PURCHASING PROPERTY IN THE CAYMAN ISLANDS
When purchasing property in the Cayman Islands, there is more to do than find the ideal property – most people will require some level of financing, and you may want to consider having the property appraised. Here is some more information to shed some light on mortgages and appraisals.
BANK FINANCING IN THE CAYMAN ISLANDS
Finding the right bank to assist with the purchase your Cayman home is an essential part of the process when seeking real estate opportunities in the Cayman Islands. We can help point you in the right direction. Financing can make the difference between getting the Cayman property of your dreams and missing out, so it’s important to talk to a mortgage professional before you start real estate hunting. Suppose you don’t have a preferred financial institution. In that case, we can provide you with the names of some highly respected local representatives who will take the time to recommend a loan programme designed to meet both your short and long-term objectives.
Cayman Islands real estate interest rates are based on prime plus one to three points over the prevailing prime rate. Standard mortgage terms require a variable down payment plus closing costs. Most financial institutions do not charge pre-payment penalties. The property you purchase will be your collateral, but your personal balance sheet must indicate that you can afford the repayments.
CAYMAN ISLANDS BANKS
- Butterfield Cayman - Click Here
- Cayman National Bank - Click Here
- CIBC FirstCaribbean - Click Here
- Proven Bank - Click Here
- Royal Bank - Click Here
- Scotia Bank - Click Here
PROPERTY VALUATIONS & APPRAISALS
Whether you are purchasing or selling a property, it is customary to have the property appraised and the value determined. Here are some of the firms that offer this service:
- BCQS International - Click Here
- Blue Point Consultants - Click Here
- Bould Consulting – Click Here
- Charterland - Click Here
- DDL Studio - Click Here
- JEC Property Consultants - Click Here
- Quayside Surveyors - Click Here
