|
Post by Graham Amiss - Bosmere Travel on Aug 7, 2004 8:25:37 GMT 1
Not here now Peter - Must have been removed sometime after midday on 6th
|
|
|
Post by LeoFish on Aug 18, 2004 22:43:00 GMT 1
martin welsley's book seems to indicate that you *could* get a loan if:
1) you set up a croatian company 2) put 50% down
with interest rates being high: around 9%. Bank Splitska?
5year loan?
Anyone know about this?
(I live in US but own no home here--costs too much) so I own one in New Zealand and would like to get a modest place in Croatia as well at some point.
Thanks
|
|
|
Post by Peter Ellis on Aug 19, 2004 9:09:13 GMT 1
Banks are pricipally concerned with ability to repay. Recovery in default is a nuisance and potentially bad publicity. Consequently they will be interested, even if a Croatian company is established, in ensuring that the company has a track record enabling future payments. It is as true here in Croatia as anywhere else. Croatian banks would be unlikely to lend to a company without at least 2-3 years audited accounts demonstrating sufficient profitability to repay any loan. Just establishing a Croatian company is unlikely to be enough.
|
|
Toby
New Member
Posts: 2
|
Post by Toby on Aug 26, 2004 14:26:12 GMT 1
I have heard that Austrian banks are thinking about lending. I have my broker looking into it without success so far. They have managed some pretty odd requests in the past but I think this one may beat them. Has anyone any updates on mortgages in Croatia, with a standard LTV of approx 50% someone must be willing to look at it.
|
|
|
Post by Martin on Sept 29, 2004 18:46:27 GMT 1
|
|
|
Post by Jonathan Burridge on Oct 6, 2004 18:35:37 GMT 1
I am the Managing Director of Quantum Mortgage Brokers (www.quantum-mortgages.co.uk) and we are based in Regent Street in London. We are soon to be launching Euro Based mortgages for UK Nationals buying in Croatia. The terms of lending will be higher than the 50% that is on offer from other sources. Lending will be in Euro. If anyone would like to register for information please e-mail info@quantum-mortgages.co.uk or call me on 0044 20 7038 3535. We will also soon be launching a real estate company selling new build properties (so no title issues) along the Dalmatian Coast. For information on this please contact Sasa Savic at the same number or e-mail address. I hope this is of interest.
|
|
missionary
New Member
My age doesn't matter - its ability that counts
Posts: 1
|
Post by missionary on Oct 28, 2004 20:32:54 GMT 1
So then, If I start a company to rent out 6 rooms in my newly acquired house, but do not have a local track record for a reliable business, even though I intend to be the resident owner of property and running the business in the property, how do I stand for a local mortgage? I need a mortgage if either I buy larger property to run as a business or buy a 6 room holiday apartment to rent out. Just to add to the mix, is a UK issued endowment policy any good to borrow against either with a UK lender or otherwise ? Its all very confusing for a chap, but luckily I live just over the border in Bosnia and can call-in any weekend to follow-up leads and offers of help from agents Incidentally I have tried to register 4 different email addresses with this board and each was rejected - and they are on my own domain, so what's going-on administrator ? Cheers Mish
|
|
|
Post by Peter Ellis on Nov 1, 2004 14:34:22 GMT 1
Taking Jonathan's post first, there may be less title issues with new build but we quite frequently encounter planning issues over new build. Our legal department does a lot of property related legal work for people buying through other agents throughout Croatia. Only the other day, a client was offered an apartment in a new block where the planning consent turned out to be for a family house. The developer had built a block of nine apartments. They didn't even faintly resemble a family house! It is quite common to find a developer has added an extra floor from that in the consent. Given that they run the risk of losing the lot, I don't understand why they take such a chance with the money they invest in building. No foreigner would ever get such a purchase through the Ministry so it cuts down potential sales to either gullible foreigners, who are unaware of the procedures, or locals, both of whom run a huge risk of the entire building being demolished, not just the offending floors.
I'm certainly not suggesting your development will do this, only pointing up that for new comers, new build is not always cast iron. Check everything twice or get us to do it for you.
