Consolidation of Loans

Amalgamation of the following Personal Existing Facilities:

Long Term Facility

  • Land Loan
  • Education Loan  Medical Loan
  • Vehicle Loan
  • Furniture Loan
  • Hurricane Shutters
  • Mortgage Loan
  • Solar Panels

Medium Term Loan

  • Other Small Consumer Loan(s)

Short Term

  • Credit Card
  • Overdraft

Debt Servicing:

  • Maximum 40% of income for total debt for all credit facilities.

Security:

  • Maximum loan to value 80% of total borrowings based on acceptable real estate valuation.
  • Charge is to be varied and up-stamped to cover total debt or Second Legal Charge is to be in place to cover amalgamated debt.
  • Security documentation for existing clients to be completed in-house up to a maximum of CI$50,000 for amount in excess of Charge(s) held.
  • Security documentation for new clients to be completed by Cayman National Bank Ltd’s attorneys.
  • An up-to-date valuation within one (1) year old of the property(ies) charged/ to be charged to be provided prior to disbursement of funds.

Fees & Interest Rates:

  • 50% bank commitment fee.
  • All related closing fees.
  • Interest rates-subject to bank’s guidelines.

Terms:

  • If amalgamated with the existing mortgage, the facility will be extended over a period at Cayman National Bank Ltd’s discretion, providing that debt is repaid within retirement age.
  • If amalgamation excludes a mortgage and land loan, the facility will be considered for a maximum term of 10 years and a shorter term for the consolidation of an overdraft and credit card
  • New credit facilities such as vehicle and furniture loans will not be entertained for a period of two years.
  • Existing Credit Card with limits over USD$2,000 to be reduced to USD$2,000 maximum/cancelled as necessary.
  • Existing Overdraft with limits over CI$2,000 to be reduced to CI$2,000 maximum/cancelled as necessary.
  • An education loan is to be considered for consolidation only after student has completed school and is employed on a full time basis.
  • Deferral of two (3) months loan payments at the time of the origination of the loan.

Other Terms & Conditions:

  • New credit facilities such as vehicle and furniture loans will not be entertained for a period of two years.
  • Existing Credit Card with limits over USD$2,000 to be reduced to USD$2,000 maximum/cancelled as necessary.
  • Existing Overdraft with limits over CI$2,000 to be reduced to CI$2,000 maximum/cancelled as necessary.
  • An education loan is to be considered for consolidation only after student has completed school and is employed on a full time basis.
  • Deferral of two (3) months loan payments at the time of the origination of the loan.

Contact one of our Personal Bankers on +1 345 949 4655 to discuss your personal loan and submit your application

N.B.   All facilities are subject to review by the Bank should income increase substantially and remain subject to the Bank’s Stipulated Guidelines.