CIBC Caribbean recently hosted its second annual “Let’s Get You Home” mortgage workshop in Road Town, British Virgin Islands (BVI), bringing together key representatives from the construction and property sectors to provide valuable insights into the property purchasing and construction process.
The event, held on June 26 at the bank’s premises, featured a comprehensive line up of industry experts, including architects, surveyors, contractors, insurers, lawyers, and Town and Country Planning officials. These professionals collaborated with the CIBC Caribbean lending team to educate attendees on the intricate steps involved in securing and managing a mortgage for building or purchasing property in the BVI.
Nelson Ramirez, Platinum Banking Manager at CIBC Caribbean, emphasized the workshop’s purpose, stating, “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.”
He added, “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.”
Ramirez explained that while the bank is prepared to lend up to 95% for amounts up to $1 million, plus 65% of the remaining balance on a term of up to 35 years at fixed or variable interest rates, clients must be aware of the additional costs involved. These include lending and insurance fees, valuation and appraisal costs, legal and closing expenses, and stamp duty.
“It’s critical, however, that they also are aware of all the steps involved in building a property and the associated costs,” he added.
Key presentations were delivered by Mr. Shane Nanton, architect with Bamboo Blueprints, Mr. Oren Hodge, contractor from 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.
Attendees had the opportunity to engage in an open forum where they could ask questions and seek personalized advice during one-on-one discussions that followed the presentations. Refreshments were served, fostering a collaborative and informative atmosphere.
One couple, in the initial phase of their construction project, shared their experience, stating, “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.”
Another attendee appreciated the detailed explanation from Town & Country Planning’s Mr. Adams on the importance of interim inspections and the necessity of understanding usage plans before committing to architectural and construction costs. The workshop also covered essential information on land loan financing and the necessary documents required to secure such financing, further equipping participants with the knowledge to navigate their property projects successfully