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Topic starter
Hi there,
Has anyone had any experience with the local banks regarding the loan process? We would like to purchase some land soon but are undecided on whethere we should apply for a loan locally or in the mainland? Any personal experiences/references would be GreAT!!
Posted : July 4, 2005 8:56 pm
When we bought we simply send certified check from our bank here in NJ. I do not know how difficult it would be to get a loan on the island if you are not living there. I would ask the realtor you are working with. They should have an idea.
Iris
Posted : July 5, 2005 11:56 am
I believe only the local banks will loan on land here. Scotia Bank, First Bank, and Banco Popular do land loans. Some will go as high as 90% LTV, which is very generous compared to the states. PM me and I can get you the names and numbers for the personnel you need to speak with.
Posted : July 5, 2005 1:58 pm
CHASE does home mortgages on-island, but not sure about land.
Posted : July 5, 2005 2:17 pm
We used Amy Owen w/ Golden Rule Mortgage (contact info below)... They're based out of MI & FL and I believe Coastal Financial is one that is also in the states and VI.
Amanda
Contact info:
Amy E. Owen
Mortgage Consultant
Golden Rule Mortgage
138 E. Bloomingdale Ave.
Brandon, FL 33511
Phone: (800) 991-9922 Ext. 232
Posted : July 5, 2005 2:38 pm
Mainland banks cannot do business in the VI unless they are registered there.
Posted : July 5, 2005 3:37 pm
Hey Amanda,
It is so cool you have worked with Amy. She is great! I used to be a net branch of Golden Rule and worked with Amy and her brother Todd Allen. Todd takes care of any loans I need done in the states. They are based in Tampa, and were very helpful and influential in my coming to the islands. They do a good job here, and I'm sure they can be of great help. Unfortunately, they closed their office in STX recently. (Since then I have relocated here to STT, and have a mortgage business at Buccaneer Mall. So, if you want to deal wth someone "on island", I'll be happy to help). Coastal is based in Florida, and advertises frequently, but I have not heard if they have ever even been here. BTW, none of them do land loans here. I don't want to blatantly advertise too much here, so PM me if you have any questions.
Posted : July 5, 2005 8:26 pm
Topic starter
I would SOOOOO appreciate that list!
Thanks!
Posted : July 5, 2005 8:53 pm
Which island are you looking on?
JW
Posted : July 6, 2005 12:37 am
Topic starter
In St. Croix we are also relocating a business there.
Posted : July 6, 2005 2:13 pm
