Bacolet Bay, Grenada: Caribbean Profit

Bacolet Bay on Grenada is launched by Jet2Let Property. Bacolet Bay ticks the boxes like no other in the Caribbean right now.

Bacolet Bay is pure exotic Grenada. A beach front location. All homes with huge sea views. A fully financed project with the first phase 70% sold out and well under construction. 70% finance and full rental guarantee available, the minimum payment is just $100,000 for a hotel cottage.

High end brand partners:

• Cameron & Cameron (Finance)
• High End Resort Operator - Announcement Soon
• Howard Consulting - Spa Design
• Bovis Lend Lease
• Peter Silling Interior Design

Bacolet Bay: Access & Location

• direct flights from the UK, USA and Continental Europe
• two cruise ship terminals
• 20 minutes’ drive from Point Salines International Airport
• 20 minutes’ drive from the capital St George’s.
• secluded location on the southern part of the island
• white sand and clear water

Bacolet Bay Description

Imagine a two hundred metre white sandy beach, a secluded bay with world class hotel facilities set in forty one acres of tropical gardens. Then think of the highest possible levels of service with every five star resort appeal from the best restaurants, top holistic Spa, private jetty.

You are then getting an idea on how special Bacolet Bay is, and how it can be your piece of paradise.

But you need to also be sure that  the project steps up to the mark financially. and that occupancy, and therefore rental yield, will be higher than competing destinations. The answer, is that the handful of current 5 star hotels achieve eighty nine per cent peak season occupancy rates. And with with conservative estimates of future avaerage occupnacy rates at sixty five per cent, then the research from Cushman and Wakefield says income will be in excess of $65,000 after management expenses.

Why Grenada?

Property investment in Grenada makes sense, as it is one of the less developed islands in the Caribbean and unspoilt. There is a shortage of high-quality property, and therefore Grenada is a wise choice as a property investment destination.

The World Travel and Tourism Council has predicted tourism growth of 2.8% per year between 2008 and 2017, reaching annual tourist arrivals of over 600,000 by 2017.

A progressive government has now implemented tax exemptions and customs concessions for investors in tourism. The substantial infrastructure investments are helping to improve even further the appeal fo the island.

In addition to Bacolet Bay, there is a new high end marina from Campell & Nicholson, commercial centre, duty free shopping mall, golf resort and the opening of international hotel brands.

How Can I Finance My Purchase?

This is a project for canny investors, as well as those looking for a place in the sun. Mortgage Finance is from Royal Bank Trinidad and Tobago. Only 30% cash is required. So from $129,000 for a €430,000 property. Optional guaranteed 8% rental return. Four weeks own use. Avoid all taxes. Pay Just legal fees. Save up to 9% on the only government approved scheme on this magical “spice” island.

Frequently Asked Questions - Financing

1. Do I contact the bank directly?  Or via the lawyer? Yes Direct, we will supply details and application.
2. What are the set up costs? Depends by bank, but is usually 1% arrangement fee, plus bank legal expenses
3. What info do I need to provide? Three years’ evidence of earnings (pay slips / tax returns etc). Credit check undertaken
4. What happens if I only have assets and/or are self employed, rather than fixed monthly income? If you have sufficient assets then the mortgage can be provided.
5. What does ”mortgage paid for life” by the developer mean?  You hold the mortgage BUT the property management  leases the property from the property owner for a rent which is equivalent to their costs.
6. Is there a likelihood that the 70% Loan To Value is going to be more than 70% of the Price? Or will it be just 70% of the SPA price max?  Max 70% of the purchase price. Can remortgage at market value once the property is 2 yrs old. However, RBTT will finance to 90% with mortgage indemnity insurance.
7. We mention 8.5% IR, is that fixed? If so for how many years? What are the interest rate conditions? Typically 0.5% below Grenada prime rate. Will be variable rate.
8. Is the “Mortgage Paid for life” going to continue for all of Phase 1 properties Yes - will it be available on Phase 2? Not at present.

Reservation Process and Payment Plan

1. $5,000 reservation fee
2. Initial Mortgage application
3. 30 Days after reservation, and after finance approval and the legal work is complete, the Purchase Agreement is signed along with with 30%.
4. The next three 20% payments are covered by the draw down. The developer make the payments for this part of the loan.
5. On Completion the Mortgage converts to a 70% LTV.

Contact Jet2Let Property.com for more details. Special offer due soon.

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