Getting a construction mortgage in the Turks and Caicos is not as easy or straight forward as it was before the 2008 recession. A number of banks have pretty much stopped doing construction loans altogether, leaving the client to fend for themselves once they purchase their land. If you need funds to complete your project, we can help!
Carib Capital works with a few different lenders who offer construction financing in the TCI. The options are very similar to our regular mortgage options; jumbo mortgages, non prime financing and private mortgages. All have their limitations, pros and cons but most importantly, they will get you the funds you need to complete your new home.
Construction financing can be more difficult to qualify for, even with all of our lending options. You will be required to have 50% equity regardless of the option. Working with a quality builder in the TCI will make it easier to qualify when we have a hard cost estimate of your home.
The terms for construction mortgages vary significantly depending on the type of loan we arrange for you. For jumbo loans, we can get you a rate based on the libor rate, this is our best priced construction mortgage for those who qualify.
For loans which do not fit the jumbo mortgage requirements, our non prime mortgage is usually the next option. These loans will be priced a fair bit higher than traditional bank rates, and usually carry a premium for construction financing. Qualification is much easier for the right client and property.
Lastly private loans are also an option, however it would have to be a smaller loan. These lenders do not always like to get involved in construction mortgages in Turks and Caicos as they are high maintenance loans. The rates will usually be about the same or slightly lower than the non prime option.
Talk to us today about all of our construction mortgages in the Turks and Caicos. We can be the reliable lending partner you need when the banks say no!