CIBC Caribbean Hosts 2nd Annual Mortgage Workshop in Tortola

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.