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GE Money’s British Mortgages Abroad Ceases Lending in Florida
Florida, 18th October 2007 – GE Money’s British Mortgages Abroad, the most popular mortgage lender with British homebuyers in Florida, is no longer accepting mortgage applications.
In a surprise announcement on Friday, GE Money advised US brokers by email that British Mortgages Abroad would not accept any mortgage applications received after close-of-business that day.
GE Money’s Duncan Berry said in his email announcement that after an internal review of BMA operations, they had decided to focus their efforts on their UK lending business. “Existing customers and customers in progress will not be impacted and BMA will continue to service their accounts” Berry said.
Lee Weaver, Director of Operations for Orlando-based British Home Loans Florida, BMA’s top-producing mortgage brokerage company, was very disappointed to hear the news. British Home Loans launched the Florida programme for BMA in 2001 and have strongly supported it ever since.
“The good news, however,” notes Weaver, “is that due to our highly-visible success in the Florida market US lenders are now realising the importance and potential of the ‘Foreign National’ buyer and are refining and re-introducing products that were temporarily suspended in the recent sub-prime debacle”.
British Home Loans Florida is an organization of British staffed, Florida-based real estate and mortgage professionals that specialise in assisting UK residents with their Florida holida home, timeshare and mortgage enquiries
With competition heating up between the US banks and the added benefit of a British based multi currency loan (which can be repaid in pounds, dollars or euros), British investors in Florida still have a range of options to choose from.
“Now is the perfect time to buy”, notes Weaver, “with property values dipping and the pound continuing to trade at a 26-year high against the dollar, a strong buyers market has emerged once again for British investors in the ‘Sunshine State’ - especially when combined with highly motivated builders and individual sellers.
“This is a very busy time for our company”, said Weaver. “sales enquiries are reaching the record numbers of three years ago, the only difference being, there is now inventory available to meet that demand”.
“Our ‘UK connection’ has become very popular in the past few months”, adds Weaver, “as US Realtors, UK real estate agents and local developers have become aware of our services and strong position in dealing with the British market”.
Lenders, Developers, Realtors and buyers wishing to know more about British Home Loans’ Foreign National-friendly US dollar, UK Sterling, or multi-currency mortgage programmes should contact Lee Weaver for more information.
British Homes Group Florida
(00) 1 407 396 9914 or 0800 096 5989 (within the UK)
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