I live 500 yards from the Vista Hermosa development and regularly visit the site for information / check for updates. This week Promaga received the license of first occupation for Phase I from the local authorities in La Linea.
With this information, I called the director of Banesto Bank in La Linea, who explained that Promaga will forward a copy to Banesto after which the formalities of signing the mortgage and title deed can take place. The Banesto and Promaga offices are both situated in Calle Real in La Linea, while the notary is above the Banesto bank. All very convenient!
A couple of months ago I was invited to visit the Banesto branch in La Linea - this is where I met the director for the first time. I handed over all my financial documents that I was asked to bring and a bank account was opened. It is all systems go now for the next stage and handing over the keys.
Like everywhere else, the economic situation in the region is dire. I recently visited one of my regular banks and informed about a loan. There was no need to apply as all loan applications are rejected by default. Most banks have issued a loan stop. The bank director of Banesto in La Linea has assured me that this only applies to new applications in which the bank takes on new risk. We should therefore not be affected by it.
Despite previous messages in which it was confirmed that Promaga is struggling financially, there is plenty of activity throughout the site with lots of people about and working. I have often read the name of Christian Liemen on this site, but he no longer works for Promaga. Just so you all know!
House prices in the region continue to plummet. For illustration purposes: in December 2006 our three bedroom townhouse was valued at EUR 327,500. Reason for the valuation was an application for remortage to release equity. Our application was successful. Similar houses are now offered for sale for under EUR 200,000.
Oh, before I forget, for all you townhouse owners out there in Vista Hermosa, your lawns will not be laid with turf. Instead, grass seed will be planted and thus you will have to wait a bit for your lawn to develop.
RBA
This message was last edited by RBA on 10/17/2008.