Using a S.I.P. card while on holiday

Hello, I am writing to see if there are other investors in the portofino project facing a similar situation. We purchased a 2 bedroom 1 bath flat in 06. We paid 235.000. We just received notice that the place is now available and we in process of getting the financing. We put down 15%.........

We got news from the bank that they will only loan out 140.000. This means they are only valuing the property at 175.000. We purchased our place through MRI. We now are in a postion to come up with an additional 72.000 euros to close. Our mortgage advisors have been in talks with the developer and it seems that they are willing to loan out the rest but at what interest rate.....etc we don't know. 

Has anyone been succesful at negotiating a price markdown on the original loan because the real estate market is down so much and the fact that it was suppose to be ready in early 08...not after summer. Also, has anyone had better luck with their motgage advisors and securing a better valuation on the property. 

I still see MRI and other conpanies trying to sell these places alot higher than what the bank values them to be.

Any help would be greatly appreciated.

Hi there is a previous thread covering this subject called "valuation of apartments" which you may find useful.

I am sure you can get better offers than the one you have on the table at the moment. For a start try the developer's mortgage which should be 80% of the purchase price. You can speak to Sam at Proindal about this.

Also there are many brokers who will be able to find you a better deal such as the guy in the thread mentioned above. You will need to shop around until you get a deal nearer to what you are expecting. If you need any other broker contacts please send me a PM.

Trevor

We have very similar issue to griff87930 and are currently awaiting details of two altenative offers via the developer and will post details once received. We have a 2 bed 1 bath in block 4 also valued at 175,000 euro, which we visited this week and still requires snagging. 

Developer mortgages appear to be based on 20 year repayment mortgages at 1% above Euribor although the term can possibly be extended. I have been told a valuation will still be required.

Has anyone else actually had a firm offer via Proindal yet, and if so on what terms.

Some apartments in blocks 6 & 7? appear to be occupied although the pool is not yet available. The town hall have also occupied a unit on the ground floor of block 4. The car park appears almost complete although it did not appear to be in use. The local roads and pavements surrounding the development seemed to be finished and the shop units are being advertised for sale at 1000 euro per square metre.

The resort was much busier than we’ve experienced before (with lots of events etc - see Almerimar 24) and the development is in an excellent location and finishes appear good, therefore although still nervous about the mortgage valuation issues we hope to be satisfied with our purchase at the end of the day.

Hi Lyndon

We applied to Proindal a month ago and still haven't heard anything! They did say that it would be 80% of the purchase price not valuation and that's why I thought it was a good offer in the current environment.

We have a 2 bed 1 bath apartment in Block 2 which hasn't been valued yet. Just out of curiosity what does your apartment face (eg. harbour, golf, another block) and what is the total size? This would give some idea of the likely valuation of ours. If you don't want to publish it please send me a PM.

Trevor

Trevor

have sent PM

Lyndon

Anyone got any recent valuations on their apartments? Any luck getting worthwhile mortgages?

Trevor.

We also have applied to Proindal through Capital Finace almost a month ago, but have yet to receive any response.  Has any body received any offer yet from the builder ? 

 

 

I have sent you a PM Fuanak

Trevor

Guys,

For those of you struggling with valuations and mortgage offers I have got a decent deal with a valuation coming in approx 95% of the asking price which I was very happy with hearing the other stories on the site.  I have been offer 10 years interest only at 70% of the value of the property so am happy.
Now for the catch the financial advisor I used charges 1% of the loan plus an admin fee, now this can be dear but given the money I will save over time and the offer (and valuation) I have received its worth it!

If you want more info pm me and I will respond!.

Hi Rab77 and tgedge
I have left you private posts - can you please get back to me?
I am having an anxious time over the actions of my financial advisers, CFP - anyone else experienced similar?
Regards to everyone reading this from rainy Scotland - can't wait to be sitting in the sun with hot garlic prawns and chilled white wine... someday...
JanetMc
 

Apologies to all - I shouldn't have mentioned our advisers by name in my previous post. I confess I hadn't read the forum rules properly. I guess I am just looking for confirmation that we are not alone in our worries.  I am a WEE bit stressed about the whole purchasing situation as the goalposts are being moved on an almost daily basis. The constant rain here in Scotland isn't helping much either...!
Look forward to making contact with some friendly/helpful souls...
regards to all 
JanetMc

Hi

Has anyone accepted a finance package from the developers bank?

