Multi-Currency Mortgages

[Effective Date 10 September 2008]

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

Unlike our single-currency mortgage plans, our multi-currency mortgage plans actually offer foreign currency denominated mortgage repayments in your choice of ten currencies which can be switched from one currency to another! And our multi-currency mortgage plans are available on properties located in eleven countries! 

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

 Multi-Currency Mortgage Plan Description:

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

Distinguishing Features / Benefits:

• low interest rates = lower repayments
• repayment in ten currencies = reduced currency exchange risk
• no early redemption penalty = capital reduction at your convenience 
• no escrows for property taxes or building insurance = cash flow management.

Currencies: available for repayment in ten currencies including British Sterling, Euro, US Dollars, Canadian Dollars, Australian Dollars, New Zealand Dollars, Hong Kong Dollars [for HKD income earners only], Singapore Dollars [for SGD income earners only or loans secured against property in Singapore], Japanese Yen [for JPY income earners only] and Swiss Francs [for CHF income earners only]. 

Currency Switch Option: an option to switch the currency of repayment is available; maximum four switches per calender year; two free switches per calender year, USD$150 per switch thereafter. Switching can be initiated by phone, fax or post. Minimum three business days notice required.

Intended Purpose: principally designed for borrowers to purchase, refinance, or release equity on investment property outside their country of residence. 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 subject properties located in the US; 2.390% over the lender's 3-month average Cost of Funds rate for the relevant currency. Interest rates range from circa 2.500% for a Japanese Yen mortgage to circa 9.000% for a New Zealand Dollar mortgage. To view today's currency specific rates, please refer to our Rate Sheet.

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

Variable Rate Margin: for properties located in the US - 2.390%. [Contact us for a quote on property locations outside the US].

Minimum Down Payment: for properties located in California, Florida, Nevada and Oregon - 50% without currency switch option, 55% with currency switch option. For properties located in Colorado, Connecticut, Hawaii, New Jersey, New York, or Washington state - 40% without currency switch option,  45% with currency switch option. [Contact us for a quote on property locations outside the US].

Minimum Liquidity Reserve Requirement: verified reserves in a US bank account not required.

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

Maximum Seller Contribution: seller contributions are not limited.

Minimum Loan: USD$200,000 (or currency equivalent).

Minimum Property Value: USD$400,000 (or currency equivalent). 

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: for properties located in California, Florida, Nevada and Oregon - 50% without currency switch option, 45% with currency switch option. For properties located in Colorado, Connecticut, Hawaii, New Jersey, New York, or Washington state - 60% without currency switch option, 55% with currency switch option. Higher LTV may be considered on properties valued above USD$1,000,000. [Mortgage requests up to 100% will be considered with third party bank guarantees or cross-border collateralization].

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

Negative Amortization: minimum repayments creating deferred interest are not allowed - 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 or up to 70 years of age; whichever is earlier.

Maximum Borrower Age: 70 years of age. The maximum term of the mortgage approved  may be decreased from the term requested to coincide with borrower's age at completion. 

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 and British 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, Canadian and New Zealand Nationals due to tax withholding issues in those countries].

Occupancy Status: Owner occupation is not allowed (except for Hong Kong and Singapore)! US Residents financing investment property are eligible (no primary or secondary homes). Non-US Residents financing property for investment or occasional holiday use (no more than 14 days per year) are eligible. Corporate borrowers are eligible (subject to a .25% Lender Handling Fee).

Maximum Affordability Calculation: monthly Debt-To-Income Ratio can not exceed 50%. Calculated as follows: [(existing mortgage repayments + subject property mortgage repayment + unsecured repayments) / (monthly earned net income + 70% of monthly gross rental income)].

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 US 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 US must be located in either California, Colorado, Connecticut, Florida, Hawaii, Nevada, New Jersey, New York, Oregon or Washington state].

Early Repayment Penalty Fees: no penalty for early redemption or repayment of capital which coincides with with interest rollover dates!  

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. Please refer to our Documentation Checklist.

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.

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 consultation! No obligation!