By Peter Grier | 05/08/18 06:05:55Royal Bank of Scotland will issue its third Colonial Home loan of the year to the community in the colony of Roanoke in southern England, according to the Financial Times.
The loan is valued at around $30 million, making it one of the largest in history, according the FT.
This is not the first time that the Colonial Home has been issued in the UK.
In October 2016, Royal Bank of the Republic of Ireland issued a Colonial Home to a number of local residents, but the terms of the loan were not disclosed.
The Colonial Home was initially only offered to individuals in the Roanowest area of the colony.
However, the Colonial Homes was extended to a wider area of Britain, and was later expanded to include the surrounding islands and to include some residential properties in the area.
Royal Bank has not yet released details of the terms and conditions of the Colonial home, but according to a press release issued on Tuesday, the loan is for the life of the property, and will be paid off after 25 years.
The term of the $30m loan will be announced at a later date, the release stated.
It is the second loan issued to the Roans, who are the descendants of British colonists who arrived in Virginia from England in 1660.
They came to the colony in the 1770s to work on the Jamestown plantation.
This period was considered by many to be the most prosperous time for colonists in the region, with the colony’s population growing from 1,400 in 1640 to more than 7,000 by 1660, according TOA.
The colonial home was first offered in October 2016.