Financing commercial properties can be tough even in North American markets where commercial mortgages are plentiful. In the Cayman Islands, getting commercial financing can be extremely difficult. The banks, as they are on the residential side, are not reliable lending partners as they are still risk adverse after the recession. Carib Capital however does offer commercial financing in the Cayman islands for the right properties.
The Types of Commercial Mortgages we Offer in the Cayman Islands
We generally offer financing in the tourism/hospitality industries. We generally stick to small to mid sized projects, preferably ones which already exist. Construction financing is available in Grand Cayman, however the everything about the situation (property, borrowers etc) would have to be ideal for the lender.
All deals are looked at on a case by case basis. Some properties are more attractive (ie small resort) while others are a non starter (restaurants). Talk to us about your project and we can let you know fairly quickly whether it will be something we can assist you with on Grand Cayman.
Commercial Mortgage Rates in the Cayman Islands
The lenders we use for these types of properties are generally in the non banking space, meaning interest rates will be higher than what you would pay with the banks. Qualification and speed we are able to fund will be the advantages of dealing with Carib Capital. Time is money when it comes to commercial financing.
Our commercial mortgage rates start at 8%, plus applicable lender/broker fees. We will not be your most cost effective option, but we can be a reliable partner to get your project financed in the Cayman Islands. A bank mortgage is only a good deal if you can get it!
Talk to us today or try our quick mortgage qualifier to see if your property is a fit for our Caribbean mortgage lenders.
