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Financial Planning and Financing Your French Property
French Property Insider
Volume XIII, Issue 4
Thursday, January 22, 2015 • Paris, France
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Ben and Nicole Miller loved Franklin, Tennessee so much they recently built their dream home there. However, when a job opportunity came up in Paris that could boost his career and also let Nicole pursue her passion of photography, they knew a move there would be too good to pass up. With its countless photo ops, Nicole wants to live in central Paris but with Ben’s job located outside the city, he doesn’t want to commute through congestion every day. Watch as Adrian guides them to the perfect solution.
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Bonjour French Property Insider Subscriber,
Later today, here in Paris, Brian Dunhill of Dunhill Financial is going to lead two seminars, one following the other with a break in between. The first session beginning at 4 p.m. is an opportunity to “learn how American citizens can deal with the ever changing regulatory environment and financial challenges.” In the second session, beginning at 6:30 p.m., Brian will provide a “Quarterly Economic Update” that will give the attendees a futuristic look at how they see the overall economy.
Brian has been very helpful to me personally in organizing my own financial affairs and is meeting with several of our clients to assist them in making their investments in France fit well within their financial means. He is also assisting with the questions related to financing a property, as it’s been more and more difficult for Americans and other foreigners to find financing.
Our new real estate agency, Parler France Properties, SARL (DBA Adrian Leeds Group) is currently in the process of obtaining “Orias” accreditation in order to fully serve the needs of our clients wishing to take a mortgage. Orias is the “Organization for the Registration of Insurance Intermediaries” created in 2007 to identify insurance agents and brokers and other intermediaries in the field of insurance. In 2012, Orias received an additional mission to identify bank operations and payment intermediaries — mortgage brokers, exclusive agents of banks and other financial intermediaries.
Thanks to FATCA (Foreign Account Tax Compliance Act) and other financial restrictions in today’s world of international tax evasion, terrorism and money laundering, financing for foreigners has become more and more difficult to acquire. U.S. lenders will not be interested in financing a foreign property over which they have no control, however in some cases, a second mortgage on an existing property in the U.S. can be used to leverage funds for a foreign property. These are just some of the issues Brian will be addressing later today.
Residents of France, whose salaries go into a French bank account regularly benefit from their relationship with the bank and have a very high chance of acquiring a mortgage with a local bank readily doing business with French residents. Only a few French banks now specialize in lending to foreigners who require very special care. With the decline of these specialized departments, an opportunity is opening up for banks who wish to grow by providing this service and we hope to see a big change in this in the future, particularly now the the exchange rate is more attractive and the price of property in France has come down. In addition interest rates are at an all time low, making this an ideal time for foreign investment and we expect to see the foreign market surge.
Rates are as low as from 1.8% to 3.7% and range from fixed rate capital repayment schemes to variable rates and interest only plans, based on the “Euribor,” (Euro Interbank Offered Rate) with terms as long as 25 years. Some variable schemes are quite clever in that the monthly payments can be fixed, while the term of the loan changes. Equity release loans are possible, so that if you are already an owner of French property, you can take a ‘second’ mortgage for repairs, renovation or the purchase of additional property.
The Euribor “is a daily reference rate, published by the European Banking Federation, based on the averaged interest rates at which Eurozone banks offer to lend unsecured funds to other banks in the euro wholesale money market or interbank market.” (Wikipedia.org) The Euribor rates can be found by visiting the Banque de France site or at euribor-rates.eu/.
If you cannot attend today’s Financial Forum with Brian Dunhill, but would like more information about financial planning and finding financing for your property purchase, email us at email@example.com and we’ll be happy to assist you.
A bientôt ,
Respond to Adrian: firstname.lastname@example.org
P.S. For those of you in the New York City area, who would like to know more about investing in France, I will be available for private consultations on March 13th through 18th. Consultations are typically two hours, and I will be offering my usual euro fee at the same fee in U.S. dollars. Email me personally to make your appointment: email@example.com.
P.P.S. Own a fraction of an elegant studio on Ile de la Cité in the center of Paris.”Le Notre Dame” has been entirely restored to include its original centuries-old wood beams, fireplace and antique touches. There are only a few shares left — visit Le Notre Dame for more information.