Florida Gulf Coast Villa for a Family from the East Midlands
$485,000 · 30 years · 7.10% fixed. A family from Nottinghamshire had holidayed on Florida's Gulf Coast every year for a decade and decided to purchase a villa in a gated resort community.
The Client
UK Residents - Holiday Home
The Challenge
A family from Nottinghamshire had holidayed on Florida's Gulf Coast every year for a decade and decided to purchase a villa in a gated resort community. They had no US banking history, no Social Security numbers, and no ITIN. Their UK income was in sterling.
Our Solution
Doulton arranged a foreign national mortgage with a Florida-based lender specialising in international buyers. ITIN numbers were obtained for both applicants. Income was assessed in sterling and converted at the current exchange rate. The resort community's short-term letting rules were reviewed and confirmed as permitting holiday lets.
The Outcome
Villa purchased in a Cape Coral resort community. Used personally for six weeks per year and managed by a local property management company for the remainder. Rental income covers all holding costs. Key highlights: ITIN numbers obtained for both applicants; Sterling income accepted and converted; Rental income from management company covers all costs.