Up until recently, property purchases on Ambergris Caye were either cash purchases or were a combination of cash and Owner financing. Owner financing depended on the financial needs of the owner and several years ago, a “10/10/10” deal – 10% down, 10% interest, 10 year amortization was not uncommon. As the market values of properties were increasing between 15% and 40% per year, owners soon realized that such financing was not in their best financial interests! Some owner financing is still offered but terms today range from 30% to 50% down, 10% interest, amortized over 5 to 10 years but with a 3 to 5 year full balloon payment.
Real Easte Financing for Conods, Homes and Land
During the last year or two, several local banks have become more interested in foreign purchasers. As foreigner purchasers will not bear the 14% to 18% interest rates the local banks were charging, a new loan category for foreign investors was created with interest rates between 10.5 and 12%, good rates by local standards but still significantly higher than US or Canadian rates. Contact information and application forms for these local banks are available through Coral Beach Realty!
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