If you are an expat living in the Turks and Caicos, and you have decided that now is the time to buy a property, we can help. Depending on what you do, how long you have been on island and what your previous credit history looks like, you could have a hard time with the banks. Our private financing options in the Turks and Caicos are the answer when the bank says ‘no’.
Qualifying for a Bank Mortgage in Turks and Caicos
Chances are if you have been living in TCI for a while, you have some experience dealing with the local banks. Compared to the banks back home, banking is a bit of a different experience. When it comes to mortgages, these differences are magnified by 10. You can expect long delays for answers, and quite honestly a bit of a frustrating experience.
Qualification in a word, can be difficult for expats. You are residents, however are often seen as ‘short term’ residents, you are not citizens. This is a challenge, as many expats do come and go to the islands so the lender has to be comfortable with you and have the security in case you do decide to leave during rough patches.
If all the stars do line up for your qualification, still expect delays. Qualification often takes 3-4 months! This is a challenge when buying a home, as vendors do not want to wait that long for you to arrange financing. Often another solution is required to make all this work.
Why Private Mortgages Are Better for Expats
Private mortgages solve a lot of the issues that exist with bank financing in the Turks and Caicos. First off, qualification is quick and easy, usually only a few days and the only qualification requirement is equity; 50% is the traditional amount of down payment required. Secondly, we are able to approve you in no time and fund within weeks, not months.
The downsides to taking a private mortgage are pretty obvious, more down payment than a bank mortgage and the interest rates are higher. If you are wanting to get your foot into the market however, private mortgages are a great way to achieve your goal.
Other Options for Financing in the TCI
On top of private financing, we are also able to offer our jumbo loans. These loans are in fact bank mortgages, designed for high net worth clients. These loans do not go through the branch however, so we are able to get timely responses with an underwriting that is designed for those with complicated financial situations. These are the best priced loans we offer, however they still require 50% equity in the property.
Non-prime mortgages are also available in TCI. These loans are similar to private, but are generally suited for higher amounts and can encompass commercial properties as well. The cost to these loans are a bit higher than private (usually), and require the same amount of equity.
If you are looking to do something a little more adventurous like a development, we also have larger funding partners waiting for the right projects. Talk to us today about these options and how they can assist you in getting your project off the ground.
