Exclusive: COB offers 95% financing as lots demand grows

The country’s second-largest credit union is preparing to break ground on a multi-million-dollar housing development in St James, offering 34 serviced lots and a range of modern home designs as demand for affordable property options intensifies, Barbados TODAY can reveal exclusively.

The development, which is being undertaken by the City of Bridgetown Financial Services and Insurance Agency (COBFSIA), is known as Deanstown Heights, located in St Silas, St James, near the upscale Apes Hill polo property and Royal Westmoreland.

Senior Operations Officer for the COB subsidiary, Shonelle Smith, disclosed that more than a dozen people have already expressed an interest in buying the homes, some of whom have submitted their paperwork to select their models.

She said: “Deanstown Heights is COBFSIA’s flagship housing development and COBFSIA is a subsidiary of City of Bridgetown Cooperative Credit Union Limited. Currently, Deanestown is in the St Silas area close to the Apes Hill polo ground and Royal Westmoreland. Essentially, we have 34 land lots that range from 5 500 square feet to just over 10 000 square feet. And we have six modern house options. The models start at 873 square feet… three bedrooms, two bathrooms. We have another model that is just over 1 000 square feet, which is two beds and two baths.”

The largest model is a two-storey building on 1 492 square feet, with three bedrooms, two bathrooms, living, dining and entertainment rooms, kitchen, laundry, porch, walk-in closet and roof terrace. The house and land packages start at just over $362 000, with mortgage payments being roughly from $1 850 per month, said Smith. 

“Any member can choose any model, select their lot to make their purchase. So, again, they will get the lots from COBFSIA, and then they will select their model, separate to that. Let’s say you go with lot 8, you are getting just over 5 000 square feet, and those lots are $12 per square foot. So, you will be paying just over $66 000 for that lot. And if you go for the bigger house, the two-storey, in total, you will be paying $516 236 for that.”

COB is offering up to 95 per cent financing for those who qualify for the purchase price, and credit union members will receive an interest rate of 4.25 per cent for the first three years.

The maximum repayment period will be 30 years, and insurance coverage is also being offered, with members allowed to benefit from up to a 15 per cent discount for the first year of property insurance through COBFSIA.

The lots are owned by the credit union’s insurance agency arm, Smith said, noting that it had long wanted to provide housing solutions and investment opportunities for members.

“This is an excellent chance to partner with the successful builders… the developers to provide such for COB members,” she said.

The senior operations officer explained that the overall cost of the project will be determined after the conclusion of the selection process and approval by funding agencies.

“We are accepting the documentation from persons who have indicated an interest such as model certificates, so that we can then begin the transfer of land to the persons who qualify. The actual breaking of ground and everything will be dependent on the financial institutions as well. But, we already have persons interested, documents submitted; the attorneys will exchange what they need to exchange, and then once the financial institutions are satisfied, the funds will be disbursed for the construction company to begin,” she informed, while describing the Deanestown Heights as a “slice of heaven in Barbados in a prime location”. 

This project is one of two housing developments to be undertaken by COB.

(EJ)