The Facility Letter Mortgage is a crucial document in Hong Kong's property financing landscape, used when a bank offers credit facilities secured by real estate. This document type is essential for both residential and commercial property transactions in Hong Kong, providing a comprehensive framework for the lending arrangement. It must comply with the Hong Kong Monetary Authority's guidelines, the Banking Ordinance, and local property laws. The Facility Letter Mortgage typically precedes the formal mortgage deed and serves as the primary offer document, outlining all key commercial and security terms. It's particularly important in Hong Kong's dynamic real estate market, where property-secured lending forms a significant portion of banking activities. The document is designed to protect the interests of both the lending institution and the borrower while ensuring regulatory compliance.
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1. Date and Addressee: Formal letter date and full details of the borrower/mortgagor
2. Reference: Application reference number and any relevant account numbers
3. Facility Type and Amount: Clear statement of the type of facility and the approved amount
4. Interest Rate and Fees: Detailed breakdown of interest rate, calculation method, and all applicable fees
5. Security Details: Description of the mortgaged property and confirmation of first legal charge
6. Repayment Terms: Repayment schedule, installment amounts, and payment methods
7. Key Conditions Precedent: List of documents and conditions required before drawdown
8. Representations and Warranties: Standard declarations regarding property ownership, capacity to enter agreement
9. Key Covenants: Essential obligations including property maintenance, insurance, and payment obligations
10. Events of Default: Circumstances that would trigger default and enforcement rights
11. Bank's Rights and Remedies: Actions bank can take in case of default
12. Acceptance Section: Space for borrower's acknowledgment and acceptance of terms
1. Special Conditions: Include when there are property-specific or borrower-specific requirements
2. Guarantee Requirements: Include when a third-party guarantee is required
3. Fire Insurance Requirements: Include detailed insurance requirements if not covered in standard terms
4. Prepayment Terms: Include if early repayment is allowed with specific terms
5. Property Valuation Conditions: Include if there are specific valuation requirements or conditions
6. Multiple Borrowers Clause: Include when facility is extended to multiple borrowers
7. Foreign Currency Provisions: Include for facilities offered in foreign currencies
1. Schedule 1 - Property Details: Detailed legal description of the mortgaged property
2. Schedule 2 - Fee Schedule: Comprehensive list of all fees and charges
3. Schedule 3 - Standard Terms and Conditions: Bank's standard terms and conditions for mortgage facilities
4. Schedule 4 - Repayment Schedule: Detailed breakdown of repayment structure
5. Appendix A - Required Documents Checklist: List of all documents required for facility drawdown
6. Appendix B - Direct Debit Authorization Form: Standard form for setting up automatic payments
7. Appendix C - Insurance Requirements: Detailed insurance requirements and specifications
Relevant legal definitions
Facility
Mortgage
Property
Security
Borrower
Bank
Mortgagor
Guarantor
Interest Rate
HIBOR
Prime Rate
Default Rate
Drawdown
Conditions Precedent
Event of Default
Business Day
Repayment Date
Facility Period
Final Maturity Date
Security Documents
Mortgage Deed
Facility Amount
Outstanding Amount
Permitted Security Interest
Valuation
Insurance Policy
Encumbrance
Material Adverse Effect
Authorized Person
Related Party
Applicable Law
Property Rights
Government Lease
Deed of Mutual Covenant
Assignment
Enforcement Action
Repayment Schedule
Interest Period
Fees and Charges
Mortgage
Property
Security
Borrower
Bank
Mortgagor
Guarantor
Interest Rate
HIBOR
Prime Rate
Default Rate
Drawdown
Conditions Precedent
Event of Default
Business Day
Repayment Date
Facility Period
Final Maturity Date
Security Documents
Mortgage Deed
Facility Amount
Outstanding Amount
Permitted Security Interest
Valuation
Insurance Policy
Encumbrance
Material Adverse Effect
Authorized Person
Related Party
Applicable Law
Property Rights
Government Lease
Deed of Mutual Covenant
Assignment
Enforcement Action
Repayment Schedule
Interest Period
Fees and Charges
Clauses
Facility Terms
Interest and Fees
Security Creation
Property Details
Conditions Precedent
Representations and Warranties
Covenants
Events of Default
Enforcement Rights
Insurance Requirements
Property Maintenance
Payment Terms
Prepayment
Set-off Rights
Assignment and Transfer
Further Assurance
Notices
Governing Law
Jurisdiction
Anti-Money Laundering
Data Privacy
Force Majeure
Severability
Entire Agreement
Amendment and Variation
Costs and Expenses
Property Valuation
Registration and Filing
Default Interest
Cross-Default
Interest and Fees
Security Creation
Property Details
Conditions Precedent
Representations and Warranties
Covenants
Events of Default
Enforcement Rights
Insurance Requirements
Property Maintenance
Payment Terms
Prepayment
Set-off Rights
Assignment and Transfer
Further Assurance
Notices
Governing Law
Jurisdiction
Anti-Money Laundering
Data Privacy
Force Majeure
Severability
Entire Agreement
Amendment and Variation
Costs and Expenses
Property Valuation
Registration and Filing
Default Interest
Cross-Default
Relevant Industries
Banking
Real Estate
Financial Services
Property Development
Construction
Professional Services
Retail Banking
Commercial Banking
Mortgage Lending
Property Investment
Relevant Teams
Legal
Compliance
Credit Risk
Mortgage Operations
Property Finance
Document Management
Banking Operations
Product Development
Risk Management
Property Valuation
Relevant Roles
Banking Relationship Manager
Mortgage Specialist
Credit Officer
Legal Counsel
Compliance Officer
Risk Manager
Property Valuer
Banking Operations Manager
Mortgage Sales Manager
Credit Risk Analyst
Documentation Specialist
Banking Product Manager
Property Finance Manager
Senior Loan Officer
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