International Mortgages for Barbados Properties| First Caribbean CIBC

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Barbados

Description

CIBC INTERNATIONAL MORTGAGES

Buying a home is one of the most exciting times of your life. But it’s also a big commitment. Let us support you through the mortgage process by providing information about responsible lending, clear terms and manageable payments.

CIBC International Mortgage Product caters to Non-Nationals/Non-Residents purchasing property in Barbados. We are therefore pleased to share the below information on the product for your review:-

A snap shot of the product offering:

  • Property Purchase – Up to 65% of US$1M plus 50% of the balance (Financing is exclusive of furnishings and fittings)
  • Home Equity – Up to 40%
  • Land Loans – Up to 50% over maximum term of 10 years.
  • All mortgages will carry Principal and Interest payments.
  • Minimum financing is limited to USD 250,000.00.
  • Interest rates are linked USD PRIME
  • 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

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:-

Charge / Assignment of shares in SPV

Personal Guarantees of all directors/shareholders

  • A three (3) to six (6) month debt reserve may be a condition of any approval.
  • Demonstrated foreign income stream must be provided to support repayment of mortgage
  • Arrangement Fee (Bank Fee) of 1%.
  • All Legal and closing cost are covered by client

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 addressed to FirstCaribbean International Bank.

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.

Use our loan calculator to estimate your monthly mortgage payments

Contact Information

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Details

  • Property ID: 44003
  • Price: Contact us
  • Property Status: For Sale, International Mortgages
  • City Bridgetown, Barbados
  • State/county Barbados
  • Country Barbados

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