As it has been since the Great Recession, construction financing is still tough to find here in the Caribbean. Seen by many lenders as ‘too high risk’, many projects sit unstarted as developers and prospective home builders search for ways to fund their new builds. Many lenders were burnt over the past number of years due to projects getting started but running out of funds before the project was finished, this being a very undesirable position to find themselves from a foreclosure perspective.
For the right deals, in the right locations however, Carib Capital Ltd does have access to construction financing. The loan to value must be attractive, and the borrower must show strong financial wherewithal in order to make payments on the loan. Construction financing is still one of the more difficult loans to find here in the Caribbean. If you are lucky enough to qualify, expect higher rates and fees, these funds do not cheap.
