Could any fellow investors in this project please e-mail me. I am trying to contact those involved to discuss possible finance problems that have arisen.
We have just had our mortgage offer sent through. The banks valuation will come in between 95 - 100% of the purchase price according to the bank. Whilst this is lower than we would have liked - I do know that alot of work has gone on behind the scenes to get to this stage.Hi Tecnic, I am also purchasing there and it has gone very quiet on the bank front. From what I hear the bank may be using the purchase price for their valuation purposes, but that is not confirmed.
Glad to find this forum. I have been pulling my hair out trying to get a straight answer from Millennium Bank, re valuation and mortgage approval. I have now been given an informal completion date of 3rd week in April but still have no documentation from Millenium confirming valuation or mortgage approval despite several e-mails. Based on what I am hearing, if they value the property at the original purchase price and only offer 70% LTV I will be 10% short after only paying a 20% deposit....what happened to the amazing under market value claims at sale?? I appreciate the economic climate and the fact that investment companies are hardly known for their accvuracy at the "pre-sale" stage but I was quoted 43% uncder market value for Pinhal with 34% quoted as the a very conservative estimate. Does anybody else have views on this. I would appreciate any feedback fellow investors can provide. Thanks!Hi
Millennium gave us 80% eventually after some hard work. The valuations weren't as we had hoped, but at least the banks and the valuers exercised some discretion and changed their offer.
With the economic situation the way it is - I believe investors should realign their expectations now re exit strategies etc ... Still believe that Portugal is a great and safe long term bet
Thanks for the repsonse. Very sad to hear that the end product doesnt live up to the marketing hype. I fully intend on raising this witn the company I purchased through, Ready2Invest. I can accept a margin of exageration in the sales pitch but this appears to be far more than an overexageration and I am very uncomfortable with the whole deal. I am currently in the process of seeking legal advise and will share the feedback I recieve with this forum. Regards.I agree about the supposed 43% discounts, the original valuations always looked on the high side. However as the comparisons were to two neighbouring top quality golf resorts there the implication is that Perola is comparable to them. Having just got back from viewing the site this simply isn't the case. The other developments, whilst huge, are far superior. They were also sold as golf villas, but the proposed golf course at Perola is completely missing. Perola looks as though nothing has been done to it in years.
The bank valuations do look low (I have heard nothing from the bank nor about completion dates) compared to other properties in the area which are being marketed for around €1,600 sqm or slightly higher. But worryingly one property at Perola is being marketed at original purchase price, so maybe the banks are correct...either way the final product is not what was originally promised.