
Looking for Non-Resident Mortgages
The most common question we get is if we offer mortgages to Americans. The short answer is ‘YES’. The G&P Mortgage Fund was set up to lend into the hot tourist market here in the TCI, which is driven largely by US, Canadian and UK buyers. Non-resident mortgages are a market segment which is under served in the local commercial banking sector.
Regardless of whether you are looking for a vacation home, second home, investment property, or looking to make Turks and Caicos your home, we can help. Our primary qualification criteria are equity (amount of down payment), and the property itself. We only lend into highly marketable areas where we know there is strong demand. Typically we require 35 to 40% down payment.
What Do We Require from Non-Residents?
As mentioned above, we are not a bank, we are a private mortgage fund. This means we do not have many of the criteria required by the big banks. We do not ask to see your credit, income taxes, job letters, etc. We are equity lenders, meaning we believe we have the security we need in the property. This means qualification is quick and easy.
Here is a quick list of what we generally require for qualification:
- Notarized ID’s and current utility bill
- Corporate documents (we only lend to companies)
- Appraisal
- Credit application
- Land register of the property
- Proof of down payment/closing costs
We can usually approve you in a day or two, and have your loan funded in a matter of weeks.
Don’t the Banks Lend to Non-Residents?
Yes, the commercial banks do in theory lend to non-residents, however the process can be long and difficult. The loans are not approved in country, and their lending appetite is not high through much of the Caribbean as they look to de-risk in the region. Generally speaking, a typical 2 week financing period will be difficult through the banks, in fact, it can often take months.
G&P Mortgage Fund is designed specifically for those buyers looking to purchase a vacation or investment property in the Turks and Caicos. Talk to us today about making your dream home in the sun a reality!