If you have looked into financing the construction of a vacation villa with the banks in TCI, you know the odds are stacked against you. The banks are not all that interested in builders mortgages, and for the most part construction is being self funded by most clients. The good news is we have new financing options for residential construction in the Turks and Caicos (and elsewhere).
Higher Loan to Value Option
Many buyers of new villas (new builds) in TCI fall into the gap that exists in the market. Private financing, when you can get it for construction, is only available to 50% of the cost. Although better than self funding the entire project, it leaves a good portion of buyers in the cold.
The banks are an option to fill some of this gap, however they are not aggressive in this sector and in some cases are not offering these types of loans at all.
Our new construction loans are available up to 60% of the cost of your new villa! This aggressive loan to cost ratio is filling the space left by the banks, with loan options that are priced not all that different than the local banks.
Higher loan Amounts
With the local banks, and often with private mortgage options, loan size can be limited or capped. We have funds available for large residential loans on construction deals. There are some limits, but they apply to the minimum rather than the maximum (only consider loans over 1M US).
These loans still require income tax filings and credit history, so they are not private in nature however qualification is significantly easier than the banks. These loans are only offered to residents from select countries (ie US, Canada, UK etc). These loans are not available for residents of the TCI.
If you are considering building a home in TCI, or are a builder who has clients looking to finance their new build, talk to us today. We will give you all of our financing options in the Turks and Caicos.
