Multi-Currency Mortgages : Yen : Euro : British Sterling: Florida Mortgages International LLC

Multi-Currency Mortgages

Qualification criteria effective 10 March 2010

Florida Mortgages International LLC has revolutionized the mortgage industry by offering a competitive alternative to fixed rate "single-currency" home loans with more imaginative variable rate "multi-currency" mortgage loan affording greater interest rate flexibility and your choice of currency repayment options!

Unlike our single-currency mortgage loans, our multi-currency home loans actually offer foreign currency denominated mortgage repayments in your choice of ten currencies! Our multi-currency mortgage loans are available on properties located in eleven countries!

One mortgage - ten currencies - eleven countries - the choice is yours!

Multi-Currency Mortgage Loan Description:

Lender: uniquely provided by Florida Mortgages International LLC as intermediary.

Distinguishing Features / Benefits:

low variable interest rates = affordable mortgage repayments
no increase in interest rates for loans above USD$417,000 = ideal for luxury properties valued above USD$400,000 requiring "jumbo" loan amounts
repayment in ten currencies = reduced currency exchange risk
no early repayment/redemption penalty following month 36 = capital reduction at your convenience
no escrows for property taxes or building insurance = cash flow management.

Currencies Offered: the currency of repayment must be either the local currency of the property location or the currency of the borrower's primary income. Available for repayment in ten currencies including British Sterling, Euro, US Dollars, Canadian Dollars, Australian Dollars, New Zealand Dollars, Swiss Francs, Japanese Yen, Hong Kong Dollars and Singapore Dollars.

Currency Switch Option: an option to switch the currency of repayment is no longer available.

Intended Purpose: principally designed for either US Nationals or Foreign Nationals to finance the purchase, refinance, or release equity on residential property outside their country of residence; either held as investment, as buy-to-let, or as a holiday home. Loans are offered for owner occupation in Hong Kong and Singapore, but not in other countries.

Mortgage Plans Offered: multi-currency mortgages are offered as a Variable Rate only. [Fixed Rate mortgage plans are available as single-currency mortgages].

Current Rates: for properties located in the USA; interest rates range from circa 3.590% for a British Sterling mortgage to circa 8.430% for an Australian Dollar mortgage. To view today's currency specific rates, please refer to our Rate Sheet. [Contact us for a quote on properties located outside the USA].

Variable Rate Indices: lender's 3-month average Cost of Funds rate for the relevant currency subject to increase/decrease.

Variable Rate Margins: applicable margin depends on both property location and LTV:

2.890% for properties located in the USA in California, Florida, Nevada and Oregon with capital & interest repayment in US Dollars with a 50% LTV
3.090% for properties located in the USA in California, Florida, Nevada and Oregon with capital & interest repayment in the currency of the borrower's primary income (if primary income is a currency other than US Dollars) with a 50% LTV
2.89% for properties located in the USA in Colorado, Connecticut, Hawaii, New Jersey, New York, or Washington state with capital & interest repayment in US Dollars with a 60% LTV
3.090% for properties located in the USA in Colorado, Connecticut, Hawaii, New Jersey, New York, or Washington state with capital & interest repayment in the currency of the borrower's primary income (if primary income is a currency other than US Dollars) with a 60% LTV
2.690% for properties located in the USA in Colorado, Connecticut, Hawaii, New Jersey, New York, or Washington state with capital & interest repayment in US Dollars with a 50% LTV
2.890% for properties located in the USA in Colorado, Connecticut, Hawaii, New Jersey, New York, or Washington state with capital & interest repayment in the currency of the borrower's primary income (if primary income is a currency other than US Dollars) with a 50% LTV
add .200% for properties located in the USA in all states with interest-only repayment regardless of LTV
[Contact us for a quote on properties located outside the USA].

Minimum Down Payment: required down payment depends on property location:

50% for properties located in the USA in California, Florida, Nevada and Oregon
40% for properties located in the USA in Colorado, Connecticut, Hawaii, New Jersey, New York, or Washington state
30% for properties located outside the USA in other countries
lower down payment for properties in all locations will be considered with third party bank guarantees or cross-border collateralization
lower down payment for properties in all locations may be considered on properties valued above USD$1,000,000.

Seasoning/Sourcing Of Funds: seasoning of funds is not required; sourcing of funds is required for down payment, settlement costs and liquidity reserves. [Assistance with foreign currency exchange is available upon request].

Minimum Liquidity Reserve Requirement: verified liquidity reserves in a bank account [not necessarily a US bank account] required prior to settlement equivalent to 50% of the loan amount if requesting interest-only repayment option; no minimum liquidity reserve requirement if requesting capital & interest repayment option. Liquidity reserves are not required to be maintained after settlement.

Escrow Reserve Requirement: escrow reserves for property taxes and building insurance are not required.

Maximum Seller Contribution: seller contributions are not limited.

Minimum Loan: for properties in all locations - GBP£100,000 (or currency equivalent). Further advances in all locations - GBP£$35,000 (or currency equivalent).

Minimum Property Value: for properties located in the USA - USD$400,000 (or currency equivalent). Not applicable for other locations.

