If you own a property in TCI and would like to take equity out of the home, we can help. We can refinance your home up to 50% of the value. Here are a few different scenarios where refinancing may make sense for you.
Taking Equity out of your Property
People need to get equity out of their home for a number of reasons; buying more real estate, home renovations, investments, paying off debt etc. For many home owners, financing was simply not an option when they purchased their home. Regardless of the reason, we can assist with a quick and easy option that you won’t get at the bank.
Refinancing Your Existing Mortgage
For some home owners, they took a high rate private mortgage and now are hoping for a better rate. Our private mortgages start at 8%, and can offer interest only payments, lowering the monthly expenditure on the property. For those who rent their homes out, this can increase the amount they take away every month.
We can also refinance your mortgage and add new dollars for the personal reasons we discussed above, as long as we keep the loan under 50% of the value of the home.
Refinancing Options in TCI
We have two primary solutions for those looking to refinance their Turks and Caicos homes. Our primary loan, is a private mortgage, which are funded by private investors looking to get a better return on their investments. These loans have very little for qualification requirements (outside of the home being highly marketable), and can fund very quickly compared to bank loans. The rates start at 8% for a standard single family home or condo.
Our second option, is our jumbo bank mortgage. This loan is for homes valued at 2M US and up, with a minimum mortgage of 1M US. These loans are at bank rates, and usually tied to the libor. These loans are fully qualifying and the process can be a bit more tedious than our private home loans.
Contact us today to discuss your refinancing options in the Turks and Caicos. We have a number of options to get more equity out of your property.
