Harlequin Property from London, England is building five 5-star resorts in the Caribbean

 Sometimes the hurdle that slows down a person thinking of purchasing their second or third vacation home is MONEY!  As I mentioned last week, deeded fractional ownership of vacation resort living is sweeping the Caribbean – from the Dominican Republic to the Grenadines.  A London company, Harlequin Property, is in the midst of developing five very high end deeded fractional ownership and full ownership Caribbean resorts.  The “hook” that they are using to promote the purchase of their properties is 100% financing!

Over 40% of the properties purchased in the Caribbean are done with all cash.  However, that leaves 60% of the properties purchased with some type of financing.  Caribbean properties purchased by Europeans are increasing dramatically because of the value of the Euro and the British pound.  Today it takes $1.47 to purchase one Euro!  So, if someone with Euros is considering purchasing property in the U.S. Virgin Islands, it would be a “fire sale” for them because of the HUGE discount they are getting because of the value of their currency.

So, what do Americans do regarding their Caribbean resort property purchases when many of these resorts are outside of the U.S. domain?  Harlequin Property has designed a way for almost ANYONE who currently owns real estate to purchase their properties for almost no money down.  Here is a simple explanation of their financing proposal.

•  The resort property purchaser borrows money from the equity of their current real estate for the down payment of the resort property.
• Harlequin Property signs an agreement with the purchaser that they will pay the interest payments on their equity line debt for three years, and provide them a loan for the remainder of the purchase.
•  Harlequin Property will refinance the entire property in three years, adding into the principle the amount they paid for the interest only loan payments.  The appreciation of the real estate in those three years will allow the borrower the ability to take out equity from the Caribbean resort property and repay their equity line loan.
• Final result…the purchaser has bought a Caribbean resort property for no money down!

There are obviously restrictions as to who can qualify for this financing program with Harlequin Property, but because of this purchase option the Harlequin Property Caribbean resorts are selling like hotcakes!  Please contact me if you would like more detailed information about how their program works.  Until next time…