Borrowing and Credit

Expatriate Loans

RBC Royal Bank of Canada is pleased to offer
Term loans for Non-Residents in the Cayman Islands in US dollars.

Purpose:	To provide financing by way of Collateral Mortgages to foreign residents to build, purchase, and improve or any combination of these.
Types of Buildings:	Owner occupied residential units (detached townhouse, condominium and duplex units).
Maximum Loan to Value:	The maximum lending value will be determined by multiplying the lesser of the appraised value or cost by 70% on the first $1million. The balance of funding available in excess or $1 million will be determined on a case by case basis.
Interest Rate:	NY Prime plus (premium is based on client credit worthiness). Libor plus (premium is based on client credit worthiness). Minimum draw is $500M.
Amortization:	Up to 10 years.
Fees:	All related legal & government fees plus an Administration Feeof 1%. (Financing involving construction, additional 1% to cover site inspections).
Maximum Age:	Present age of principal earner plus loan amortization not to exceed 65 years. (Some exceptions may apply).
Requirements:	Current personal statement of affairs and if a company, we require audited financial statements for the last three years from a reputable Chartered Accounting Firm. Satisfactory bank references of minimum of 3 years (2 minimum-originals) from banks acceptable to Royal Bank of Canada. Total Debt Servicing Ratio is not to exceed 40%. Proof of Income to service the debt (i.e. Employment Letters / Income tax returns for the last two years) Standard documentation for account maintenance at RBC Royal Bank of Canada's Credit Report, Sales Agreement, Property Appraisal and two forms of Government Issued ID for each applicant
Collateral Security:	Registered First Charge over property. Stamped for full amount of the mortgage. Title searched by lawyer approved by RBC Royal Bank of Canada Property insurance coverage – all risks Life insurance (Mandatory) Co-signature/guarantee of spouse if applicable

Contact your local branch today for more information.

Living abroad? Planning to move abroad? We can help you make the most of your experience. Find out more with Expatriate Services.

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