Expat Community > Jamaica

hindscs
Joined 2021
Posts: 5

Dealing with banks for mortgage loan

3 years ago

Hi There,

I am looking for some guidance and would appreciate any help I can get!

History:

My parents purchased a home in Montego Bay (15 to 20) years ago. The house was basically a shell, just roof and frame. In my opinion, they bought a house that was beyond their means and I advised them not to do it. I was guilted into putting my name on the loan. But I told them it was their responsibility to fix it up, I was only on the loan because they guilted me and they would not receive the loan otherwise. Well, it worked out predictably. They have worked on it over the years but it is still not complete. Unfortunately, my father passed away several years ago. The house is livable but still needs a considerable amount of work to complete.

Current Problem:

I have been working with Jamaican banks for two(!) years to take out a loan to fix this place up. It's the best way to do this, rather than taking every bit of extra money and sending it down there to fix it up a little at a time, which is what my parents did. Wow! What a beating! I now completely understand why so many houses in Jamaica don't ever get finished or are poorly constructed. I have excellent credit and make more than enough money to pay the loan. So this is not the problem. The latest hurdle (out of many) is this: I was just turned down for a loan because the replacement cost is 3x the value of the house. The bank manager believes that I will initially agree to pay the "exorbitant" insurance ($300/month - not at all exorbitant) then eventually tire of it and stop paying. What??? Ridiculous.

This has currently put a full stop to my years long quest to fix this place up and invest in Jamaica. The property is to be a rental and employ some people. I am baffled. Has anyone encountered anything similar? And if so, were you able to fix the problem and secure a loan? And if so, how?

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