International Mortgages Caribbean Property

With Caribbean property sales on the increase this year many waterfront real estate investors are using favorable financing terms to secure their dream holiday homes and investments in the Caribbean.

Through our strategic relationships with leading banks and finance providers Waterfront Portfolio is now proud to present an International Mortgage product to our clients seeking support in buying real estate in the main Caribbean territories including;

• Barbados

• Bahamas

• Cayman Islands

• BVI

• Jamaica

• Turks & Caicos

• St. Maarten / Anguilla

• Curacao

• St. Lucia

• Antigua

• St. Kitts & Nevis

• St. Vincent & The Grenadines

Below is a snap shot of the international mortgage product offering:

• Property Purchase – Up to 65% of $2.5m USD plus 50% of the balance

• Property Construction – Up to 50% of $2.5m USD plus 40% of the balance.

• Home Equity – Up to 40% of $2.5m USD

• Land Loans – Up to 50% over maximum term of 10 years.

• Condominium Purchase – Up to 60% of $1.5m USD plus 50% of the balance

• Condominium Equity Release – Up to 40% of $1.5m USD

• All mortgages will carry Principal and Interest payments

• Minimum financing is limited to USD 250,000.00.

• Interest rates are linked USD 3-month LIBOR (our spread above Libor is 4.0%)

• Fixed rate options are also available with 2, 3 & 5-year options.

• There is currently no penalty for accelerated or lump sum payments on facilities linked to variable rates, however where fixed rate options are exercised, penalties would apply.

• Maximum 15 years term, or until retirement.

Security is by way of Registered Legal Mortgage over the property being purchased, supported by the assignment of property insurance adequate to cover the replacement value of the property/development.

For Condominium / Apartment Property

A separate Mortgage Interest Policy over the condominium unit covered by the mortgage, also a copy of the Insurance Policy Schedule of the Master Insurance Policy.

Where purchases are structured via Special Purpose Vehicles (SPV) Offshore Co, the following additional security will be required:-

1. Charge / Assignment of shares in SPV

2. Personal Guarantees of all directors/shareholders

3. A three (3) to six (6) month debt reserve may be a condition of any approval.

4. Demonstrated foreign income stream must be provided to support repayment of mortgage

5. Arrangement Fee (Bank Fee) of 1%.

6. All Legal and closing cost are covered by client

(Financing is exclusive of furnishings and fittings)

The following documentation will be required to facilitate a review of your mortgage application:-

• Fully completed Mortgage Application.

• Last six (6) months original bank statements on your main transactional account.

• Last six (6) months statements on All Credit Cards once they are cleared/liquidated on a monthly basis.

• Original report from your accountants confirming assets or confirmation of assets via copies of bank/investment statements, valuations etc.

• Credit bureau report which outlines all existing liabilities and how they have been services (Experian or Equifax). For US residents a merged credit bureau report is required including Experian, Equifax & Transunion.

• Evidence of the source of the funds that will represent the equity injection.

• Professional Appraisal report (instructed by the Bank) of the property being purchased (from an appraiser approved by the Bank)

• Copy of the signed purchase agreement exclusive of furniture and fittings.

• Professional Reference.

For salaried employees

• Letter of introduction from employer to confirm remuneration, office held and length of employment.

• Tax returns for the last three years.(full sets)

For self-employed individuals

• Last three (3) years audited financial statements (inclusive of Balance Sheet, Profit & Loss Statements, Cash Flow Statements. Notes), if applicant is a company is a company or owns a company that is a source of individual’s remuneration.

• Tax returns for the last three years. (full sets)

• Accountant’s confirmation of net earnings for the last three years.

If you are planning to purchase a Caribbean property and would like to explore indicative rates with one of our specialist international mortgage advisers please contact us or send us an email to: caribbean@waterfrontportfolio.com

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