100 Pecent Finance Deals in Marbella Do They Really Exist

21 Sep 2013

With investor clients looking for 100% finance deals and struggling to find them the obvious question is do they exist and if they do what criteria is needed to get approved for such Finance?

The reality for most purchases is that the level of financing will be of maximum of 60% of the purchase price according to Nick Stuart Managing Director of Spanish Hot Properties . Take Banco Sadabell, one of the few Spanish banks lending in this recession which has a criteria of lending 70% of the Purchase price. The reality is that the majority of loans are made at 60% for when it gets underwritten they discount what they will lend for many different things, single applicants for example. However this is where the best discounts are likely to come from distressed property resale’s said Nick.

However when a Bank wants to sell its own bank repossession or developments where the Developer is in trouble the percentage the bank is prepared to lend is considerably higher. Solvia, Banco Sabadell’s Repossession arm will lend up to 100% officially but in most cases 90% which is clearly a higher percentage than the actual bank. This is replicated across many of the banks but only Banco Popular has funded projects in any real number at 100% and in some cases 100% plus costs said Nick.

The reality is if you need finance at 100% in the Marbella area there is only really 5 projects that have the level of finance you would require. But if you could live with financing of 80% of purchase price then there are more opportunities claimed Nick.

Two good examples of this are found in Elviria with two different banks Banco Cajamar and Banco Popular. Los Lagos de Santa Maria Golf has a few units left where you can buy at 100% finance plus costs which means in real terms you only need 6000 Euros to secure the property. Secondly we have Santa Maria Village which represents amazing value but only has 85% Maximum loan, whilst a great option you still will need 25% plus cash to complete a property purchase here said Nick Stuart.

Outside of this there are only 4 superb projects in and around Elviria and Marbella which have 100% plus funding where you can buy for 12500.00 Euros cash down and rest all on finance and anyone wanting information on these projects should contact Spanish Hot Properties.

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