Hard money loans are pretty common place in the US and Canada, but they are not as common in the Caribbean. Private lenders are prevalent but they don’t all offer TRUE hard money loans, usually some type of income verification is required. Having said that, we do have some options.
Depending on location, we have private lenders in some Caribbean locations who don’t get involved in confirming income, credit etc, they simply base their loan approval on equity in the property. In other words, they are true hard money lenders. These loans are only for residential properties however, no commercial properties are acceptable.
Other lenders we work with offer a ‘quasi’ hard money loan, where income verification is required, however the numbers don’t have to be high enough on paper to service the debts. The lender just wants to see the clients have steady income, and the wherewithal to make payments on the mortgage.
Hard money loans for commercial properties in the Caribbean are much tougher to get, and the cost of them are quite high when you can secure one. These loans fall under our ‘quasi’ hard money loans above, chances are we will need to see some financials.
If your loan is at a very good loan to value however, talk to us about your hard money loan. Under the right scenario our lenders may be able to facilitate your request.