A lot of our clients come to us in order to get equity out of their vacation villa. They purchased for cash back in the day, and now they want to get cash out without selling the property. Depending on your property and situation, there are a couple of different ways we can help.
Our jumbo loans are for clients who have a very high end property ($2M plus), and need to get out at least 1 million in equity. These loans won’t apply to everyone obviously, however if you are one of the lucky ones to own such a property, this is a great option. We can offer these at a floating rate, just over the libor rate, making them a very economical way to finance as well.
These loans are not fully qualifying in terms of income, however the client will have to be asset strong. Ideal for US or Canadian residents who may not show enough income on paper to service the loan.
Our second option for taking equity out of your Caribbean property, is via a private mortgage. These loans will not have the low interest rates that you see on our jumbo loans, but they do accomplish the same goal. Similar to jumbo loans, the max loan to value we can offer is 50% of the property value.
Qualification varies depending on the lender, however usually these lenders are more concerned with the marketability of the property than the applicant themselves. There will be some due diligence however, just not as much as you would expect at the bank. These loans can also fund much quicker than the banks.
Talk to us today about taking equity out of your vacation property. If you are not sure whether your situation would qualify for a refinance, try our quick app for a quick response!