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DORAL FINANCIAL CORP. San Juan, Puerto Rico Bank Has Island Fever Over Booming Market.(THE NEW AMERICA)
Byline: DAVID ISAAC
A bank that specializes in mortgage lending can do a lot worse than set up shop in an island with a persistent housing shortage.
With a population of 3.9 million, Puerto Rico has one of the highest population densities in the world at 1,114 residents per square mile.
Land is at a premium. That means a strong market for Doral Financial, the largest mortgage lender on the island.
The housing shortage benefits Doral in a couple of ways, says analyst Joseph Gladue of Cohen Bros.
"The shortage helps keep housing prices going up," he said. "For that reason, a lot of Puerto Ricans refinance fairly frequently just to take advantage of the rising home value."
Refinancing becomes a way to pay off higher interest-rate loans.
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