If you are looking for mortgage financing in the Turks and Caicos, we have funds available! Now is a great time to buy or refinance a property with quick and easy access to private dollars. Unlike the bank, we can get you capital quickly with nearly no qualification, just equity.
What you Need to Know About our Loans
Our private financing options in TCI are generally available up to 50% of the value of the property. This is lower than what the banks can offer, however our loans are do not require the mountains of paperwork or the months of time to get an approval. We can usually get you approved in less than a week, and close the mortgage in less than a month.
The rates of our loans start at 8%, a couple points higher than the banks. The payments for these mortgages are generally offset however by the interest only payment requirement (in most cases).
Private Financing Requirements
One of the keys to private financing is the property itself; lenders only want to mortgage highly marketable properties in the tourist areas. There is no exceptions to this policy. If the lender ever needed to take over the property due to lack of payment, they want a property they can sell relatively quickly.
Secondly, the lenders will take a look at your criminal history. Buying property in tax havens like the TCI, is a common way of laundering money, so making sure the applicant has a clean past is important.
Ideally, lenders want a property which kicks out revenue, such as a vacation rental. The ideal borrower is a non resident from the US, Canada or the UK.
Applying for a Private Mortgage in the Turks and Caicos
Applying for a private mortgage could not be easier. We simply get some personal info, ID, utility bill etc, along with the particulars of the deal, such as location, value, amount required etc. Again, no income or credit verification is required under most circumstances.
Once we get the information, we take it to our investors to see who would be interested in backing your mortgage, and how much they are looking for in terms of pricing. We may need an appraisal at that point, depending on the property and type of transaction.
Keep in mind with any mortgage in the Turks and Caicos, there is stamp duty, legal fees, lender/broker fees, and possible appraisal fees. The upfront costs on the mortgage are not cheap regardless of the financing option you choose.
Talk to us today about the private mortgage funds we have available in the Turks and Caicos!
