A Bahamian realtor has partnered with Royal Bank of Canada (RBC) to launch a two-month promotion that pledges to deliver a 48-hour turnaround on buyer financing approvals.
Monica Knowles, property specialist with Bahamas Realty, explained that the tie-up with RBC’s BISX-listed mortgage arm, FINCO, was designed to stimulate market activity during the traditionally slower summer months by cutting down the time associated with real estate purchases.
“Summer is traditionally a slower time for both the local housing market and second home buyers,” Ms Knowles. “While summer is slower, the reality is that the offerings of new residential properties, especially condominiums, has never been greater so I wanted to find a way to incentivise those who were thinking of looking to start their search now rather than waiting.
The campaign, which is being launched under the tag-line, Hot Summer Homes, twice the power, half the time, will last for two months until August 31. By providing an online link to gain pre-approval, it reduces the time for processing applications through a pledged 48-hour or two business day turnaround on mortgage approval requests.
The initiative also offers up to 95 percent financing, competitive interest rates for local and foreign buyers, and financing for work permit holders. It is being marketed via an aggressive social media campaign, database mining and personal calls on developers.
“We have an unprecedented abundance of new residential offerings – condominiums, single family residences, vacation homes, investment properties,” said Ms Knowles. “New developments include Sterling Hurricane Hole’s exciting project, the super-luxury beachfront high-rise condos of the Residences of Goldwynn, One Cable Beach next to Baha Mar, and ONE Ocean and THIRTY SIX, both on Paradise Island.
“And that is just New Providence. Add in Family Islands and private islands, and I don’t think there has ever been a time when there was a greater supply of new and diverse offerings. We want to ensure interest remains high and that buyers are empowered with an experienced partnership that adds value, convenience and strengthens ownership potential.”
“As a trusted partner in the Bahamian community, RBC Royal Bank and our mortgage bank, FINCO, is committed to increasing the opportunity for home ownership,” said Ericka Rolle, RBC FINCO’s managing director.
“When we hear a solid idea that has merit and increases the opportunity for more people to enjoy ownership or to move up the property ladder, we are happy to partner. Monica put a lot of thought into this project and we are very pleased to lend our support.”