The most common question we get is if we offer financing to non-residents. Yes, in fact, our target market is US, Canadian and UK buyers looking to purchase a vacation home. Non-residents typically have a more difficult time getting financing in the Turks and Caicos, which is why we focus on this under serviced segment of the market.
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.
What Do We Require from Non-Residents?
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 the property (amount of equity and marketability) is our primary source of qualification. This allows us to overlook many of the typical banking requirements, making qualification 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 corporations)
- 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 low throughout much of the Caribbean. Generally speaking, a typical 2 week financing period will be difficult through the banks, in fact, it can often take months with little to show for it at the end.
Portico 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!
