Whitten Caribbean Real Estate has just connected with a major international bank that has begun lending mortgage financing for second vacation home properties in the Caribbean and Central American marketplace. We will be working with them to expand further this service to encompass all regions throughout the Caribbean and Central America. Yes ground breaking!
With this mortgage opportunity, expat clients will be able to receive up to 70% financing on the purchase of their new vacation home and with an amortization of up to 30 years. Although the rate is still to be firmed up, I can say the rate will be competitive.
The test market for this mortgage financing will be in Costa Rica and is expected to quickly expand to the rest of the Caribbean and Central America.
To assist in taking this to the next level from the test market, we would like to get some idea of potential volumes and average loan size for mortgages in your country as well as average property values for both homes and condos. From your experience what kind of numbers would you believe you could expect with this mortgage opportunity per quarter?
Donna L. Hood, President
Whitten Caribbean Real Estate