That is a question we get quite often from ‘newer’ buyers into the Caribbean. It seems like the logical thing to do, I mean, there is one on every corner. Well the fact of the matter is, the banks have been very hesitant to lend money in the Caribbean since the mortgage meltdown of 2008. Unlike the US and Canada where the banks are once again lending quite freely, the Caribbean is still lagging behind in terms of funding.
For this reason, companies such as Carib Capital are vital in sourcing mortgage funds for buyers in the commercial and large residential sectors. Yes the rates are higher, however you have to consider that unlike the good times when all of our business was non bank loans, today they all seem to be non bank loans.
So before dismissing a private mortgage loan in the Caribbean as too pricey, look into the returns on your Caribbean investment to see if paying a little more can still make your purchase viable, as returns generally tend to be higher here as well.