Financing and Design

I made calls for about 2 hours today looking for financing information and only got ahold of one person who has 100% of the information I needed. Banco Popular wins for the day out of lenders. The people at Bank of St. Croix were very nice too, but only had info on Construction Loans. Someone is supposed to call me back about Land Loans. First Bank VI and Scotiabank both have to return my calls still as no one could get me to anyone with any information. Welcome to the Island life! These are the only four banks that offer land and construction loans from what I’ve found down in St. Croix.  Hopefully if I have info from all four, I’ll be able to make the best choice between loan products. I need to get prequalified before we start real conversations with land owners. We have our eye on 8 properties at the moment.

In other news, I spoke with Carlos Reyes, a designer and draftsman who was referred to me on the site.  This is my third call with him, and I really like him. He seems to be very free with information and knows where the good deals are VS the sub contractors who are out to get as much as they can from a “mainlander.” He was helpful in a few budgetary items today as well. He also seems like he’s going to be the best value wise for us to use. We’re planning to meet in person when we go down around the end of our next trip.  I’ve got some hand drawings of features I want in the house going, and a Pinterest Board Shaleece and I have been working on, but we have to wait until we get the lot to start layout out the actual house.  Follow our Caribbean Home Pinterest Board and dream with us!

Update: First Bank VI called back first thing this morning (8/22/17) and they are no longer doing Land and Construction loans.  Just waiting on Scotiabank and Bank of St. Croix to finalize a decision after receiving the rest of their information.

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