Business
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.
Wally Castro Marine, organisers of the 2024 Xmas in July event, have donated £6,000 to Beyond the Reef, a non-profit organisation dedicated to marine education and preservation in the British Virgin Islands. The funds were raised through the sale of the event’s official reusable stainless steel tumblers, one of several eco-friendly initiatives introduced this year.
“This initiative reflects our desire to raise awareness about the importance of protecting our beaches,” said Wally Castro, owner of Wally Castro Marine. “We are proud to support a local organisation that shares our dedication to environmental stewardship.”
The 2024 Xmas in July event, held on 20th July at Pond Bay Beach in Virgin Gorda, attracted nearly 5,000 attendees and 500 vessels. It set a new standard for eco-conscious planning by minimising its environmental impact through reusable products and strict waste disposal measures.
Members of Beyond the Reef were actively involved in overseeing tumbler sales, while the Valley Sound Lions Club provided local dishes, further supporting the fundraising efforts.
“We are deeply grateful for this donation,” said Kendyl Berna, founder of Beyond the Reef. “Our oceans are a vital but fragile resource, and it’s crucial that everyone who enjoys the sea does so responsibly.”
The event, organised by Wally Castro Marine in partnership with the BVI Tourist Board and Marcos Rivera, highlights the importance of sustainable tourism in the region.
“By choosing the BVI, attendees support our local economy and marine tourism industry,” said Clive McCoy, BVI tourism director. “They also help our local non-profits continue their vital work.”
For more information, visit Wally Castro Marine’s website or contact the BVI Tourism Office in Puerto Rico.
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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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.
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