update on Finca parc

Hi everyone,

I wonder if anyone could advise me on the status of Finca Parc,  I seem to be well out of touch and am not aware of the

difficulties!  I am buying phase 4, 2 properties and am beginning to be very concerned re: the investment I have already

put in.  Does anyone have the contact details for their office in Spain?  I would very much like to speak to them direct!! -

Do we know yet whether our bank guarantees are worth anything in order to try and get our money back??

Any help or infomation would be much appreciated to help demystify the present situation.

Many thanks

Hi everyone,

Just a very quick message to say I spoke with the developer yesterday, feel very reasurred and confident they are working very hard with all our best interests to the fore front in this particularly

difficult economic climate.

utter shoite!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Hi Everyone

I have just spoken to a fellow buyer on phase 2 who has just visited the site . He spent a considerable time on site with FP representatives and has confirmed my opinions of what is happening.

The site has been delayed to many unforseen problems . Lets remember most of us bought into this because of the uniqueness of the development . Nothing else i have seen resembles this site for value and location.

Reguarding some of the issues raised the answers are as follows.

1/ no bank guarentee's on phases 3,4,and 5 . The Cam bank has decided in the current climate not to give these beyond phases 1 and 2 . FP are currently looking for an alturnative bank to give these.

2/ Delays due to power cables . This has been due to the overhead cables needing to be put underground . I am told extra land has been bought and this is being done.

3/ Relationship between FP and Ricman. All I know is Rickman has moved from the UK into tempory accomadation and is due to move into one of the first houses on the development. So i tend to believe they are honest and have been extreemly helpful to us . Plus by moving to Spain and basing there future on the success of FP they have taken a much bigger risk than the rest of us.

4/ One final point . If this development is a con why are 200 builders still on site and have almost finished phase 1 and 2 and are now working on phases 3 and 4.

I just think that if anyone has any doubts they should get on a plane , make an appointment and go visit for themselves . Be possitive you never know we might get the dream we signed up for . Plus the euro has improved .

Interested in all of your comments.

p.s. I have signed into a house on phase 2 over 2 years ago 

John,

Infrastructure work on phases 3, 4 and 5 started a long time ago and came to a sudden stop after some token foundations were laid on phase 3.

Did you actually see houses currently being built on phases 3 and 4?  If so,  that should mean construction has now started on the commercial centre - any evidence of this?

There were over 200 builders on site and work was being done on phases 3 and 4 . my fellow buyer was also told the commercial area HAD to be completed . He tells me they had cleared the area and the water works dad been finished .

Why would the developer complete many unsold houses on phases 1 and 2 if he had no intention of building sold houses on phases 3 and 4 .

My fellow buyer was also offered a house on phases 1 to be delivered in 8 weeks .

I understand the esters on the later phases will now not be built and anyone who has bought there will be offered alturnatives on phase 1.

Inspectahouse - in your opinion what is the house price situation in Murcia has it gone up, down or remained the same over the past year compared to the rest of Spain ?

If the houses are completed as planned do you think they will be a good investment ?

John

Who told you that the Esther's on Phases 4 and 5 will not be built?  Is that 100% confirmed?

What is going to be built instead of the Esther's on Phases 4 and 5?

And what will be offered to Phase 4 Esther buyer's if they do not want to change to Phase 1?

Keith

Keith the info reguarding the Esters was given to my fellow buyer last week by Gerado ( Sales Director at FP ). I was also told the same when I was out at the end of November. Maybe you should contact Gill in the FP Office.

I go out to the site every 3 months and see for myself what is happening does anyone else ?

Why have people chosen to ingnor information given and listen to rumours . I myself prefer to listen to what people say then find out for myself . Why have people chosen to insult Ricman who is on site many times a week and was sending pictures to back up what they were saying . Would those people please come back and explain.

waiting your replies with interest.

hello John,

thanks for the update, its all helpfull.

