"This is the story about Todd and Marcia Moss, who are living their dream in Jamaica."
Paradise Found! - Jamaica Tourist Issue #6
This is the story about Todd and Marcia Moss, who are living their dream in Jamaica. After coming to the island for years, the Michigan couple bought their own little piece of paradise; a one bedroom cottage on Negril's beachfront.
The need to escape the winter winds of Michigan sent Todd and Marcia Moss in search of warmth in sunnier climates, and with the help of some friends, the couple found Negril, Jamaica. Even after their friends stopped coming to Jamaica regularly, Todd and Marcia continued to come back to the island year after year, unable to resist the lure of sun, sea and white sand between the toes. The couple maintains that it is not just the warmth of the sun that has captivated them; "We love the people and we love the food, the beaches and the laid back atmosphere. We have stressful jobs and when we land in Mobay, we enjoy relaxing," says Todd.
Pointing out that they have visited many other Caribbean islands, the couple declares; "Jamaica was always our favourite; we just love Negril!" His wife speaks of the time they decided to try a different vacation. "One year, we decided to go to Mexico for a change. When we got back home we booked a trip to come back here the very next month!" she says laughing. So, after visiting Jamaica annually for almost 20 years, the Mosses thought it would be a good idea to buy a vacation home on the island.
Their search for a property began and lasted for four years. Says Todd; "We made several offers that fell through for some reason or another. Finally, one stuck," adding that an online 2004 google search for the ideal mortgage product led the couple to FirstCaribbean International Bank.
Allicia Linton-Brown, FCB's International Mortgage Manager, introduced the Mosses to an international mortgage product that was still being fine-tuned for the Jamaican market, and it is perhaps her persistence that eventually made vacation home owners of the couple. Hoping to take advantage of an International
Mortgage from FirstCaribbean Bank, Todd and Marcia kept regularly in touch with Allicia as they gathered all the necessary documents. In August 2005, the couple finally submitted their mortgage application to FCB, and a few months later, their faith and patience paid off. When the mortgage product became available in Jamaica in October 2005, the Mosses were already pre-approved for the loan.
"I started working on Todd and Marcia's loan in late August
2005, before I was even appointed to my current position," says Linton-Brown, now well seasoned in her position as International Mortgage Manager for FirstCaribbean Bank. "I remember submitting their proposal while at a training course in Barbados.
Their application was ‘approved in principle' at the end of September," she says, "and I assumed my new post on
October 10th."
"We spoke a million times," says Todd, "and there was much back and forth." Finally the loan, tailored to fit Todd and Marcia Moss needs, was made available in February 2006. The Mosses had become proud owners of a prime Jamaican beachfront property and FirstCaribbean Bank Jamaica had closed its first International Mortgage.
The Moss family plans to be in Jamaica four to five times a year. Since signing off on their mortgage, the couple has added guest quarters to the property on which their quaint, one-bedroom cottage stands. Plans to add more rooms are in the works, as more and more family members want to visit their tropical vacation home. "We would like to acquire another piece of property in the near future." says Todd.
But for now, the couple is satisfied with their little cottage on the beach. With its own guesthouse, maid quarters and caretakers living area, they are in no hurry to make any major changes. "Just knowing I have my own home on the island keeps me going when I am in Michigan," says Marcia.
Todd and Marcia's experience of purchasing a property was made easier with the help of Allicia Linton-Brown and the team at FirstCaribbean International Bank. "The Mosses were our first clients," says Linton-Brown, "and we all learned a lot from the experience. They were patient, always bearing in mind that this was a new mortgage product."
Allicia underlines that the turnaround time for a mortgage is a lot quicker today than it was for the Mosses a year and a half ago. "Now that more new real estate product is available, from beach cottages to luxury condominiums, there interest in property has surged," she says. "Soon after the international mortgage product launched in Jamaica in 2005, there was a flurry of calls and e-mails. States the Mortgage Manager, who says she was even taking calls on Saturdays and Sundays; "The momentum has continued because of our competitive and flexible terms with interest rate in the 8% region, up to 70% financing and a 20 year repayment term." Pending the completion of properties such as The Palmyra Resort & Spa and Goldeneye, FCB currently has several millions in the mortgage pipeline.
Primed, poised, and prepared, Allicia says that FirstCaribbean stands ready to issue mortgages to non-nationals and returning residents that wish to purchase properties in Jamaica at a minimum value of US$360,000. Says Allicia; "Whether you need a mortgage for a property on the beachfront, in the mountains or in one of Jamaica's new real estate developments, we will offer mortgages to everyone that qualifies!"
To make the mortgage application process smooth and efficient; Allicia recommends that all applicants have the following available: a detailed credit bureau report, tax returns for the last three years, employment letter, the last 6 month's bank statements as well as notarized passport and driver's licenses. "I think our International Mortgage is a fantastic product," says Allicia, "and I am not saying that just because I work here. We have lowest interest rates and the longest repayment term in the market. This product came at an
opportune time and has been long overdue in Jamaica. What is most satisfying of all is that we are helping people all over the world to acquire their own piece of paradise!"
