in real estate investment law, becoming the first firm to engage in real estate investment law at tourist complexes, notably at the Casa de Campo tourist complex in the city of La Romana.
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Villas Mar y Sol
Bávaro, Punta Cana, DR

Cash Flow Analysis
2BR, 2BH Condo at Costa Bavaro, Punta Cana
This is an example of a $140,000.00 purchase with a 20% down payment.
Purchase Price Down payment (20%) Mortgage Amount Monthly Payment @9.00% (20 year term) Annual Expenses Property Taxes Electricity & Water/Sewage Telephone Insurance Cable Maid Fee Common Charges Miscellaneous Fees Replacement (linen & breakages) Furniture Payments (base on $10,000) Other Sub-total Annual Mortgage payments Total Annual Expenses $ 140,000.00 $ 28,000.00 $ 112,000.00 $ 1,008.00 Estimated Rental Income High Season rental US$1,575/week for up to 4 guest Low Season rental US$1,050/week for up to 4 guest

$ $ $ $ $ $ $ $ $ $ $ $ $ $

2,340.00 600.00 500.00 480.00 2,040.00 1,500.00 500.00 900.00 8,860.00 12,096.00 20,956.00

Annual Income High Season 20 weeks @$1,575.00 Low Season 32 weeks @$1,050.00 @ 100% Occupancy (52 weeks) Projected Cash Flow at 60% Occupancy 60% Occupancy (20 wks high; 11 wks low) 30% Property Management Fee Total Annual Expenses Projected Annual Gross Profit / Cash Flow Projected Cash Flow at 80% Occupancy 80% Occupancy (20 wks high; 22 wks low) 30% Property Management Fee Total Annual Expenses Projected Annual Gross Profit / Cash Flow

$ $ $

31,500.00 33,600.00 65,100.00

$ $ $ $

43,050.00 12,915.00 20,956.00 9,179.00

$ $ $ $

54,600.00 16,380.00 20,956.00 17,264.00

Above figures are for example only. Estimated costs and projected income provided by management companies that are deemed to be reliable. All figures are for example only. Your results will vary. No guarantees as to income are stated or implied. Dominican Republic law prohibits such claims Mortgage rates vary according to market conditions and mortgage programs. Income can and will fluctuate according to season and demand.

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