A bank linked agent has been informed by Its troubled bank ‘parent’ that on the 30th of November the developments they were marketing, as many others, were passed over to SAREB (Sociedad de Gestión de Activos procedentes de la Reestructuración Bancaria – better known as the toxic bank).
During the next few weeks of integration and until they receive further notice from ‘their’ bank or SAREB there will not be any finance available or provided by the new owners of these properties.
So, the period of 100+% mortgages on bank property may be past and a large lump of the property overhang is now frozen until the integration is sorted out and new marketing strategies are in place. It’s going to be an interesting couple of months.
Campbell D. Ferguson, Survey Spain Network of Chartered Surveyors