Private mortgages in the Turks and Caicos are a great option for those who are unable to qualify for bank financing. Although the cost for these loans are generally higher than what you would pay at the bank, they are a much easier mortgage to qualify for as long as you have significant equity in the property.
Our private mortgages here in the Turks and Caicos are generally financed by individuals looking for a better return on investment than they are currently getting. These loans will usually run in the 8-9% range, and from the clients perspective are a safe place to park their money. These rates will be a fair bit higher than what you would pay at the bank, but keep in mind that the mortgage rates in the Turks and Caicos banks are not what they are in North America and most of Europe.
Usually with private financing, you will need to have 50% equity in the property. A lot of this will depend on the investors available at the time and the property you are wanting to finance. This down payment is only slightly more than you would generally have to pay with banks; again, this is not like financing at home.
If you are interested in discussing our private mortgage options in the Turks and Caicos, please contact us today.
