INVESTMENT OPPORTUNITY

Collado Real- Finestrat, Costa Blanca, Spain

A Genuine “No Deposit Deal” 100% Finance available

Prices - from €180,000 (Approx £113,360)

The Development has been selling for the last 2 years and the last 40 units were taken by an investor, who has been unable to complete the deal.
The developer now needs to sell them quickly as they are now Key-Ready
They are 3 bedroom, 2 bathroom Detached houses and 3 bed linked Town Houses and have been selling for circa €260,000 (Euros) (2004 Price List confirmation available)
Valuations are currently circa €330,000
100% mortgage is available (see details)

Spanish Morgages

Normal Mortgage arrangements in Spain are 30% deposit i.e. 70% Loan To Value (LTV). Because we secured these properties at wholesale prices from a developer it is possible to finance them @ 100% of the current retail price including the legal costs.

Purchase costs

It is normal to allow 10% of the purchase price to cover Tax (VAT is payable in Spanish) and legal costs

Example

Wholesale price of property is €180000 (Euros)
IVA (VAT) etc approx €20,000
Total Cost to Mortgage €200,000
70 % of . Current Retail Valuation @ €330,000 is €231,000.
So a mortgage of €200,000 covers all costs and is covered by the 70% LTV figure!

The only up-front cost is a €3,000 Euro reservation (which can be repaid as a cash-back on completion) to secure the deal

Estimated Cost of Capital & Repayment Mortgage @ €1100 per month over 25 years

Estimated Rental Returns for 13 Weeks peak @ €800 per week and 13 weeks off peak @ €400 per week = €15,600 Euros per year net. The balance (profit) of £2,400 should pay all maintenance costs.

We Recommend

For investors:
This is a very rare opportunity to get into the Spanish market which has grown consistently over the last 20 years and will do so for the foreseeable future as demand grows with the Baby Boomer generation approaching retirement. We recommend hold for 2 years to refinance or sell to realise the equity.

For those looking for their own home in the sun:
This is the bargain of 2006. A three bed detached house, in an ideal area with amenities, restaurants, shops, golf and beaches all nearby at a fantastic price and no deposit!

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