Did your 'fellow purchaser' hear any more about the appeal? Isit likely to be heard soon?

As of richman, its obvious as hes related to FP staff that hes one sided, all his posts are there to dispel any negatives, he doesnt give a balanced view does he?

I guess they have to keep working on site, in case the appeal is succesfull  -would be mad not to.

John,

You are obviously very enthusiastic about the development and you're absolutely right about its uniqueness. Any information reported directly from site is always welcome so thank you for that. I asked about the commercial centre because it was supposed to be finished with phase 2 and when it wasn't, we were told it would be started with phase 3. Unfortunately, it sounds like it's still a hole in the ground.

Without the commercial centre there will be no rental yield and little opportunity to sell on.  That should answer your question as to whether these properties are a good investment or not. It is pivotal to the success of the development. Being told it HAD to be built means nothing. It isn't part of anyone's contract and when Inspectahomes made a request for it to be included in future purchase agreements, it was refused. I would guess that was the reason the investors he was representing pulled away.

Starting the commercial centre build in earnest, would help reassure current investors and give future purchasers the confidence to buy.

I suspect, the reason phases1 and 2  are being finished is because the properties were half completed already when circumstances became difficult - it would therefore make sense to the developer, and the bank, to finish these properties in the hope that some people will complete on their contracts.  Also, bank guarantees on these phases would have had to be honoured it the houses weren't built.

The commercial centre and many other issues have been raised on numerous occasions on this forum but the developer refuses to respond. The last progress report from Cleyton Ges was in October and consisted of 11 lines talking about things like sanitary ware installation - hardly one of the burning issues. There was a newsletter in November but this mysteriously came from Finca Valley not Cleyton Ges - the progess reports give the developer the opportunity to answer our concerns so why hand them over to an outside agency?

In my opinion,  the commercial centre not being built and the CAM bank not issuing bank guarantees, point to one thing, funding issues.

I prefer to think of the cup being half full . I agree the commercial centre is extreemly important . But i also think the developer will know this as well and at some time will have to build this to sell the unsold houses . This is what i think he means by it having to be built. I also understand that no developer will ever give a guarentee to build a commercial centre so this is nothing different here . I can see why the commercial centre is not yet built . These are just more properties for the developer to sell and it's a chicken and egg situation . no one will buy or rent a shop or restuarant until enough houses are occupied to make it viable.

We must all wait and watch over the next few months and see what happens . The more people that visit and send  back info the better.

Hi everyone i have just received this email via my agent from Finca Parcs

Cleyton Ges S.L. fully appreciate the problems for purchasers that have not received

Their Bank Guarantee.

At this moment in time our company is completely under the instructions and recommendations

Of the financing body for the project,  CAM Bank,  all important decisions taken by the bank

Have to be respected by our company.

The bank changed their criteria and instead of issuing the guarantees immediately they have

decided to release the guarantees as the corresponding phases commence with construction

so as to prevent the high risk concentration of financing the complete project at the same time

they decided to divide the financial products, loans, mortgages, and guarantees by phases.

The CAM have already issued all of the guarantees for phases one and two and have all of the

reports and memorandums to follow with phase 3.

The principal argument for such a change is that the bank feels that at this stage they have committed

huge financial investment in the project against only 10% deposits paid by the clients, in addition, they feel

that the current global financial and economical situation plus the current low exchange rate recommends this

kind of prudence.

The Bank is sure that by having already issued almost 75% of the guarantees that this shows the developer

Has worked in good faith and following the instructions from the CAM Bank.  As you have seen for yourself

Financially we have invested more finance into the project than the deposits that we have received from clients.

According to the CAM Bank this kind of project, which normally would take three to four years to complete

Has adapted to both the expected and unexpected situations, this prudence must be considered as a sign of the

Security to the final success of the project. The good attitude of clients fulfilling their purchases on phases one

and two will be very much appreciated by the CAM Bank and Cleyton Ges,  both companies are doing

Their very best in order to assist clients fulfil their contractual obligations.

