Land Loans in Turks and Caicos
Purchasing land to build your own home in TCI is an exciting and rewarding experience. If you need to finance that land however, it can be a challenge. Lenders have always been tougher on land only purchases, then existing properties in both qualification and amount of down payment required.
We currently offer both land loans in Turks and Caicos and construction financing in select locations. We usually require a bit more down payment, with a max loan to value of 60%, however this is more aggressive than most lenders on island. These loans are always reviewed on a case by case basis, but the land and location will play a big part in our ability to finance.
Our land loans in Turks and Caicos usually see a small premium added to the rate due to the added risk of the property being unable to service itself. The flip side however is the low carrying cost of land, as there are no property taxes, strata fees or insurance payments.
Benefits of Buying Land
Lowest Cost
Land is your lowest point of entry into the Turks and Caicos real estate market.
Foot in the Door
Land can get your foot into the market, without the expense of a completed home or condo.
Low Maintenance
Land requires very little maintenance or oversight for absentee owners.
More Upside
There is potentially more upside with land in terms of sub-dividing or rezoning to increase density.
Lowest Carrying Costs
With no property taxes, strata, management or insurance, land is very economical to own.
Plan Your Retirement
You may not have the funds to buy your retirement home today, but buying land allows you to start the process early.
0
Max
LTV
0
Starting
Under
0
Minimum
Land Value
0
Property
Taxes
Buying Land on and off of Provo
On Provo, we will consider a number of different areas for land loans. Leeward, Chalk Sound, Turtle Tail, Turtle Creek, Long Bay, Blue Mountain are all areas we will consider land loans (other areas as well, contact us for details). Generally these areas will qualify for the higher end of our loan to value ratios as well.
If you are looking to finance land off of Provo, we may consider the loan on exception but it would come in at a lower loan to value and must be oceanfront.
