Getting a mortgage anywhere in the Caribbean is tough. If you are a self employed client, looking for a large (jumbo) mortgage, things get even tougher. The banks don’t have an appetite for most residential financing today, but when you factor in the risks of a large loan, and a self employed client, their appetite disappears completely.
This does not mean you are out of options however, it just means you will have to rethink your options. One option is a non-bank mortgage which does not shy away from larger loans, in fact, it prefers them. These loans will never be mistaken for prime bank financing, as rates and fees are significantly higher than the banks, but they do provide a good short term option to purchase or refinance your high end vacation property.
As mentioned above, the rates are quite a bit higher for these loans. They vary depending on a number of circumstances including location, property type, value, etc. The down payment or equity required for these loans are usually 50%, as they are equity based mortgages (loans that rely on equity as opposed to income). Fees for these loans vary as well, but they start at 3%.
To summarize, these loans are not cheap, but they do fill a niche which is not currently being filled in the market today in many Caribbean destinations.
There are other requirements when it comes to our non bank options. The property has to be on one of our select Caribbean destinations (generally British Islands), the property has to be highly marketable and in the tourist zones, and the value has to be usually be over 1M USD (depending on location).
Talk to us today about our jumbo loan options in the Caribbean today. We have both large bank and non bank loans which may work for your situation.