If you have exhausted the local banks in Barbados, you may need to look at alternative financing options. At Carib Capital we work with banks that offer non prime loans for properties throughout the Caribbean including Barbados. These loans are perfect for quick, easy qualification on highly marketable properties.
What are Non Prime Mortgages?
Non prime (or subprime as they are often called) are loans which do not meet traditional lending standards. This has a little different twist in the Caribbean, as it usually refers exclusively to debt servicing rather than credit issues. Even if you would qualify by banking standards at home, qualification can be much more difficult in the Caribbean, which is why these non prime loans are so popular.
The drawback to a non prime loan is fairly straight forward, the cost. The interest rates and the lender fees are higher than what you would pay at a local bank. These differences are not always an issue however if a bank loan is simply not an option.
The Perks of a Non Prime Mortgage in Barbados
The benefits of using a bank that offers non prime mortgages are just as obvious as the drawbacks. Speed and ease of qualification allow for quicker closings. Often when applying at a bank in Barbados, it can take months to get an approval. These mortgages can be approved in days, and fund in a matter of weeks.
Although financials will be asked for, debt servicing is not a big concern for the lender. As long as they are convinced that you have the wherewithal to make the payments, that is usually enough to qualify (and of course having the 50% equity in the property).
Talk to us today about our mortgage options in Barbados, we would love to help you finance your vacation property in the sun!
