<PAGE>
                                                                     Exhibit 4.1

      THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY, UNLESS AND UNTIL
THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM.

      UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO DORAL FINANCIAL
CORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND
ANY CERTIFICATE ISSUED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR, OR
IN LIEU OF, THIS CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
HEREON IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

      THIS NOTE IS A DIRECT, UNCONDITIONAL AND UNSECURED OBLIGATION OF DORAL
FINANCIAL CORPORATION, IS NOT A SAVINGS ACCOUNT, DEPOSIT OR OTHER OBLIGATION OF
ANY BANK OR NONBANK SUBSIDIARY OF DORAL FINANCIAL CORPORATION, AND IS NOT
INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY.

CUSIP NO. 25811P AJ 9                             PRINCIPAL AMOUNT: $115,000,000
No. 1


                            DORAL FINANCIAL CORPORATION

                 Floating Rate Senior Notes Due December 7, 2005

      DORAL FINANCIAL CORPORATION, a corporation duly organized and existing
under the laws of the Commonwealth of Puerto Rico (herein called the "Company",
which term includes any successor Person under the Indenture hereinafter
referred to), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of U.S. One Hundred Fifteen Million
Dollars ($115,000,000) on December 7, 2005, and to pay interest thereon from
June 7, 2004 or from the most recent Interest Payment Date to which interest has
been paid or duly provided for, quarterly on

<PAGE>

March 7, June 7, September 7 and December 7 of each year, commencing September
7, 2004, at the rate per annum for each Interest Period of three-month LIBOR
plus 0.625%, determined as provided herein, until the principal hereof is paid
or made available for payment. The interest so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be the 15th day of the month of the
related Interest Payment Date (whether or not a Business Day). Any such interest
not so punctually paid or duly provided for will forthwith cease to be payable
to the Holder on such Regular Record Date and may either be paid to the Person
in whose name this Note (or one or more Predecessor Securities) is registered at
the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Securities of this series not less than 10 days prior to such Special Record
Date, or be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Debt Securities of this
series may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in said Indenture.

      Interest hereon will be calculated on the basis of the actual number of
days elapsed in an Interest Period and a 360-day year. Dollar amounts resulting
from such calculation will be rounded to the nearest cent, with one-half cent
being rounded upward. An "Interest Period" shall be the period from and
including an Interest Payment Date (or from June 7, 2004 in the case of the
first Interest Payment Date) to and including the day immediately preceding the
next Interest Payment Date.

      If any Interest Payment Date falls on a day that is not a Business Day,
other than an Interest Payment Date that is also the date of Maturity, such
Interest Payment Date will be postponed to the next succeeding Business Day
except that if such next Business Day is in a different month, then that
Interest Payment Date will be the immediately preceding day that is a Business
Day. If the Maturity of the Notes falls on a day that is not a Business Day, the
payment due on Maturity will be postponed to the next succeeding Business Day,
and no further interest will accrue with respect to the period from and after
Maturity.

      For these purposes, "Business Day" means a day other than a Saturday, a
Sunday or any other day on which banking institutions


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<PAGE>

in San Juan, Puerto Rico or New York, New York are authorized or required by
law, regulation or executive order to remain closed.

      Payment of interest on this Note due on any Interest Payment Date (other
than interest on this Note due to the Holder hereof at Maturity) shall be paid
by check mailed to the Person entitled thereto at his last address as it appears
on the Security Register or, if a U.S. Depositary with respect to this Note is
specified above or if $10,000,000 aggregate principal amount of Debt Securities
of this series are registered in the name of the Holder hereof, in immediately
available funds by wire transfer to such account as may have been designated by
the Person entitled thereto as set forth herein in time for the Paying Agent
under the Indenture to make such payments in accordance with its normal
procedures. Payment of the principal of (and premium, if any) and interest on
this Note due to the Holder hereof at Maturity shall be paid in immediately
available funds upon presentation of this Note for surrender at the office or
agency of the Paying Agent in the Borough of Manhattan, The City of New York,
provided that this Note is presented for surrender in time for the Paying Agent
to make such payment in such funds in accordance with its normal procedures.

      Any such designation for wire transfer purposes shall be made by filing
the appropriate information with the Trustee at its Corporate Trust Office in
the Borough of Manhattan, The City of New York and, unless revoked by written
notice to the Trustee received on or prior to the Regular Record Date
immediately preceding the applicable Interest Payment Date or the fifteenth
calendar day preceding Maturity, shall remain in effect with respect to any
further payments with respect to this Note payable to such Holder.

      This Note is one of a duly authorized issue of Debt Securities of the
Company (together herein called the "Securities")issued and to be issued in one
or more series under a senior indenture, dated as of May 14, 1999, as
supplemented by a First Supplemental Indenture, dated as of March 30, 2001
(herein called the "Indenture"), between the Company and Deutsche Bank Trust
Company Americas (formerly known as Bankers Trust Company), as Trustee (herein
called the "Trustee", which term includes any successor trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of
the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Note is one of the series designated Floating
Rate Senior Notes due December 7, 2005 (herein


                                       3
<PAGE>

called the "Notes"), limited in aggregate principal amount to U.S. $115,000,000.
This Note is issued subject to the provisions of the Indenture with respect
thereto.

      This Note will bear interest for each Interest Period at a rate determined
by the Calculation Agent. Deutsche Bank Trust Company Americas will initially
act as Calculation Agent for the Notes. The interest rate on this Note for a
particular Interest Period will be a per annum rate equal to LIBOR as determined
on the related Determination Date plus 0.625%. The Determination Date for an
Interest Period will be the second London Banking Day preceding such Interest
Period. The Determination Date with respect to Interest Period was June 3, 2004.
Promptly upon determination, the Calculation Agent will inform the Trustee and
the Company of the interest rate for the next Interest Period. Absent manifest
error, the determination of the interest rate by the Calculation Agent shall be
binding and conclusive on the holders of Notes, the Trustee and the Company.

