Charles Cameron & Associates has established relationships with several leading US banks and estate agents which will assist buyers in what it says has traditionally been a process beset with obstacles.
“This really is a tremendous breakthrough in the US market,” said CC&A associate director Grant Holmes.
“Stringent money laundering rules, visa requirements and the high numbers of overseas buyers wanting to purchase holiday or retirement homes in Florida has made arranging a mortgage so difficult that many are put off exploring this highly lucrative market. We are the first to offer buyers an easy and trouble free route to financing their dream home in the sun.”
It says the division is unique in that it is able to arrange individual mortgages up to $2 million US dollars. It will be possible to arrange, subject to status, up to 80% loan to value, self-certification and interest only mortgages. In a major breakthrough, they have also negotiated multiple mortgages for investors wanting to build up property portfolios in one of the fastest growing property markets.
“It’s a first in that our US providers will be matching many of the programmes that the UK purchaser has come to expect in the mortgage market,” said Holmes.
“Additionally, should a situation arise where the purchaser for whatever reason is not able to achieve a mortgage in the States, we are in the prime position of being able to make that purchase happen by a re-mortgage or partial re-mortgage here in the UK.”
Becky Mason, Senior Loan Officer at Florida’s Colonial Bank with whom CC&A are collaborating, comments “Until now, we have been unable to offer a personal service to our mortgage clients once they leave the US. We are very much a service industry and our clients are very important to us. Working with Grant Holmes and Charles Cameron & Associates has given us the ability to enhance further that level of personal service which is so important to us.”
Estate agents seeking funding for their British purchasers simply call a line in the States and outline their client’s needs. These details are then sent through to CC&A, who are able to verify the status of the applicant through standard credit checks, providing a valuable service to the estate agents who are often unable to show property unless the purchaser already has a mortgage offer approved.
US estate agents have been quick to endorse the scheme and link to Charles Cameron & Associates with many echoing the views of Ken Tyndall, an associate partner in the Suzi Karr Realty office at Windermere, Florida.
“This industry has long awaited a good programme for working alongside the foreign nationals market; this will make our job so much easier, which in turn means we can fulfil our clients’ needs with a few phone calls. This partnership has all the aspects that we need: flexibility, high volume lending and a level of service unequalled and working both sides of the pond. It is going to be great for our business.”