As we have talked about extensively on this site, banks in the Caribbean are not always reliable lending partners. Even when the desire is there to assist however, qualification can be an issue for many clients. Qualification is even more difficult when you get into larger mortgages, stated income type home loans just do not exist in this region of the world. Luckily, we have a solution large residential mortgages for high end properties.
How Big is Big When it Comes to Mortgages?
‘Large’ is obviously an objective term, however we consider mortgages over $1M to fit this description. I think by anyone’s definition, a million dollar mortgage is big, however in many of the destinations we offer financing, 1.5M USD does not always get you as much real estate as you might expect, especially if you want to be on the beach.
We can assist clients who have a strong income and we can help those who do not show enough income on paper, with a stated income mortgage. Our maximum loan to value is 75% for high end Caribbean properties, again with a minimum loan requirement of 1M USD. As a rule, the properties will have to be worth 1.4M USD before our lenders will consider for their large loan programs.
Prime Versus Non Prime Jumbo Mortgages
Our program for prime jumbo mortgages, does not eliminate the need for income verification, but it does make it slightly easier to qualify. We can go through your business financials and add-back income that was deducted for tax purposes. Our maximum loan to value on this loan is 50%, but the rates are likely the best you will find in the Caribbean region. We can offer this loan in a number of locations including Turks and Caicos, The Bahamas and the Cayman Islands.
Our non prime jumbo mortgage on the other hand, is does offer both income and non income qualifying programs. You will need to provide income tax statements to prove you have filed your taxes, but the numbers are not used in the deal. This offer is much easier and quicker and work with, and allows for the higher loan to value.
The only downside to a non prime mortgage is of course the rate, which will be a few points higher, however for most of our clients the benefits far outweigh the downsides.
Financing a high end vacation property does not have to be a painful experience; talk to us today about our large mortgage options in the Caribbean!
