A jumbo mortgage in the Caribbean, is one which is over 1M USD. We have a number of options for these loans depending on location, loan to value and the clients financial situation. Here are the most common jumbo loans we offer at Carib Capital.
Private Capital Residential Jumbo Loans
Bank loans are notoriously difficult to qualify for in the Caribbean; regardless of location, they are tough and time consuming. For this reason, most of our jumbo loans are funded through private capital. The pricing is not as sharp as bank financing however quicker and easier qualification along with more payment options make these a great decision.
These private capital loans do have some restrictions in terms of qualification, you must have income taxes filed and a credit history. The properties also much be income producing vacation properties and are treated more like a commercial property than a residential property in terms of qualification. Our maximum loan to value for these loans are generally 75%. Contact us for location options.
Generally you will need 45-60 days from start to finish to qualify for a private capital loan.
Jumbo Bank Mortgage
The best priced mortgages we offer are our jumbo bank loans. These loans have the same 1M US minimum mortgage amount, however you must have 50% down payment to qualify. Qualification is also much more difficult than what you would face at home. Although these loans are handled by a separate department of the bank, and are much quicker than your usual bank mortgage, the process can still be slow.
The locations we offer these loans are limited to the islands where this bank operates, so please call us with your desired location to see if we can assist you or if we have other options in that location.
Private Investor Mortgages
Our last option, and possibly least common in this price range, would be private investor mortgages. These loans are from individuals or private mortgage funds. Generally in the Caribbean, where these options exist, the investors are more comfortable not having so much money tied up in one property. They want to diversify their portfolio a bit to limit any potential losses.
Like the bank loans above, these jumbo private investor loans generally max out at 50% loan to value however they are by far the quickest and easiest ones to get. Usually there are no qualification requirements at all with our private mortgages. The locations we offer these loans however are extremely limited.
If you are looking to secure a high end vacation property in the Caribbean, talk to us today about all of the options we have in this price range. Although financing can be difficult, working with the mortgage experts at Carib Capital will make the process much less painful.
