Pablo
Member
Registered: 3rd Feb 03
Location: Milton Keynes
User status: Offline
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A friend who works in this area has offered me this opurtunity - What do you think? He says he has been through it and Knight Knox have sent there top man over to Spain to grill the bank and developer etc and its water tight...
Reservation required: £2,000 + £1,000 Legal Fees Purchase
Finance: £100% you only pay a total of £3,000
Finance arranged by: Bank of Gibraltar
Yield: 8% per annum. Paid quarterly (est 9k per annum at current rates)
Exit strategy: 15% of purchase price on compulsory buy - back
Contract: Confirms compulsory buy back by developer
Confirms all and any payments for management fees, mortgage payments, costs, tax, insurance
Personal use: 4 weeks per annum
What in the first instance looked like an investment too good to be true we have now copies of building Licenses, Ownership Titles and confirmation that the development has been “legally built”. This opportunity is based solely on raising a mortgage; your only payment is £3,000 or £4,000. Whilst the Title and Mortgage is in your name the Contract with the Developer states that they are responsible for all payments relating to the finance, fees, insurances and for dissolving the mortgage after the 3 year. Worst case scenario, we see, in this investment is if the Developer goes into Liquidation which would mean either, servicing the mortgage yourself, selling the property or simply handing the key back to the bank and walk away from the apartment – bear in mind that even on £145,000 mortgage with rental incomes being paid quarterly your initial £3,000 will have been covered. We think this represents a very good opportunity and once Clients have understood the investment we don’t see it hanging round long, Knight Knox continue to undertake our own additional due diligence to make sure that the information we supply continues to be accurate and up to date. Our Advisers can discuss this project in greater deal directly with you so please call your Adviser today while we still have availability
This deal is amazing and I seriously think you need to look at it, basically you will have your initial investment back within 4 months after that its a nice steady income stream with a guaranteed buy back.......oh and the use for 4 weeks a year inc Golf.
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John
Member
Registered: 30th Jun 03
User status: Offline
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145k isn't much, why is somebody not buying it outright then renting it out to people to make the claimed (9k a year for your 3k  ) money back themselves?
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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If its too good to be true then it usually is.
I SERIOUSLY doubt such a good deal where you get £9k a year back off a £3k investment really exists in these current markets.
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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You sure the 9k isn't on the whole property.
An 8% yield on your 3000 would only be 240 quid.
Either way, if it sounds too good it will be.
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Pablo
Member
Registered: 3rd Feb 03
Location: Milton Keynes
User status: Offline
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Im guessing its 8% of 145k?
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GT4Brody
Member
Registered: 26th Sep 01
Location: south
User status: Offline
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The spanish property market is saturated with new developments that arent selling, a mate bought a few apartments off plan, seemed like good deal at the time but he lsot over 40 grand in the end!
Would steer clear imo.
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Dom
Member
Registered: 13th Sep 03
User status: Offline
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Yup, it all sounds a little too good to be true, would stay well clear.
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