For a brief update on the current progress situation.

Both Phases One and Two are in a very advanced stage of construction with over 50% of the first properties

Now handed over to us and currently going through the final administration procedures. Our first clients are due

To move in very soon now, although this procedure has taken longer than expected due to national and local

Holidays during the months of December and January.  All properties will be handed over with the 10 year

Guarantee in place,  certificate of first occupation, and connected to the mains services, NOT builders supply,

Clients will be able to register legally with the Town Hall and receive the PADRON.  Contrary to belief and

Current comments in circulation on certain internet chat forums ,ALL of our properties will be handed

over to the clients with paperwork 100% in order and legal.

The infrastructure for phases three, four and five are already in place and ready to continue with the construction

of the properties as soon as Phases 1 and 2 have been fully completed.

We will publish our next progress report during this month and intend to include our first clients moving into

Their new homes, something all of us have been eagerly waiting for !

Best Regards

Cleyton Ges S.L.

Still avoiding the community centre issues - is it going to start with phase 3 or not?

Appeal? still awaiting some news on that front too.

Nothing new here, just another attempt to get clients in regadless,

'The good attitude of clients fulfilling their purchases on phases one and two will be very much appreciated by the CAM Bank and Cleyton Ges'

how about the good attitiude of Cleyton Ges for once.

Nerak who is your agent?  

nerak3010,

                       This is old news. I received that information from my solicitor months ago. How can they claim to have issued 75% of BGs, when phases 1 & 2 comprise less than 50% of the villas. Finca Parcs website are still saying that BGs are issued for each stage payment, so i sent them an email asking where mine was!. Needless to say, they haven't replied. I doubt if 3,4& 5 will ever get built when they can't even sellout 1&2. I posted something similar to this months ago, so sorry for repeating myself.

to add to my other remark,

CAM bank were only ever financing phases 1 and 2 were they not?

As has been said many times on here - Remainder 'self funding'!!

Old stuff Nerak

If the Mark you are referring to is me, then you've got your facts wrong AGAIN.

I dont live in Hellin or anywhere in Spain.  Wanna take another guess where I live?

Mark (who doesnt live anywhere in Spain.......yet!!!)

This message was last edited by Kram on 2/8/2009.

** EDITED - Please do not mention people's names **

Apologies for nit responding sooner but I have just returned form the UK and I had limited internet access but I read with interest the comments for the developers on the site

First of all on the subject of the BG it is a legal requirement, under the law of Spain , to issue BG on a new developments, no hold the deposit money in a seperate account and this is the responsibility of THE DEVELOPER and these should be issued immediately the payment received

Fact if after you have paid your money the company fails and you have no BG, or the assurances of wher the money is you will loose your investment

It is nothing to do with CAM bank, or their rules and if they will not issue one then the developer has to go out and find another bank that will and this costs the developer money, so sorry please don´t blame the bank, especially when you make statements on sales brochures that BG are issued on all payments

While I was in the UK I had a call from a fairly aggravated Gill who advised me that people have been stating that she had not been answering my queries regarding building queries and she toid me forcefully that she had well knowing that they monitor the forum I can respond here and  have sent a seprate e-mail

The query regarding thel lack of any plastic DPM at the required height of 150mm - 200mm above grounf level and lack of steel ties in the external boundary walls has not been answered  contruary to the belief by Gill and it has been stated by Ricman on this forum that it would not be.

Movin onto the query on pricing in the Murcia and surrounding areas te only real test will be the bank valuations, ideally form an independant bank, for mortgage offers but yes we have seen price reductions on resale properties of around 30% with the glut of properties available

I also note that there ois nothing in the CG statement about the planning query 

All  people really want is what they are entitled to LEGALLY and to avoid the pitfalls of other developments

Just to keep people advised I did re-send the construction queries to Gill at CG and today received a response from another staff member advising me that she was off work ill and that they will respond when she returns to work