Business
CIBC Caribbean Hosts 2nd Annual Mortgage Workshop in Tortola
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CIBC Caribbean hosted its second annual “Let’s Get You Home” mortgage workshop on 26 June, providing invaluable insights into the property purchasing and construction process in the British Virgin Islands. The event, held after hours at the bank in Road Town, brought together industry professionals and eager homebuyers.
Representatives from various sectors, including architects, surveyors, contractors, insurers, lawyers, and the Town and Country Planning Department, joined the CIBC Caribbean lending team to share their expertise. The workshop aimed to demystify the complexities of securing and servicing loans for property construction and purchases.
“The whole process of securing and servicing an adequate loan for construction or purchase of a property is intrinsically tied to the survey results, Town and Country Planning approved architectural plans, contractor bids as well as meeting the legal and insurance requirements. We felt it important and useful to share the information with clients interested in building or buying a property to help them better understand how to manage the loan and successfully complete their project,” said Nelson Ramirez, Platinum Banking Manager.
Ramirez emphasised the bank’s commitment to supporting clients, stating, “While the bank will lend up to 95% to $1M plus 65% of the remaining balance on a term of up to 35 years at fixed or variable interest rates on home financing, it is up to the client to ensure that they are able to cover the lending and insurance fees, valuation and appraisal, legal and closing costs, and stamp duty.”
Key industry figures presented various stages of the property acquisition process. These included Mr. Shane Nanton, architect with Bamboo Blueprints, Mr. Oren Hodge, contractor with Progressive Construction, Mr. Greg Adams, Chief Planner at Town & Country Planning, Ms. Jamealya Fahie, Senior Associate at O’Neal Webster, Ms. Myanna Prevost, Operations Supervisor at Alphonso Warner Insurance Agency and Mr. Chris Graham, Director at BCQS.
The workshop allowed attendees to ask questions in an open forum and engage in one-on-one discussions with the presenters. Refreshments were served, fostering a casual atmosphere for networking and further inquiries.
One couple, in the early stages of their construction project, found the workshop particularly beneficial. “We’re in the beginning phase of our construction project and, while we have already secured our loan with the bank, we still have several steps to complete before we’re ready to break ground. This evening has been useful and has alerted us to some of the considerations during architectural planning and construction that we weren’t aware of and of potential pitfalls to avoid,” they said.
Another attendee appreciated the insights on regulatory processes. “I found much of this interesting and appreciated Mr. Adams’ frank explanation of how Town & Country Planning reviews submissions. It was helpful to understand the mandatory requirement of having interim inspections during construction to avoid having to undertake remedial work before a property can be certified as fit for occupancy. His advice to look at how a property owner intends to live in, or use the space, before committing to an architectural plan and construction costs was also invaluable. It’s very easy to get carried away with the concept of a dream home with expensive fit-outs that outstrips the original loan amount agreed.”
The presentations also covered land loan financing and the necessary documentation to secure such financing, providing attendees with a comprehensive overview of the entire property acquisition process.
The CIBC Caribbean’s annual mortgage workshop continues to be a crucial resource for prospective homeowners in the BVI, offering expert guidance and fostering a deeper understanding of the intricacies involved in property development and financing.
Business
Flow Pledges Full Restoration of Fixed Network Following Tropical Storm Ernesto
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Leading telecommunications provider Flow has reaffirmed its commitment to fully restoring its fixed network, including broadband, landline, and television services, after widespread damage from Tropical Storm Ernesto. The company’s technical teams have been working tirelessly to reconnect customers affected by the storm, which disrupted essential services across the region.
Since Ernesto made landfall, Flow has mobilized additional resources, including field technicians and engineers, to expedite recovery efforts. The primary focus has been on assessing and repairing damaged infrastructure, reconnecting homes and businesses, and ensuring that critical services are brought back online throughout the Territory.
“Within the first three days, we restored 95% of mobile connections. Our fixed network connectivity has significantly improved from 20% to 93% for internet service,” said Nadia A. James, Marketing and Communications Coordinator at Flow. “Our teams are dedicated to restoring connectivity for impacted customers and are working around the clock, seven days a week, to make this happen. We will continue to update the community on repair progress.”