Regarding Missionary's post, company loans will be like company loans anywhere. A lender will need to see a local track record for the business and then need to be satisfied that the profitability over the previous years will sustain the loan. Just forming a company will not get you a loan. You'd need to talk to a UK lender as to whether your endowment policy would be enough for them. I don't think anyone in Croatia would take it. I'm afraid I've no idea why proboards is rejecting your domain name.
|
|
|
Post by Europa on Nov 11, 2004 11:34:07 GMT 1
Hello,
I am able to arrange mortgages in Croatia, as well as other Balkan states.
Minimum advance is 250,000 euros, so is aimed at the investor market. This can be used to purchase multiple properties.
Financing up to 100% is available.
Funding is arranged with a private Swiss bank. Rates lower than UK.
Please email direct for more information.
info@europamortgages.com
|
|
|
Post by Peter Ellis on Feb 5, 2005 9:30:02 GMT 1
Advance Fee Fraud
Whilst casting no aspersions on anyone who has posted mortgage information on this board, we have twice heard recently of advance fee fraud set ups.
In a market where finance is still currently difficult for overseas buyers, I suppose this is inevitable. For anyone unaware of how advance fee fraud works, I'll try to explain. It has been going on for years and all the 419 Nigerian scams work similarly. Basically there is a promise of large sums of money. These may be millions in some supposed deposit account or just the amount needed to buy a property. However, to access these funds some sort of advance fee is called for. In reality, this is the only real money in the game. Once the perpetrators have got the fee, that is the last you see of them. The setups can be quite elaborate, with fancy websites that appear to suggest a lot of activity. However these are not expensive to put together and are all part of the illusion. In the cases we came across there was either a 1% advance fee or unusually high advance fees for a survey. If anyone offers you a loan with an unusually high advance fee for any reason, do please contact us. If the lender is genuine, they will have established offices and bank references that can be checked. Croatia is no more dangerous financially than any other part of Western Europe but the mortgage shortage gives an opening to this sort of thing. Forewarned is forearmed.
|
|
|
Post by New York Guy on May 26, 2005 19:04:39 GMT 1
Any update on access to mortgages for a foreigner in Croatia? Last year when I looked into this, I was told that Croatian banks wont lend to a foreigner unless that have collateral inside the country. So the question is, if I capitalize a Croatian company with EUR 250,000 and buy a house in cash, what is the likelihood that a Croatian bank will allow me to use this as collateral to get leverage to purchase 2 or 3 additional properties? And if so, what kind of leverage at what kind of rates would I expect?
|
|
|
Post by ukcroatia on Jun 1, 2005 17:21:55 GMT 1
Hi New York Guy,
I had a similar problem but linking up with a Croatian / British citizen helped me (now us) access loans at the very reasonable rates....5.5% ....Nevertheless, we're still looking for 2-3 partners to expand the booming business.... if interested & more info - drop me an email at nekretnine@livingincroatia.com
Cheers & good luck...
|
|
|
Post by Steve Peraic on Jun 12, 2005 10:26:19 GMT 1
hi, interesting thread, I,ve bought some property on the coast near zadar, and have been thinking of developing my interests further,I was born in croatia and am fluent in the language and familiar with the area and have quite a few cocntacts in that particular region, please send more info with regard your activities in croatia and what you would expect from a third party regards Steve Manchester UK
|
|
|
Post by Peter Ellis on Sept 15, 2005 12:17:39 GMT 1
It begins to look as if we may be able to offer mortgages here. Our Croatian bank contacted us with the following information: They say they can now offer what they call 100% mortgages to companies. In reality, they are only 50% as they require 50% depositing in a blocked interest bearing account for the duration of the mortgage. They are talking 10 years. We queried whether they needed audited company accounts but they said they would do it for start up companies, which we can form. We are still getting further information.
|
|
|
Post by balacleigh on Sept 16, 2005 20:49:27 GMT 1
Hi Peter- thanks also for the response to my email on the rental market in Porec. The Austrian banks are getting into the sector with one more than one name being mentioned. The Loan to Values being talked about are higher than what look like the (somewhat) restrictive terms on offer from the Croatian banks. Personally I feel the Croatian banks are about to miss a trick. I will keep you posted on my progress with one mortgage query I am pushing at the moment.
|
|