[MissouriBroker1]

I have a client with 9 acres ocean-front in Jamaica looking for a hard money cash-out refinance loan. The property is owned free and clear and should appraise for $2.5 - $3MM. Looking for 40 - 50% LTV. The property has been approved for residential development and he is going to build 60+ duplexes. The cash out will be used to build the infrastructure. FICO of 780. He has owned the property for 18 years. If you are a broker and do not have a known source for this, don't bother doing a online search as I have already reached out to all the usual suspects. Several of the Caribbean lenders do not have funds at this time.

Tom Harrier
Integrity Commercial Loans
www.integritycommercialloans.com
407-928-8542
broker@tomharrier.net

[Olderguy]

...nothing there bro...no offense but don't waste your time...I've seen it several times....from several people...no body will lend on raw land...there is no liquidity...there is a Puerto Rico deal going around that is the same....you have to ask how is the debt going to be serviced...how is the monthly payment going to be made....is there another income producing property to cross collateralize?...If the borrower defaults and now you own the property how easy will it be to be sold to recover your investment? In other worlds how liquid is the property for you to get your money back if the borrower fails?

"Several of the Caribbean lenders do not have funds at this time." scam line right there bro...

[MissouriBroker1]

"No body will lend on raw land"? I average at least one loan per month on raw land. Did one last year for $8.5MM. Please, send your raw land deals to me.

[Olderguy]

You need income for the debt service. Yeah I can do 50% LTV but where's the income?

[Sales1999]

Jamaica?? Lol ..yeah that's not gonna happen

[Franklin]

I have a client with 9 acres ocean-front in Jamaica looking for a hard money cash-out refinance loan. The property is owned free and clear and should appraise for $2.5 - $3MM. Looking for 40 - 50% LTV. The property has been approved for residential development and he is going to build 60+ duplexes. The cash out will be used to build the infrastructure. FICO of 780. He has owned the property for 18 years. If you are a broker and do not have a known source for this, don't bother doing a online search as I have already reached out to all the usual suspects. Several of the Caribbean lenders do not have funds at this time.

Tom Harrier
Integrity Commercial Loans
www.integritycommercialloans.com
407-928-8542
broker@tomharrier.net

Is the borrower putting in any of his own money?










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[MissouriBroker1]

This is a refi and to date, he has put in just over $1MM into the purchase and plans for the project. He is using a portion of his equity in the property to get the loan for the infrastructure.

[Fundyman]

This is a refi and to date, he has put in just over $1MM into the purchase and plans for the project. He is using a portion of his equity in the property to get the loan for the infrastructure.

What's going on here is that y'all don't have any resource to private funds that are already Caribbean-based, or UK-based, so how will they have any interest in a property that is in the islands. Of course, if the borrower defaults, there's a slim chance they'll have interest in owning that property! If they already invest in the islands, then that's a different story. I have connects to a private fund that might bite, but I would have to make a quick phone call to check..