General Loans

1. Real Estate - (Major house renovations, house completions, purchase house, purchase land, purchase of freehold interest, settle Bridging Loans)
2. Medical Expenses
3. Debt Consolidation

Max. Term - Months

Loans in excess of $75,000 up to $125,000 can be extended to a maximum term of 120 months (10 years)

Loans in excess of $125,000 can be extended to a maximum term of 180 months (15 years)

60

61 - 180

1. Agreement to purchase will be required. Official cheque will be made in favour of Vendor, Mortgage Company, Solicitor, School, Nursing Home, Financing Institutions, as appropriate.
2. Mortgage over property is required in all cases. Preferably first or second mortgages.
3. Independent appraisal or valuation may be required at purchaser’s expense.
4. Where building forms part of the property being used as security, Full Comprehensive Insurance (Fire and all Perils) through an Insurance Company acceptable to the Bank is to be assigned to the Bank with coverage equal to at least the appraised value of the building facilities; in construction loans, a contractor’s All Risk Policy must be provided with the Bank’s Interest Noted and upon completion of construction Full Comprehensive Insurance (Fire and all Perils) must be provided and assigned to the Bank.
5. Completion Certificates must be on file for all buildings and must be obtained before disbursement is made.
6. Only lots approved for building purposes by the Competent Authorities, Town and Country Planning and Local Health are to be considered when financing real estate with buildings.
7. For construction loans, site visits will be undertaken and monies disbursed based on progress.
8. Where leasehold properties are being provided as security for advances, the unexpired term of the lease must be at least 5 years more than the term of the loan. Further, the Lease Agreement must provide for a renewal option.
9. Adequate Life Insurance coverage is needed to cover the loan, either through the Bank’s Group Creditor Life Policy or other policy independently held that is acceptable to the Bank.