      A London Banking Day is any day on which dealings in U.S. dollars are
transacted or, with respect to any future date, are expected to be transacted in
the London interbank market.

      With respect to any Interest Period, LIBOR shall be the rate (expressed as
a percentage per annum) equal to the offered rate for deposits in U.S. dollars
for a three-month period beginning on the second London Banking Day after the
Determination Date, as such rate appears on Telerate Page 3750 as of 11:00 a.m.,
London time, on such Determination Date.

      If Telerate Page 3750 does not include this rate or is unavailable on the
Determination Date, the Calculation Agent will request the principal London
office of each of four major banks in the London interbank market, as selected
by the Calculation Agent, to provide that bank's offered quotation (expressed as
a percentage per annum) as of approximately 11:00 a.m., London time, on the
Determination Date to prime banks in the London interbank market for deposits in
a Representative Amount (as defined below) in U.S. dollars for a three-month
period beginning on the second London Banking Day after the Determination Date.
If at least two offered quotations are so provided, LIBOR for the Interest
Period will be the arithmetic mean of those quotations. If fewer than two
quotations are so provided, the Calculation Agent will request each of three
major banks in New York City, as selected by the Calculation Agent, to provide
that bank's rate (expressed as a percentage per annum), as of approximately
11:00 a.m., New York City time, on the Determination Date for loans in a
Representative


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<PAGE>

Amount in U.S. dollars to leading European banks for a three-month period
beginning on the second London Banking Day after the Determination Date. If at
least two rates are so provided, LIBOR for the Interest Period will be the
arithmetic mean of those rates. If fewer than two rates are so provided, then
LIBOR for the Interest Period will be LIBOR in effect with respect to the
immediately preceding Interest Period.

      Representative Amount means a principal amount that is representative for
a single transaction in the relevant market at the relevant time.

      If an Event of Default with respect to the Notes shall occur and be
continuing, the principal of the Notes may be declared due and payable in the
manner and with the effect provided in the Indenture.

      The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of not less than a majority in principal amount of the
Securities at the time Outstanding of each series to be affected. The Indenture
also contains provisions permitting the Holders of specified percentages in
principal amount of the Securities of each series at the time Outstanding, on
behalf of the Holders of all Securities of such series, to waive compliance by
the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Note shall be conclusive and binding upon such Holder and upon
all future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Note.

      No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and any premium and interest
on this Note at the times, place and rate, and in the coin or currency, herein
prescribed.

      The Notes may not be redeemed prior to maturity.

      As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is


                                       5
<PAGE>

registerable in the Security Register, upon surrender of this Note for
registration of transfer at the office or agency of the Company in any place
where the principal of and any premium and interest on this Note are payable,
duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes and of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

      The Notes are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Notes are
exchangeable for a like aggregate principal amount of Notes and of like tenor of
a different authorized denomination, as requested by the Holder surrendering the
same.

      No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

      Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

      Unless the certificate of authentication hereon has been executed by the
Trustee referred to below by manual signature, this Note shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

      All terms used in this Note which are defined in the Indenture shall have
the meanings assigned to them in the Indenture.

      This Note shall be governed by and construed in accordance with the laws
of the State of New York.


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<PAGE>


      IN WITNESS WHEREOF, DORAL FINANCIAL CORPORATION has caused this instrument
to be signed by its duly authorized officer, and has caused its corporate seal
or a facsimile thereof to be affixed herein or imprinted hereon.

Dated: June 7, 2004


                                       DORAL FINANCIAL CORPORATION



                                       By: /s/ Ricardo Melendez
                                           -------------------------------
                                           Name:  Ricardo Melendez
                                           Title: Executive Vice President
                                                  and Chief Financial
                                                      Officer

Attest:


By: /s/ Sonia Arroyo
    --------------------------
    Name: Sonia Arroyo
    Title: Assistant Secretary


                                       7
<PAGE>


                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

      This is one of the Debt Securities of the series designated therein issued
under the within-mentioned indenture.

                                    Deutsche Bank Trust Company Americas,
                                          as Trustee


Dated: June 7, 2004                 By: /s/ Susan Johnson
                                        ------------------------
                                        Name:  Susan Johnson
                                        Title: Vice President


                                       8
<PAGE>

                                  -------------


                                  ABBREVIATIONS


      The following abbreviations, when used in the inscription on the face of
this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<S>                                       <C>
TEN COM -- as tenants in common           UNIF GIFT MIN ACT -- ________ Custodian _________
TEN ENT -- as tenants by the entireties                        (Cust)             (Minor)
JT TEN  -- as joint tenants with right             Under Uniform Gifts to Minors Act
           of survivorship and not as
           tenants in common                       __________________________________________
                                                                  (State)
</TABLE>

      Additional abbreviations may also be used though not in the above list.

      FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto



Please Insert Social Security or




Other Identifying Number of Assignee


--------------------------------------------------------------------------------
                   PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS
                     INCLUDING POSTAL ZIP CODE OF ASSIGNEE

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

the within Note of DORAL FINANCIAL CORPORATION and does hereby irrevocably
constitute and appoint
__________________________________________________________________________
attorney to transfer the said Note on the books of the Company, with full power
of substitution in the premises.

Dated:________________________              ____________________________________

                                            ____________________________________


NOTICE: The signature to this assignment must correspond with the name as
written upon the face of the within instrument in every particular, without
alteration or enlargement or any change whatsoever.


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