Restoration efforts are underway in numerous Tortola communities, including Belle Vue, Road Town, Huntum’s Ghut, Lower Estate, Long Look, Greenland, Fat Hog’s Bay, Sea Cow’s Bay, Towers, Carrot Bay, Mount Healthy, Spooner’s Estate, and Chalwell Estate. Concurrent work is also taking place in Virgin Gorda.
“We know how vital connectivity is, especially in the wake of a storm,” added James. “Our goal is not just to restore services but to rebuild a stronger, more resilient network that can withstand future storms. We are committed to reconnecting our customers and delivering the reliable service they expect from Flow.”
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Business
Unite BVI Launches 2024 KickStart BVI Small Business Loan Programme
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Unite BVI has officially launched the 2024 KickStart BVI Small Business Loan Programme, an initiative aimed at bolstering the British Virgin Islands’ economic growth by supporting local entrepreneurs with financial aid and resources.
This year’s programme continues its commitment to fostering social impact businesses that contribute positively to the community or environment.
The KickStart BVI programme offers zero-interest loans of up to $5,000 with a two-year repayment period. In addition to the financial boost, participants will receive free training, mentorship, and access to networking opportunities. Notably, no down payment or collateral is required, making the loan accessible to a broad range of small businesses across the territory.
Since its inception six years ago in partnership with VP Bank, KickStart BVI has grown to include collaborations with HIRE BVI, IGNITE, and the Branson Centre of Entrepreneurship Jamaica. These partnerships provide crucial training and development resources to the programme’s participants. Unite BVI is also working alongside the Ministry of Financial Services, Labour, and Trade to deliver comprehensive mentorship and business development support.
To qualify, interested entrepreneurs must complete an initial assessment survey available online. The deadline for submissions is September 13, 2024. Successful applicants will then be invited to submit a detailed business plan and financial forecast.
Kim Takeuchi, Foundation Manager at Unite BVI, highlighted the programme’s focus on social impact enterprises, emphasizing the long-term benefits to the BVI community and environment. “The KickStart BVI programme is about more than just financial support; it’s about fostering a vibrant entrepreneurial culture that drives social, environmental, and economic change,” said Takeuchi.
Business
Farewell from Quito’s Gazebo and Luxury Inn: A New Chapter Begins After 43 Years
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Quito’s Gazebo and Luxury Inn, is transitioning to new ownership after 43 remarkable years. The venue, renowned for its vibrant atmosphere and pivotal role in the local music scene, is embarking on a new chapter.
The announcement, made through a heartfelt post on their Facebook page, expressed gratitude for the support and memories shared over the decades. “All good things come to an end,” the post read. “It is time to move on and enjoy this new phase… retirement!” The message also hinted at future endeavors, with plans for more travel, reading, and enjoying life’s new interests.
On December 12, 2023, Mark Vanterpool, a retired BVI legislator and respected entrepreneur, announced during the grand reopening ceremony of the Rock Cafe Pussers in Virgin Gorda that the Vanterpool Family Group is set to acquire Quito’s Hotel & Restaurant. “The Vanterpool Family Group is buying Quito’s,” Vanterpool confirmed, putting to rest any speculation. He humorously added, “We are signing the agreement tomorrow, and over the next several months, we will be finalizing it if my bank finds the money. My bank, I’m putting you on the spot here.”
Vanterpool expressed his admiration for the property, saying, “We are buying Quito’s because I love Quito. I love the hotel that he has developed; it’s at a very high standard. I love the restaurant on the water.” As part of the acquisition, the Vanterpool Family Group plans to sell the Quito’s units, with each room set to be sold and leased back. “So write your checks now; it starts at a million,” Vanterpool said.
The closure of Quito’s Gazebo and Luxury Inn coincides with Quito’s retirement from music. His final concert on July 14, was a celebration of a career that has left an indelible mark on reggae music. Cane Garden Bay Beach was alive with reggae enthusiasts celebrating Quito’s legacy with a moving performance by Quito & The Edge.
The closure of Quito’s marks the end of a significant chapter in Cane Garden Bay’s history. The legacy of the venue and Quito’s music will continue to resonate with fans and the community.
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