There are no shortage of lenders available for US development or resort projects. Financing projects in the Caribbean however is a different story, it can be tough to access. There are a lot of ‘lenders’ who claim they can offer capital for Caribbean resorts but they often disappear after they collect their upfront fees. Carib Capital will source you the money you need to get your project developed!
Our international lenders offer us up to 85% LTC for projects throughout the region. This mortgage includes a conventional component (60-65%) as well as an equity component for (20-25%). The equity portion is at a higher rate than the rate on the conventional loan portion, however it is still a reasonable cost for the benefit of developing your project with less skin in the game.
Generally the funds are private capital, meaning there is still a qualifying component however it is much easier than dealing with large banking institutions (assuming they would lend on these projects at all right now). These funds will cost a bit more, however the ease and speed at which these loans can be funded are a major advantage over other forms of financing.
With the options we have for international financing, we will usually be able to offer you a range of debt solutions. They can be as low as 6% and as high as 13%, depending on the project, location, other terms of the loan etc. Choosing the right loan for you will not be difficult with the options we supply you.
On top of the terms of the mortgage, you can expect to have to supply an international appraisal, feasibility studies, projections for your project moving forward and a number of other company or personal financials.
The timing of the loans vary depending on what you are financing. Generally you will be looking at 60-120 days depending on the project.
Lastly, it is important to do your own due diligence on the lender. A lot of lenders claim to have the ability to finance these loans but they do not. This can set your project back months, and cost you thousands of dollars in fees. Carib Capital Ltd works with reputable lenders who have a track record of funding Caribbean based projects.
Talk to us today about our options for international loans!