Although liquidity in the Caribbean is not where it needs to be in order to adequately handle the amount of real estate transactions, we still have a number of financing options in Providenciales. Turks and Caicos is going through another bump in property demand, and we can assist clients looking at getting into their dream home in the sun.
Private Mortgages in Provo
Our most popular mortgage offering in Provo is private financing. Although this option is the most costly one we have, it is also the easiest, quickest and most reliable for our clientele. At only a 2-3 points above conventional bank financing, for many clients it is simply worth the extra cost to know that they can buy a property and get it in a timely manner.
In order to qualify for a private mortgage in Provo, you simply need to have 50% down, and be buying a marketable property; this is pretty much the entire qualification process. Compare this with the long drawn out, and often frustrating process of a bank mortgage and it’s easy to see why this is our primary credit offering.
Commercial Financing
For clients looking to build small or large developments, you quickly realize that the appetite of banks for the Caribbean is not where it was before the Great Recession. We work closely with investments funds, mortgage funds and private investors who all have a niche in the commercial financing space in Providenciales. Our lenders are bullish on the local Turks and Caicos market, and are eager to lend on the right projects in the tourism sector.
After years of very little resorts being built in Provo, sales in commercial property are picking up as more and more developers see the timing ideal to get back into the Caribbean. We are here to fill the financing gap which has not yet caught up to the speculation.
Conventional Bank Financing in Provo
Last but not least is our conventional financing options in Providenciales. These are the best priced mortgages we offer however they are also the ones that require the clients to work the hardest. They will require all your typical income documents, credit history etc, along with a lot of your patience. The process can literally take months to complete.
The banks are not overly aggressive at this point in the Caribbean, seeming unsure whether to stay out of the market or jump in with both feet. Some markets they are more aggressive in than others, with Provo being a somewhere in the middle. Conventional loans are available but qualification can be difficult and long.
Regardless of the type of mortgage you are looking for in the Turks and Caicos, we can help. Talk to us today financing your new property in Providenciales!
