hi

I would firstly like to thank everyone for their advise on which banks will grant a mortgage in La Reserva. Up to 3 weeks ago some may have been willing, my agent has just confirmed the sale has fallen through again. The purchasers have been to six banks and all of the valuers require information from the town hall which cannot be supplied due to an event happening three weeks ago. I have posted this only to inform others that they will have to sit tight until licence situation is resolved next year.

Your comments would be welcomed.  

Hi ADT,

I sympathise with your plight.  However, please read the last thread started by James 123 as he refers to this very situation with complete accuracy.  It sounds very much as though your potential purchasers are not in a financial situation to complete and that the banks are 'politely' refusing their application in exactly the way James 123 describes. 

Indeed, so confident am I that the above is the case that I can arrange for your buyers to be picked up from anywhere in the Malaga district and chaufferred to a bank which I can categorically assure you are granting mortgages on all apartments on La Reserva de Marbella SUBJECT TO STATUS OF THE APPLICANT(S).

Again, PLEASE read the last thread started by James 123.

Hi kenny e,

I'm grand for the mortgage thanks, but the chaufferred trip sound interesting. Any prices?

I can recommend a bank that is most certainly happy in granting a mortgage on all apartments at La Reserva de Marbella.  I spoke with the very helpful and efficient bank manager there only yesterday and he assures me that nothing has changed and would welcome further applications from other mortgage seekers for our development.

Please contact me by private message if you would like further details regarding this or any other matter regarding completion.

As James 123 most eloquently points out in his most informative thread re:Mortgages etc it is important to appreciate that although the development is yet to be officially granted a license, it is not the fault of the developer or the development, but because the Town Hall and the Council are currently refusing to grant any Licenses whatsoever.

Therefore, currently, completion of a purchase on numerous developments in Marbella (including ours) has to be made with the knowledge that it is yet to be granted a license.  However, the fact that banks are granting mortgages now, prior to the license being officially granted is indicative that LRdM will be granted a license in the future.  Surely their research would set alarm bells ringing if there was the tiniest hint of a possibility of it not being granted at all; after all, their investment in any development is as equally important as ours and normally a lot larger.

Furthermore, once a License is granted on a development one could anticipate an immediate increase of the property value by quite a large percentage and so whilst buying any property in Marbella is currently a case of 'buyer beware' I have seen enough evidence to suggest that with La Reserva de Marbella it is very much also a case of 'fortune favours the brave'.