Cleyton Ges S.L. fully appreciate the problems for purchasers that have not received
Their Bank Guarantee.
At this moment in time our company is completely under the instructions and recommendations
Of the financing body for the project, CAM Bank, all important decisions taken by the bank
Have to be respected by our company.
The bank changed their criteria and instead of issuing the guarantees immediately they have
decided to release the guarantees as the corresponding phases commence with construction
so as to prevent the high risk concentration of financing the complete project at the same time
they decided to divide the financial products, loans, mortgages, and guarantees by phases.
The CAM have already issued all of the guarantees for phases one and two and have all of the
reports and memorandums to follow with phase 3.
The principal argument for such a change is that the bank feels that at this stage they have committed
huge financial investment in the project against only 10% deposits paid by the clients, in addition, they feel
that the current global financial and economical situation plus the current low exchange rate recommends this
kind of prudence.
The Bank is sure that by having already issued almost 75% of the guarantees that this shows the developer
Has worked in good faith and following the instructions from the CAM Bank. As you have seen for yourself
Financially we have invested more finance into the project than the deposits that we have received from clients.
According to the CAM Bank this kind of project, which normally would take three to four years to complete
Has adapted to both the expected and unexpected situations, this prudence must be considered as a sign of the
Security to the final success of the project. The good attitude of clients fulfilling their purchases on phases one
and two will be very much appreciated by the CAM Bank and Cleyton Ges, both companies are doing
Their very best in order to assist clients fulfil their contractual obligations.
For a brief update on the current progress situation.
Both Phases One and Two are in a very advanced stage of construction with over 50% of the first properties
Now handed over to us and currently going through the final administration procedures. Our first clients are due
To move in very soon now, although this procedure has taken longer than expected due to national and local
Holidays during the months of December and January. All properties will be handed over with the 10 year
Guarantee in place, certificate of first occupation, and connected to the mains services, NOT builders supply,
Clients will be able to register legally with the Town Hall and receive the PADRON. Contrary to belief and
Current comments in circulation on certain internet chat forums ,ALL of our properties will be handed
over to the clients with paperwork 100% in order and legal.
The infrastructure for phases three, four and five are already in place and ready to continue with the construction
of the properties as soon as Phases 1 and 2 have been fully completed.
We will publish our next progress report during this month and intend to include our first clients moving into
Their new homes, something all of us have been eagerly waiting for !
Cleyton Ges S.L.