Merricks Residence in Barbados
100% FINANCING
**24 MONTH RENTAL GUARANTEE OF 10%**
An exceptional selection of apartments situated in Phase 1 of what will become another "Sandy Lane" style development including cliff front villas, luxury apartments and a 5* hotel complex.
Apartments all benefit from private balconies, communal swimming pool, Commercial Centre on site and other sporting facilities.
Please call for availability as these units are selling fast (200+ units since Jan 1St 2006). Current market value for a studio apartment elsewhere on the island is approximately £200,000+!!!!
In the first 3 phases, the developers are selling the units UNDER MARKET PRICE to sell out as quickly as they can. Most of the apartments are currently 40% under value (Phase 1 prices)!
70% Mortgages available through our company (pre-approved in the UK)
The Merricks Residence development consists of a range of luxury apartments and villas in its own beach and cliff top location. The apartments at Merricks Residence will be finished to a luxury standard. There is a selection of studio, 1 and 2 bedroom apartments. All will boast open plan lounge, kitchen and dining room, and spacious bedrooms. The 1 and 2 bedroom apartments will have built in wardrobes.
Each apartment block will be 4 floors with 10 apartment units on each floor. All apartments have balconies. There are a selection of 2, 3, 4 and 5 bedroom Villas finished to luxury standard, all will be no further than 500 meters from the sea and the beautiful Merricks Cove private beach.
The villas are very substantial in size with 1, 2 or 3 car garages and swimming pools.
MERRICKS RESIDENCE, BARBADOS - PRICE LIST Studio from £150,000
All accommodation include use of the 5-star facilities of the onsite Merricks Hotel & Spa.
MERRICKS BEACH RESORT - all units fully furnished, 10% guaranteed rent for 2 years followed by 50/50 share of the room rate.
100% Financing Scheme
A detailed explanation of how the financing works at Merricks for your perusal.
• £1000 ($2000) non-refundable reservation fee required for reservation of a specific property.
• 30% deposit required (less £1000 ($2000) within 45 days of reservation. Should you choose to borrow the 30% deposit; the developer will pay the loan repayments, including interest, for the 30% deposit until completion of the specific unit you have reserved. These payments will then be added to the purchase price upon completion.
• Example (Sterling): Property price £200,000. £1000 reservation fee paid. The deposit = £200,000 x 30% = £60,000 - £1000 (reservation fee) = £59,000. Interest on £59,000 @ 6% p.a. = £295 per month, paid for 24 months by the developer = £7,080 added to the purchase price upon completion.
• Example (US Dollar): Property price $370,000. $2000 reservation fee paid. The deposit = $370,000 x 30% = $111,000 - $2000 (reservation fee) = $109,000. Interest on $109,000 @ 6% p.a. = $545 per month, paid for 24 months by the developer = $13,080 added to the purchase price upon completion.
Due to the significantly discounted off-plan contract price and the capital appreciation during the construction phase, it is anticipated that the £200,000 ($370,000) purchase price will have grown to a property value at completion of circa £325,000 ($601,250).
At this point a 70% loan to value guaranteed mortgage is available and therefore you will be able to borrow up to £227,500 ($420,875). This is clearly ample to pay for the £199,000 ($368,000) (purchase price less £1000 ($2000) reservation fee) that you owe as well as the accrued interest of £7,080 ($13,080) - from the above example.
Assuming you borrowed the maximum loan to value mortgage, available from the example above, you would borrow £227,500 ($420,875) on which the annual interest payment would be £18,200 ($33,670) based on a rate of 8%. The rental guarantee of 10% of your purchase price of £200,000 ($370,000) will generate you an income of £20,000 ($37,000) each year, should cover your mortgage payments.
If you wish you could retain the £59,000 ($109,150) loan you took out for the deposit, pay the interest yourself each month, from completion onwards, and use the money to invest in a further investment property purchase.
We would be delighted to answer any further questions you have regarding the exciting opportunity as well as helping you to make your reservation in the Caribbean.
Subject to status and conditions apply.
If cases where we are unable to obtain finance for you, we will be prepared to refund the £1,000 ($2000) reservation fee.
Prices within the resort from £175,000
4 & 5 bed villa £POA On all the properties in the Merricks Residence, we are able to offer mortgages with LTV of up to 70% subject to status.
1 & 2 bed Cabanas from £250,000 Payment terms: Day 1 £1,000 holding fee Day 15 Balance of 10% deposit Day 45 Further 20% payment The balance can be arranged by a bank guarantee which will be released in stages to fund the remaining stage payments throughout construction.
Contact us for details. Completion due 2009 onwards.
Prices subject to change & currency fluctuation