Lloyds Eyes 2nd Homes
Lloyds TSB Offshore Ltd. is interested in potentially working with U.S.-based second-home loan brokers who can help it originate novel, floating-rate, currency-based cross-border loans it is offering to mid- to high-net-worth borrowers.
The United Kingdom company's Hong Kong-based international mortgage service has been offering loans to certain borrowers for purchases of second-home vacation or investment properties outside the U.S. and has recently extended the program to certain portions of the U.S. market, according to Chris Gardiner, associate director in the company's office here.
Part of the loans' attraction for borrowers lies in their ability to allow borrowers to opportunistically leverage currency differences such as, for example, the U.S. dollar's recent weakness.
At the outset, borrowers can select four of the 10 currencies available as options that they may switch their loan's payments to quarterly.
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