Getting a Mortgage in Turks and Caicos
If you are looking to finance a residential or commercial property in the TCI, we have lenders available. For those who have explored the banking options in the Caribbean, you know how difficult it can be to borrow money. Even for stronger covenants, the process is slow and difficult. The good news however is getting a mortgage in the Turks and Caicos is very easy when you know where to look.
Although our primary loan option is a private equity based mortgage, we do have other options. On top of private residential mortgages we also have resort financing. Many of our loans are designed for those who may not be looking for a long term solution. A short term bridge loan may be the answer till they are better able to arrange their preferred financing.
Private Home Loan Options
Our most common home loan in Turks and Caicos is a private mortgage. These equity based loans rely almost exclusively on equity (the amount of your down payment) and the marketability of the property. This makes qualification quick and easy, as long as you have the cash to put down. Although the banks can usually get you in with a bit less down payment, they have a well earned reputation of being slow, and very difficult to qualify with for non residents. Hard money loans are usually the only option for many borrowers on the island via private investor or a mortgage fund.
For most non-resident borrowers the decision is not between bank rates and higher interest rate private loans but rather financing or no financing. If you don’t have the cash to buy your vacation home out right, our loans are a great solution, even if only short term.
Construction Financing in TCI
If you have applied at the local banks for a construction mortgage, you know how difficult it can be to qualify. Some of the banks have pulled out of construction financing all together. We do have options for clients looking to finance a new build with some of our private mortgage lenders. We can usually offer construction financing up to 60% of the build cost.
The mortgage rates and fees will be higher than those with the banks or our standard private loans. With a quick and easy qualification process however, your project will get off the ground and you will be into your new vacation or investment home sooner!
Why Buy in TCI
The TCI are a chain of small islands 575 miles from Miami, just south of The Bahamas. The country is comprised of approximately 40 different islands and cays; eight of which are inhabited. Turks and Caicos is best known for their world famous beaches and turquoise waters, attracting over one million tourists a year.
The islands are considered a safe place to invest and a wonderful place for a full or part time home. The TCI operates on the American dollar, and English is the primary language. A British colony, it is a blend of perfect weather, lifestyle and development in terms of infrastructure and amenities.
Call or email us today to discuss all of our mortgage options in the Turks and Caicos.