Purchasing land to build your own home in the Caribbean is an exciting and rewarding experience. If you need a land loan however, it can be a challenge in the Caribbean. Lenders are not always willing to lend on land only. Purchasing a highly marketable piece of property, with plans to immediately build your dream home will make the process easier.
Our Options for Land Loans in the Caribbean
We have the full gamut of options for land loans in a number of destinations in the region. We currently only offer construction financing in a few select locations (TCI, Cayman Islands and The Bahamas), however that does not mean we will not fund a loan loan in other desirable locations.
We can offer jumbo loans, non prime loans, and private mortgages (where available) on land, but as mentioned above the property will have to be prime residential real estate which is highly marketable. These loans are always reviewed on a case by case basis, but the land and location will play a big part in your ability to finance.
The Cost of Land Loans
Land loans can often see a premium charged to the rate. These loans are higher risk than a traditional property as there is no ability to rent the property to cover costs. Construction financing can be extremely difficult to get in the Caribbean at this time, so it’s always best to do some due diligence to look into these options, otherwise you could be looking at a long term hold on the land. This is not ideal depending on the mortgage type/cost of funds.
Talk to us today about the property you are looking to purchase in the Caribbean. We will discuss with you all our options for land loans in the Caribbean to see what can work for you and your specific situation.
