FINANCING A HOME IN THE CAYMAN ISLANDS

The International Residential Mortgages in the Cayman Islands requirements are as follows:

Finance up to 70% of the agreed purchase price (which must be reflected in a valuation prepared by one of the bank's approved Quantity Surveyors) to International clients wishing to purchase a holiday/vacation or investment property in the Cayman Islands.

The minimum drawn International Mortgage must be for at least US$350,000.00 and the terms are up to 20 years or the 65th birthday of the youngest applicant, which ever comes first. The indicative interest rate would be between 3% and 3.5% above the three (3) months US$ LIBOR, which is currently 5.22% for an effective interest rate of between 8.22% and 8.728% for the time being. The interest rate would change every three (3) months to reflect any change within the three (3) month LIBOR. We also offer the option to pay "interest only" for a maximum period of 10 years and then the International Mortgage would be amortized over the remaining 15 years if the mortgage was approved for 20 years.

The International Mortgage would be granted/approved with the terms and conditions that will allow you to partially or fully repay the mortgage at any time without a penalty charge.

• It should also be noted that our International Mortgages are not for commercial business ventures, these types of application would be reviewed by our Corporate colleagues.

To commence the processing of an International Mortgage, we shall require the following:

• 1. The completion of both the International Mortgage and International Personal application by all applicants to the International Mortgage.
• 2. The due Diligent and Compliance documentation as detailed in the "word" document for all applicants to the International Mortgage.
• 3. The last three (3) years Personal Tax Returns for each applicant to the International Mortgage.
• 4. A current Credit Bureau Report for each applicant to the International Mortgage.
• 5. The last six months bank statements of the primary account for each applicant to the International Mortgage.
• 6. The sale agreement for the proposed property being purchased.
• 7. A valuation of the property prepared by one of the Bank's approved Quantity Surveyors.

The following fees would be associated with drawdown of an International Mortgage:

• The Bank's commitment/arrangement fee of 1% of the International Mortgage amount.
• Government Stamp duty of 7.5% on the agreed purchase price for the transfer of property.
• Government Stamp duty of 1 1/2% to register a First Legal Charge over the property on the mortgage amount.
• Attorney Fees of .75% of the Mortgage amount (normally with a maximum charge/fee of US$7,500.00) to prepare all of the closing documentations. It should be noted that all fees would be paid by the borrower.

Cayman Islands

Standards