If you have ever tried to finance a property in the Caribbean, you know the challenges. The process is very long, feedback is slow, and results are mixed at best. It can be very difficult to find a vendor willing to accept a 3 month condition on financing. For many buyers the process is simply too much to take, and they decide their dream home will have to wait until they are able to fully fund the property on their own.
There are alternatives however in a number of the locations where we operate. The Cayman Islands, Turks and Caicos and The Bahamas are all locations where we can offer private financing. Private financing is quick and easy, with little qualification and fast closings. These are the anti-bank loans.
Differences Between Bank and Private Mortgages
The big difference between bank mortgages and private financing, is the cost. Private loans are generally 2-3 points higher. For many buyers, this difference is not an issue, as bank financing is simply too difficult or not an option at all. The only major caveat to getting a private mortgage is having 50% equity to put into the property.
This does not mean everyone can qualify for a private mortgage however, there are other stipulations. Our investors are generally only interested in highly marketable vacation properties; properties are the most important factor in terms of qualifying. Secondly, our lenders are only interested in lending to non resident buyers (usually from the US, Canada or UK).
Quick and Easy Financing Sound too Good to be True?
This alternative may sound too good to be true, but we help buyers every day finance properties throughout the Caribbean. Getting a mortgage does not have to be a painful experience. Talk to us today about the property and location of where you want to buy your vacation home, and we will get back to you in a timely manner whether we are able to assist you.
On residential private mortgages, there are no fees to the client unless we get you a mortgage. No risk, no hassle, just results. Call us today!
