Non Prime Bank Mortgages in the Caribbean

One type of loan we offer in the Caribbean, is a non prime bank mortgage. This institutional home loan is similar to your traditional bank mortgage, with easier qualification criteria. The rates and terms will not be priced as well as a bank loan, however the speed and ease at which these mortgages can be facilitated makes them attractive to borrowers.

These non prime mortgages are similar in pricing and design to private financing, however they are funded by an institutional lender. This means qualification can be a bit more tedious than a private loan, but still much less so than a traditional bank mortgage in the Caribbean.

Non Prime Mortgage Rates in the Caribbean

As mentioned above, non prime mortgage rates are similar to private financing. Generally the loans are variable rates which fluctuate with the US prime rate. Starting at 8%, these loans are ideal for clients who have not had any luck dealing with the bank, or clients who need to fund a loan quickly with not a lot of paperwork.

For commercial mortgages, the rates tend to a be a bit higher, however the upside is obvious when you know how difficult the banks can be to deal with in the Caribbean. Time is money, and we are able to fund these loans very quickly.

Qualifying for a Sub-Prime Mortgage in the Caribbean

Qualifying for a sub-prime mortgage is not difficult. The lender will ask for income verification, and want to see your net worth, however the loan does not have to be able to debt service by traditional standards. The maximum loan to value is 50% for these loans on both the residential and commercial sides. The property and location of the property will be very important in terms of qualification.

For those looking for a true hard money loan, this may be possible however the rates will be higher due to the added risk. By their very nature however, these loans are generally short term, so the benefits outweigh the costs.

As with most lenders who practice commercial lending, this lender also requires a refundable deposit/working fee on all files they agree to entertain. This deposit varies, and is refundable if they are unable to assist. If you go ahead with the loan, the fee is deducted from the lender fees.

Apply Today for a Non Prime Home Loan

Contact us today to discuss our subprime mortgage options in the Caribbean. We can usually tell you fairly quickly whether the property, location, circumstances will make your deal a fit. A few of the locations we offer these loans are The Bahamas, Turks and Caicos, Cayman Islands, St Kitts, Anguilla, Grenada, and the British and US Virgin Islands.