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Post by Steven on Feb 18, 2005 10:10:04 GMT 1
Hello,
Sorry for repeating any questions already asked, but it is easier for me to start a new thread. I am an american with croatian citizenship. My wife and I want to purchase propertry in Croatia to start a bed and breakfast (B&B), but we would need start-up capital for our little adventure. We have a friend in Zagreb; who is a lawyer helping us and has been trying to arrange appointments with banks for us to meet with. Unfortunately alot of banks will not meet with us since I have not been working in Croatia for atleast one year. I want to apply for a loan provided by the croatian bank for reconstruction and development specifically designed to promote small business within the tourism industry, and our case fits this perfectly. I have a business plan so I feel that I am to a point prepared for what is ahead. Are there any suggestions to finding banks, financial institutions that are willing to deal with someone like myself, or suggestions to open doors to croatian banks to meet with. I have been reading about the improvements in the croatian banking industry, and I am frustrated by the initial assumption that I am not worth meeting with even though they know nothing about me yet. Any help is appreciated. Sorry for the long-winded mesage.
Thanks! Steven
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Post by Peter Ellis on Feb 18, 2005 10:48:24 GMT 1
Hi Steven
The banking industry here is moving gradually towards mortgages and we are in touch with two UK brokers who are negotiating with banks here to try to offer mortgages. We expect more news in a couple of weeks. The problem, as always, is recovery in default. There is clearly enormous business for any bank willing to take the plunge. One bank is apparently indicating that they might be willing to run a mortgage availability for a year and see how it works out. If the failure level is unacceptably high, they'll drop it, but if it is within commercially acceptable levels, they'll take the risk themselves of having to wait ages to recover and factor it in. I appreciate that what you are looking for is one of the tourist development schemes. I have heard of them but have no experience of them that I can call upon. If we can find out more, I'll get back to you. Kindest regards
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Post by Steven on Feb 18, 2005 11:11:52 GMT 1
Hi Peter,
Thanks for the response. I look forward to any additional information you may find.
Thanks! Steven
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Post by Steven on Mar 9, 2005 20:19:07 GMT 1
Hi,
Just a quick update... My wife and I just returned from our quick trip to Croatia where we visited a few banks and viewed some properties. Even though it seems the croatian banks tend to be very negative over the phones, they were much more receptive in person. We went around one evening to a few main banks that deal with HBOR to see who we should talk to the next day. After presenting our busiess plan, they wanted time to review our document. We are just now starting to get calls back from the banks now. It seems that the key point we learned on this trip is that it pays to be persistant. We are still trying to finalize the financing to purchase the house we want, but it seems that things are starting to fall into place. Please keep your fingers crossed!
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