Mittwoch, 12. Februar 2014

Financing of a real estate in Mallorca

There were and are customers who, for various reasons, want to finance part of the purchase price of their Mallorca property. Though we are not  financial agents, of course it belongs to the scope of services that we offer our customers, to support them in this matter with help and advice.Part of our clientele comes from Spain and here we have the slightest need for action, because normally this type of customer finances with his own bank. Our activity is then limited essentially on providing the bank with the required property documents.The international group of buyers, coming from practically all European countries, acts in many cases as well as the Spanish people, they finance with their own bank, transfer the money to Mallorca and pay the purchase price for their property.The main difference to the financing with a Spanish bank, though, is that usually the bank in Germany, France or Norway etc. does not go into the Spanish Land Registry, because the procedures are too complicated. So the customer provides to the financing bank beside of his creditworthiness even additional collaterals, such as securities or title deeds.This solution is not always in the interest of the customer and so we were and are constantly working to seek and offer better solutions.Before the beginning of the financial crisis one could negotiate with a number of Spanish banks an acceptable mortgage. Though the situation has improved slightly in the last year (2013), most of them still can not offer a good financing.However, a financing with a Spanish bank offers also for the non-Spanish clients the significant advantage that he can provide the bank guarantees by the entry of his real estate in the land register of Mallorca. After a long search we can now recommend, beside to the Deutsche Bank in Palma, with which we maintain good contact for many years now, an additional Spanish Institute, which offers international purchasers of Mallorca properties financing up to 60% of the purchase price or the appraised value at acceptable conditions.
 
I look forward to your contacting  info@azur-mallorca.com
Franz Stockinger

Azur Mallorca Inmobiliaria S.L.U.
Mallorca property at all the beautiful shores of the island and in the romantic center of the Island
http://www.azur-mallorca.com?language=ENG
 

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