Paula

Hi there

We are really loath to do so, as it means a considerable chunk of negative equity being paid to the people who are insisting on a higher price than the property is valued at...!

I have been told by our mortgage brokers, CFP, that the developers have appointed a fresh broker to conclude the deals, which also carries an additional 2 000 euros charge for his/her fee. Having paid the CFP 'card' package upfront, we feel this is another way of extracting money from us. We have also been advised to deal with them directly.

We are now at the stage of considering walking away from the whole situation, as the cost in stress, financing and time is almost too much to continue with, and has made the whole transaction difficult to fund and take pleasure in...

Your thoughts and comments on this would be much appreciated ( good to feel we are not alone!)

Kindest regards

Janet

 

Hi Everyone,

I am in a lucky position to be writing this post as I received my keys 2wks ago. However I was in a very similiar situation as a lot of people. Here is my story....

After applying for a mortgage with 5 different Spanish banks and being refused , I had lost all hope of completing on my apartment in Portofino. One day I was surfing the web and got the name of a mortgage broker in Marbella. I had always been advised to stay away from such brokers. But at this stage I was desperate  and it was a lost resort. I made contact with the broker on 16th August, gave him all my details, bank statements ....etc.

Exactly 6weeks later I got a phone call to tell me my mortgage had been approved subject to valuation. Well after all I had been through I couldn't believe it. However I was still very worried about the valuation, hearing how the market had been declining in Spain. To cut a long story short, my small 2bed in block 5 to my amazement was valued at 216,000, way above what I need it to be valued at. And on the 14th of November I arrived in Almerimar to collect my keys, have to say shed a little tear after all seemed hopeless in the previous months. 

I spent a week in Portofino and I have to say it is so much better than I had ever imagined. The complex is finished to a very high standard, the pool is fantastic (can't wait til summer). But to walk out the front of the complex and sit and have a coffee (I min away) on the marina and watch the the world go by, was just heaven. For any golfers the fantastic new clubhouse is being built a stones throw from Portofino, and with the new 5* hotel going up closeby it will be a prime location.  I've had an apartment in the costa del sol for 9 years and Almerimar is a world apart from it and its goina get so much better.   

I suppose the point I'm trying to make is, I would urge anybody to exhaust every single avenue to try and complete on Portofino. 4years ago I had a great gut feeling about the place, I have been totally right. I am crossing the days off on my calendar to get back to Portofino on the 23rd Jan.  

If anyone wants the contact of the broker you can send me a private message and I will give you the details. He is an english gentleman and totally professional in the way he conducts his business. 

So my message is please don't give up on Portofino I promise its worth all the hassle and worry. It would have been the biggest regret of my life if I'd walked away. Best of luck to everyone. Hope to see all at the pool in the summer!!

 

Derek

 

  

Just wanted to echo the last post and say there are mortgages out there no matter what your circumstances, it's just a case of finding them and being flexible.

 

Completed 2 months ago and agree it was worth all the effort, I too used a broker and would be happy to pass on any details ( may even be the same guy )

 

Good luck to all and hope to see you pool side next summer.

 

we also had a traumatc time initially but eventually worked our way through it - we obtained a mortgage through a British broker (for a low fee), although we also had opportunities with others. We did accept a lower valuation and had to fund the gap .

we completed in August and are going back this week - I would echo the comments re Almerimar made below and the finish re the apartments - we are delighted we persevered with this

 

Lyndon & Clare

Hi everybody....Merry Christmas and a very Happy and Prosperous New Year to you all.....

I also have to echo the previous comments.....we too had some hiccups when trying to complete.  To be honest I wanted to walk away and lose the deposit - that was after many many sleepless nights.  My husband, however, wanted us to fire ahead with it and so we did.  Was it a wise move?  Hell yeah......I am so happy we proceeded with it...our apartment is in Block 5 - 2nd floor.....it's absolutely gorgeous and we are totally delighted with it.  I would have definitely regretted it in years to come if I had walked away.    I think that was the first time my husband got his own way since the day we met.....ha ha ha.....(sad...BUT TRUE!!)....

Just wondering....anyone else in Block 5 going to be out there at the end of December/ New Year....also, has anyone any information on New Year celebrations locally in Almerimar.

For those of you who have completed - congrats and welcome to the Portofino family....for those of you still in the process the best of luck to you all.

M.

Hi there,

I am in Block 5 on the 4th floor. My parents will be arriving on the 17th jan and I will join them on the 23rd. Can't wait to get back out.

Derek.