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
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