Bank of The Bahamas International provides Resident and Non-Resident financing for the Coral Cay Development Project. Financing is available for land acquisition, construction costs, and home improvements.
Terms and Conditions (Non-Resident)
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Minimum Equity Requirement 50% of the purchase price or the appraised value
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Maximum Loan Amount US$500,000.00
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Maximum Term is ten years. However, the term of the loan and the applicant (s) age should not exceed 60.
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Maximum Debt Servicing ~ 30%
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Rate of Interest ~ LIBOR + 3 Floating
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Administration Fee ~ 2% of amount borrowed
Documentation (Non-Resident)
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Current employment and salary confirmation (W-2 Form)
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Signed Individual Tax Returns for the last 2 Years (1040 & 1120S Forms)
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Credit Reference Letter/Credit Rating Report
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KYC due diligence ~ Passport identification
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Executed Sales Agreement from Developer
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All primary identification must be certified or notarized unless copied at the Branch in person.
Approval from the Foreign Investment Board or the equivalent regulatory body along with the Central Bank’s approval is required.
Terms and Conditions (Resident)
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Minimum Equity Requirement 5% of the purchase price or the appraised value
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Mortgage Indemnity Insurance for the remaining 15% equity portion
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Maximum Term is thirty years. However, the term of the loan and the applicant (s) age should not exceed 65.
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Maximum Debt Servicing ~ 45%
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Rate of Interest ~ Nassau Prime + 3.25 Floating
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Administration Fee 1–2%
Documentation (Resident)
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KYC ~ Passport Identification/National Insurance Card
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Current employment and salary confirmation letter
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Recent copy of Pay slip
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Credit Reference Letter
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Executed Sales Agreement from Developer
Certain restrictions apply.
