The manager of one of the banks we deal with called me last week to let me know they’ve launched a new mortgage product specifically for people purchasing distressed properties.

This is an excellent product: loan to value of up to 90% available for anybody resident in an OECD country, low application fees (0.35%), low interest rates (around 3%) and loan terms up to 40 years.

It’s a big deal that a Spanish bank has launched a 90% mortgage product specifically for these properties, as most of them have their heads completely in the sand. For example, myself and my (Spanish) wife can’t even get 90% for a regular property in Madrid!

This is perfect to use with our Granada product, which will achieve net rental yields of up to 8%. If you would like full details, please visit the Torcana website.

Kind Regards

Colin Murphy

Director

www.torcana.com

Tags: distressed property, mortgage lending, Spanish Property

This entry was posted on Monday, July 6th, 2009 at 4:38 pm and is filed under Spanish Property. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.