Maximum Loan Calculation: total outstanding mortgage borrowings (including requested subject property mortgage) can not exceed five times gross income. Calculated as follows: [5 x (annual earned gross income + 70% of annual gross rental income)].

Maximum LTV: maximum loan-to-value depends on property location:

50% for properties located in the USA in California, Florida, Nevada and Oregon
60% for properties located in the USA in Colorado, Connecticut, Hawaii, New Jersey, New York, or Washington state
70% for properties located outside the USA in other countries
100% for properties in all locations will be considered with third party bank guarantees or cross-border collateralization
higher LTV for properties in all locations may be considered on properties valued above USD$1,000,000.

Repayment Options: capital & interest or interest-only repayments for the entire term.

Negative Amortization: all repayments cover interest due; no negative amortization can occur.

Repayment Frequency: interest paid quarterly in arrears. Repayments accepted as wire transfer, check, bank draft, direct debit and standing instruction.

Maximum Term: 30 years [15 years in Dubai] subject to age requirements.

Maximum Borrower Age: the age of the borrower at the intended maturity date of the loan should not exceed 70 years old, or - if lower - the official or intended retirement age.

Resident Eligibility: the lenders' primary concern is the borrower's country of "residency" (not the borrower's "nationality") relative to the country in which the subject property is located. Residents from most countries are eligible unless prohibited by local laws or regulations. US, British and Canadian Nationals are eligible to finance investment property within their respective countries of residence. Other Nationals are eligible to finance investment property outside their respective countries of residence [this especially applies to Australian and New Zealand Nationals due to tax withholding issues in those countries].

Occupancy/Property Usage: non-US Residents financing property held for investment, as buy-to-let, or as a holiday home (only occasional, non-permanent owner-occupancy allowed) are eligible. US Residents financing investment property are eligible (no primary residences or true second homes). Corporate borrowers are eligible if the corporation is a SPV (Single Purpose Vehicle). The corporation must be a single-layered, simply structured corporation with the exclusive purpose of holding the subject property and mortgage. Corporations that are multi-layered, complex structures are not eligible. [Corporate borrowers are subject to a .25% Lender Handling Fee]. Owner occupation is not allowed (except for Hong Kong and Singapore)!

Maximum Affordability Calculation: monthly Debt-To-Income Ratio can not exceed 50%. Calculated as follows: [(existing mortgage repayments + subject property mortgage capital & interest repayment + unsecured repayments) / (monthly earned net income + 70% of monthly gross rental income)]. Affordability calculation will utilize an interest rate of 5.000% - or actual rate if higher - when calculating the proposed loan repayments.

Rental Income: projected rental income for subject property is not allowed for income qualification if purchasing, 70% of documented rental income for subject property is allowed for income qualification if refinancing, 70% of documented rental income for other properties owned is allowed for income qualification.

Credit Considerations: no missed credit or mortgage repayments within last 12 months. Established credit history in the USA is not required. International credit report is not required.

Collateral Considerations: subject property must be either a residential single-family home, townhouse, or condo. Duplexes, 3-4 family dwellings and condo-hotels are not allowed. Commercial property is not allowed.

Geographic Considerations: available in eleven countries including Dubai, France, Great Britain, Hong Kong, New Zealand, Portugal, Singapore, Spain and selected locations in Australia, Canada and the United States. [Subject properties located within the USA must be located in either California, Colorado, Connecticut, Florida, Hawaii, Nevada, New Jersey, New York, Oregon or Washington state].

Early Repayment/Redemption Penalty Fees: No penalty for early repayment or redemption of capital following month 36. During the first 36 months, the following penalty structure applies:

3% of the existing loan balance to be paid on partial or full early repayment of the loan within months 1 through 12
2% of the existing loan balance to be paid on partial or full early repayment of the loan within months 13 through 24
1% of the existing loan balance to be paid on partial or full early repayment of the loan within months 25 through 36.

Payment Holidays: the lender does not allow temporary deferment of scheduled repayments.

Life Assurance: the lender does not require the borrower to affect a life assurance policy to cover the loan amount.

Documentation Requirements: in addition to the mortgage application form, borrowers are required to provide supporting documentation to prove employment, income, assets, liabilities and credit history. Documentation requirements differ between "multi-currency" mortgage plans and "single-currency mortgage plans". Please be sure to refer to our Document Checklist specific to "multi-currency" mortgage plans.

Pre-Approval of Mortgage Request: specific identification of the subject property is not required for underwriting determination on purchases. Mortgage requests are gladly accepted and processed for pre-approval whilst you shop for a property. All Decision In Principles will be valid for a maximum of 3 months. All Formal Offers will be valid for a maximum 4 months which includes a 1 month acceptance period.

Average Mortgage Request Processing Time: 60 to 90 calender days.

Associated Costs: Florida Mortgages International LLC will gladly provide you a personalized quotation of costs commonly referred to in the US as a "Good Faith Estimate of Settlement Services" detailing associated costs and proposed monthly mortgage repayment at no cost or obligation to you upon request.

Personalized Quotation! Free Initial Consultation! No Obligation!