Waahoo a reply fromCam banks/Finca Parcs!!
We are totally aware of the problems for purchasers on Finca Parcs that have not received their Guarantee at this stage.
At this stage our company is completely under the instructions and recommendations of the CAM bank, they are financing the project, and all important decision taken by the bank have to be respected by our company.
The bank has changed their criteria and instead of issuing the guarantees immediately they have decided to release the guarantees as the different phases start. So as to prevent the high risk concentration, financing whole project at the same time, they decided to divide the financial products, loans, mortgages and guarantees in phases. And that is that CAM bank is doing, and they have carried out their commitment, releasing all the guarantees for Phases I and II. The have already got the reports and memorandums for the follow stage, the Phase III.
The principal argument of such a change is that the bank feels at this stage, they are committed in a very huge financial fees against only 10 % deposit from clients, and the speed of building carried out by DRAGADOS, (very good job, and fast) facts that have made CAM bank to get little slower in his financing activity. In addition, they fell that the current global financial and economical situation plus the current low exchange rate, recommend this kind of prudence.
The bank is very sure, that having already issued nearly 75 % of the guarantees, that is shows that the developer has worked in good faith and following the instructions from the CAM bank, so we have serious and strong arguments in our favour. In addition, we can justify, as you have seen, that on the site financially we have invested in the works until now far more finance than the deposits that we have received.
According to CAM bank this kind of projects, which normally takes 3 o 4 years to be completed, have to be adapted to the both expected and unexpected situations, and this prudence must be considered as a sign of the security to the final success. The good attitude of clients, fulfilling their purchases in Phase I and II, will be strongly appreciated by CAM bank, and our company is doing his best so as to make it as easy as possible, for clients with interesting measurements, as follow is described.
Therefore, so as to receive as soon as possible the bank guarantee we can offer you following alternative according to the CAM bank:
a) Change your purchase or your clients contract to phase 1 or 2 and you will receive straight away a bank guarantee.
b) The price would be as in our contract but we could offer you to fix the outstanding amount or the full price in pounds at an exchange rate fixed of 1,40 Euros to the pound.
The other alternative is to wait until each phase has the CAM bank consent as at that stage the bank will issue the guarantee.
I think that you have purchased on Finca Parcs because you have recognised the advantage on the low deposit scheme of only 10 % and because the project is very exclusive and certainly a good investment.