The National Bank of the Virgin Islands (NBVI) has announced that it is offering bridging loans or short-term loans to existing customers as they await the settlement of their property insurance claims.
Noting that the bridging loan offer is valid from December 18, 2017 to March 30 next year NBVI said it is cognizant that most of its customers are yet to receive payouts.
“What we have experienced in the BVI due to the passage of Hurricane Irma has been, and will continue to be challenging for some time to come. At the National Bank, we want to offer an interim solution to support our clients,” Chief Executive Officer of the National Bank of the Virgin Islands, Joy Francis said in a press release.
“We do realize that more than half of our customers have not received settlements from insurance claims,” she said.
The release noted that customers who are interested, must apply and submit evidence of a claim filed with their insurance company, along with an estimate from a reputable contractor.
Successful applicants will be required to pay interest on the loan on a monthly basis, but upon receiving their settlements they will be required to repay the loan in full.
Bridging loans will be granted for a maximum amount of $100,000, and cannot exceed 50% of the claim amount.
Interest will be charged at a rate of 10% and normal loan fees will apply as well as standard credit checks will be conducted before approval. Eligible customers must have loan payments up-to-date (excluding the 3-month moratorium period, as applicable), the bank explained.
“As the National Bank of the Virgin Islands, we take our responsibility seriously in ensuring that every opportunity is made available to our customers to safeguard their investments and to keep the Virgin Islands a paradise for many. We also wish to remind customers to uphold their commitments to the Bank so that we can continue to help others and serve our community,” the release said.
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