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 Hi, this is my first posting to this forum but have read up on the postings from others with interest.

I am buying on ME23 and like other purchasers have now received info from Peninsula regarding postponement of completion until August this year( lets hope this is accurate!!)

Does anyone have info on how bank valuations against developers sale price are shaping up?? I have applied for a mortgage through a Spanish bank but have been advised that they cannot undertake a formal valuation because the development is still 3 months from completion, are others in same position or have you any progress on valuations?

Also the option to transfer the developers mortgage (Cajamar) has not proved as interesting as first proposed as they are only offering approx 65% of purchase price, have others had similar offer or better??

Any recent photos!!

Hang on !!! 
"65 per cent?"

What's happened to " you can take over the developers's 80 per cent mortgage "we were all promised when we purchased at Medina Elvira?

Answers please from Peninsula!!!!!

Hi. I started this foroum 2 years ago, having decided that ME golf was one of the best  spots to invest in Granada. It's nice to see how it now has a life of its own!
I've been in touch with some mortgage brokers in Spain and am told that bank valuations have been quite favourable, allowing for up to 90% mortgages. I haven't committed myself to any deals yet, but hope that, despite the current market trend, this beautiful development continues to hold its value over the next year or two. I personally believe that que quality of this resort and its unique localion makes it an excellent medium to long- term investment. 
Incidentally, I've also heard that ME golf and the Sierra Nevada ski resort have joined up to place a four-page advert in the Ryanair magazine. Would anyone be able to confirm this?

Hi Jagudelo and Seagull
Thanks for responding to my posting, nice to know someone is out there reading it!!

I entirely agree with your thoughts on  the development and its location and I look forward to the benefit of it for many years to come, but it does not assist to complete on the purchase, or give confidence in the developers, when the original sales blurb does not match the reality.. There have already been plenty of postings over peoples disappointment with the way the guarranteed rental package has worked out and now we have the developers mortgage not covering the balance due( ok not everyone requires the 80% but some of us do) I assume that what we are now being offered is the developers mortgage on his construction loan which is less because it does not include all the marketing cost,sales commissions and profit.

Anyway going back to my original posting, as the site is still 3 months from completion, does anyone actually have a bank valuation ,not just heresay or agents BS, and how does this compare to developers sales prices.

Dear All,

 

I am the Sales Director for Peninsula Project Management, I hope you do not mind that I am writing in this forum, but I am quite concerned by some of the points that have been raised. The following points should put your minds at rest:-

 

1) There is a minimum of 80% (of purchase price) mortgage available on all our developments in Medina Elvira.

2) The quote you have been given by Cajamar is incorrect. There is a difference between the developers mortgage (as in the amount the bank are willing to loan to the actual developer in order to  complete the build)  and the amount that they are willing to lend to a purchaser. Not to repeat the above, but there is a minimum of 80% loan on purchase price available.

3) We have had some units that are still available valued and the results are very encouraging. The units are being valued at above market value, in some instances at over €100,000 more (these are independant valuations produced by the same valuers that the banks deal with). So, even though there are spreading concerns in the press regarding a property "crisis" in Spain this does not apply to Medina Elvira. You should feel safe in the knowledge that you have purchased a high quality product in an emerging market with great potential. The future for Medina Elvira is very bright! We are in a position to offer up to a  100% mortgage on some of our units (almost unheard of in todays climate).

4) We are one of a few if not the only developer to offer a full after sales service to all our clients. We are more than willing to help you process your mortgage application, whether it be through the mortgage already available on the property or through a different bank. We are able to check several banks for you to be able to produce a financial package that best suits your needs. And, unlike a mortgage broker, we are offering you this help free of charge, we are here to help and value or clients.

I hope this has cleared up any doubts you may have had regarding the mortgage situation. I would just like to reiterate that all motrgage applications are subject to status and each case should be treated on an individual basis. If you have any queries or would like some help with your mortgage application, please do  not hesitate to contact me :- the forum for some reason will not let me include my email address, but it is sharon followed by @ and then finally peninsulapm with a dot com at the end ( I hope that made sense!)


P.S. We are in the process of finishing the show flat in Medina Elvira 23 and the photos will be uploaded in the next few weeks onto our website (client centre).


Sharon.

Many thanks Sharon,that's very helpful and re-assuring.

I would be interested to know some figures on the developers mortgage curently being offered to buyers on Medina 23 as then I could transpose this into the amounts we will be paying on Fariways and see if it is a good deal. 

Although i have the capital I am curently thinking of taking up the mortgage offer as the Euro is so dire against the pound. (moving money monthly is prefereable to taking the current rate)

The other option is forward trading but this is a risk as the money traders would have our hefty deposit for 12 months  (10%) and we would be forward trading on essentially rubbish rates anyway. 

Any info or thoughts anyone 

vikki

Hello all

Does anyone know when Fairways will be ready? I was originally told it would be January 09 but I have now heard it will be "late 2009" ??

Thanks

This information is from our Lawyers

According to our contract completion the completion date has to be 28 months after the signing of the marking of the alignment. The copy of the alignment certificate we have is dated June 2007.  So that makes completion in October 2009.

Thats not the date we were first told. In fact almost 12 months later but this is due to the big dealy in fairways starting due to electrical works.

I'm not too bthered because the state of the Euro is not in our favour at the moment but there was a little bit of annoyance that we have lost a year!

vikki
 

I would just like to confim the following:- Yes,the contract does say 28 months from the alignment, but according to our work schedule, we are looking to complete Fairways in May 2009 (approx.). We will be in touch with all our clients who have purchased on this development closer to the completion date with further information. If you have any queries, please do not hesitate to contact us at our main office in Marbella.

 

Sharon

Thanks Sharon
Thats welcome news!!!
vikki

Thanks Sharon. I'd better organise a ski holiday elsewhere then!