Refinancing Your Caribbean Property

One of the more common transactions we do here at Carib Capital, is refinancing our clients Caribbean properties. By refinancing your property, you can take cash-out of your home for renovations, other investments or clean up some other debts. Refinancing is a great way to access money that has been a sunk cost for a number of years now.

Generally we can access up to 50% of the value of your property. Qualification criteria varies depending on the type of loan and lenders we have available in the area. With property values going up in much of the Caribbean, now is a great time to refinance your home.

Refinancing Options in the Caribbean

We have the same basic options for a refinance as we do for a purchase. We offer some bank loans (jumbo mortgages) and private mortgages. The rates and terms vary depending again on loan type and lender in that area. Mortgage rates regardless of the lender however will be higher than what you will find in the US or Canada.

Our primary lending locations are The Bahamas, Cayman Islands and Turks and Caicos, although we do also offer mortgages in other Caribbean locations. Please contact us directly so we can review your situation and property location.

Are There Bank Options Outside of the Jumbo Loans?

We primarily offer non bank mortgage products, however we do occasionally have access to bank products depending on location. Bank products offer lower interest rates, however qualification is more difficult and often the shorter amortization can make payments higher.

Again, we recommend you contact us regarding bank mortgages to see if they may be an option.

How Long is the Process to Refinance in the Caribbean?

The process varies significantly depending on the lender. Bank mortgages can take much longer to refinance than private loans. It is not uncommon for a bank approval to take several months in the Caribbean, whereas private mortgages can usually fund in a matter of weeks.

It is important to know when you go into the process what your time frame is for needing the funds. If you need the funds quickly, chances are good the bank may not be an option for you.