For those looking for mortgages to buy property abroad, you will find a broad range of possibilities for financing a Caribbean real estate investment on Curacao.  Local banks are eager to offer up to 70% financing to those who qualify.   Take a look  at the terms and conditions below.

TERMS:

• Amortized for up to 15-20 years
• Turnkey: 70% financing based on end valuation or purchase price whichever the lesser
• New construction: 60% financing of construction cost
• Land only: 50% of purchase price (maximum term of loan is 5 years)
• Equity Release: 50% of the lesser value between (original) purchase price (if owned less than 2 years) or market value (if owned more than 3 years.
• Variable interest for 3 and 6 months and 1 year.
• Fixed terms available for 2 & 3 & 5 year options (Penalty for early repayment)
• 1% closing fee
• Mortgage currencies: USD / GBP / CAD / EURO

Please note that loans are fixed to US LIBOR/EURIBOR. US LIBOR/EURIBOR rates changes daily.

REQUIREMENTS:

• Completion of mortgage application
• Notarized copies of passport
• Address confirmation  notarized copy of a major credit card statement, or a notarized copy of a bank statement.
• A Credit Reference Report
• Three years’ worth of tax returns
• A bank reference from a bank where you have banked for more than two years. Bank Reference should confirm name, date of birth, address, and signature.  It should also give an opinion on customer’s banking history, and confirm length of time with the bank.
• Confirmation of signed Sales agreement
• Appraisal report not older than 6 months

If self-employed:

• Letter from accountant or lawyer confirming ownership of business and salary.
• A financial statement from accountant (Income/Asset worth/Liabilities)
• Three years Audited Financial Statements for the business
• Six months’ worth of bank statements (including, savings, current, investments, and existing mortgages);

If employed:

• A letter of employment confirming length of service, position, and salary
• 3 months’ salary slips.
• 3 months’ worth of bank statements (including, savings, current, investments, and existing mortgages);

SECURITY REQUIREMENTS:

• 1st Legal Mortgage over the property
• All perils, including Hurricane cover, homeowner’s insurance for the mortgage value assigned to the Bank.
• 1 to 3 month’s deposit on a secured account
• Life Insurance  Policy