Caribbean Jumbo Mortgage

For those looking to purchase large residential properties in the Caribbean, finding financing can be even more difficult to secure. Many clients looking for properties in this price range, can also have a difficult time showing enough income to support payments on a mortgage this size. Our jumbo mortgages in the Caribbean take this issue off the table.

Jumbo mortgages are loans which do not conform to standard lending limits. Clients must be financially strong, have good credit and significant equity in the property. The loan is a qualifying loan in terms of debt servicing, so the applicant must be strong.

Qualifying for a Jumbo Loan (Bank)

There are some hard stops when it comes to qualifying for a jumbo home loan. First off, the property must have a value of $2,000,000. Secondly the minimum mortgage amount is $1,000,000. The maximum loan to value for this product is 50%, equity is key for this product. We are only able to offer this product in a few select Caribbean locations.

This product is ideal for affluent non resident borrowers looking for a vacation/investment property in the Caribbean. Again, debt servicing has to meet traditional bank debt ratios; financials will be asked for to ensure the client has the wherewithal to make the payments.

The interest rates we offer on this product are the best of any of our mortgage options. This is a bank product at bank rates! These interest rates are usually tied to the Libor, a variable rate mortgage which is significantly lower than fixed rate products offered by the banks. A great Caribbean mortgage at a great rate for securing your dream home in the sun.

Non Bank Jumbo Mortgages

We also have a non bank jumbo mortgage option, this loan is similar in some requirements to the conventional option we have but there are some major differences. These loans are easier to qualify for than the bank loan, and the loans do not require the client to be able to debt service (at least not to the same ratios).

The only downside to the this mortgage is rate, these are not conventional loans so the rates tend to be a few points higher. For many clients however, the added cost is worth the time, effort and stress of dealing with the Caribbean banks.

Talk to us today about our jumbo mortgage options!