Construction Financing
Construction is booming in the Turks and Caicos. Short term villa rentals are a great investment, and the lack of stamp duty on the build (you only pay on the land) makes them more appealing in many ways to an existing property.
The difficult part to building your own home however, is the lack of reliable construction financing in TCI. Commercial banks often see construction financing as too high risk, leaving clients to fund their project out of pocket. G&P Capital has you covered, financing up to 60% of the build cost on your new home!
Qualification is similar for construction mortgages as it is a standard loan, however there are a few more considerations:
- quality and reputation of builder
- use of quantity surveyor for loan monitoring
- client funds used before mortgage proceeds
- post completion plan for carrying mortgage
Talk to us today about our construction mortgages today!
Benefits of Using GPC to Finance Your Build
Ease of Funds
We can usually start funding your project in less than 30 days. We make the process quick and easy for our borrowers.
Property Insurance
We can assist you with property insurance (paid separately by the borrower) to protect you from unforeseen events which can happen here in the Caribbean.
Flexibility
Flexible funding and repayment options to make your construction project a smooth and pleasurable experience.
Loan Monitoring
Our loan monitoring process ensures that you know how much you need to complete your home throughout the project to avoid shortfalls.
Clear and Transparent
Our clear and transparent reporting will assist you in keeping a proper accounting of your build.
Competitive Rate
Construction financing is more costly than standard financing, but once the build is complete you may find bank financing is easier to source.
Stages we can Fund
Land
We can fund part of your land purchase to keep more of your funds available for your build.
Construction
We can get involved at any stage of construction to assist you with completing your home.
Completion
We can offer completion mortgages to recoup some of the equity in your home after construction.
Cost of Borrowing
Construction financing has a higher cost of borrowing than our standard loans. Every loan is different, meaning the structure of our loans also vary depending on the situation. Typically the cost of borrowing is a couple points higher than our standard loan.
So why would someone fund their loan through G&P Mortgage Fund versus a bank? The answer is simple, the commercial banks do not have a strong appetite for this type of business in the Turks and Caicos; we do.
Talk to us today about building your dream home in paradise!