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31 Jan 2008 12:00 AM by nerak3010 Star rating in Bracknell/was Finca .... 52 forum posts Send private message

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Has everyone on phase 4 got their bank guarantee?

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31 Jan 2008 8:58 PM by Whitney4367 Star rating. 9 forum posts Send private message

We are buying a Lorena on Phase 4 and we have our Bank Guarantee


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04 Feb 2008 10:02 AM by jamieb Star rating. 6 forum posts Send private message

Hi no im still waiting for mine


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04 Feb 2008 12:09 PM by nerak3010 Star rating in Bracknell/was Finca .... 52 forum posts Send private message

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Hi All,

 

 

Just had an email from our solicitors in Spain and apparently Finca Parcs still haven't released them, so they have sent an email and Finca Parcs have 15 days to respond (dont know whether that includes the weekends), so we will have to wait and see!!!!!

Just been updated by Town and Country and apparently the sales manager for Finca Parcs is at the Cam bank today trying to get them sorted!!


This message was last edited by nerak3010 on 2/4/2008.

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18 May 2008 11:59 AM by nerak3010 Star rating in Bracknell/was Finca .... 52 forum posts Send private message

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Still not got our bank guarantee,Finca Parcs have now passed it their legal department.Not got a very good feeling about this :(

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18 May 2008 12:06 PM by FINCA2009 Star rating. 31 forum posts Send private message

BG - cam bank caused this problem as they said that to issue bg they needed construction started on that phase within 3mths, which moved goalposts from what cam bank had said before.

in view of this i am suprised how a bg can have beenne issued on phase 4 as when i was up at site phase 4 has only really had the holding walls in. as phase 3 has started in ernest my understanding is bgs are getting issued on these next


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22 May 2008 1:51 PM by nerak3010 Star rating in Bracknell/was Finca .... 52 forum posts Send private message

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Waahoo a reply fromCam banks/Finca Parcs!!

We are totally aware of the problems for purchasers on Finca Parcs that have not received their Guarantee at this stage.

At this stage our company is completely under the instructions and recommendations of the CAM bank, they are financing  the project, and all important decision taken by the bank have to be respected by our company.  

The bank has changed their criteria and instead of issuing the guarantees immediately they have decided to release the guarantees as the different phases start. So as to prevent the high risk concentration, financing whole project at the same time, they decided to divide the financial products, loans, mortgages and guarantees in phases. And that is that CAM bank is doing, and they have carried out their commitment, releasing all the guarantees for Phases I and II. The have already got the reports and memorandums for the follow stage, the Phase III.  

The principal argument of such a change is that the bank feels at this stage, they are committed in a very huge financial fees against  only 10 % deposit from clients, and the speed of building carried out by DRAGADOS, (very good job, and fast) facts that  have made CAM bank to get little slower in his financing activity. In addition, they fell that the current global financial and economical situation plus the current low exchange rate, recommend this kind of prudence.  

The bank is very sure, that having already issued nearly 75 % of the guarantees, that is shows that the developer has worked in good faith and following the instructions from the CAM bank, so we have serious and strong arguments in our favour. In addition, we can justify, as you have seen, that on the site financially we have invested in the works until now far more finance than the deposits that we have received.   

According to CAM bank this kind of projects, which normally takes 3 o 4 years to be completed, have to be adapted to the both expected and unexpected situations, and this prudence must be considered as a sign of  the security to the final success. The good attitude of clients, fulfilling their purchases in Phase I and II, will be strongly appreciated by CAM bank, and our company is doing his best so as to make it as easy as   possible, for clients with interesting measurements, as follow is described.   

Therefore, so as to receive as soon as possible the bank guarantee we can offer you following alternative according to the CAM bank:

a) Change your purchase or your clients contract to phase 1 or 2 and you will receive straight away a bank guarantee.

b) The price would be as in our contract but we could offer you to fix the outstanding amount or the full price in pounds at an exchange rate fixed of 1,40 Euros to the pound.

The other alternative is to wait until each phase has the CAM bank consent as at that stage the bank will issue the guarantee.  

I think that you have purchased on Finca Parcs because you have recognised the advantage on the low deposit scheme of only 10 % and because the project is very exclusive and certainly a good investment.



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22 May 2008 2:11 PM by alamred Star rating. 242 forum posts Send private message

i can believe cam bank wrote that. cam bank cannot offer to move you to phase 1 or 11 to get bank guarantee quicker.

can you explain who sent this to you


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22 May 2008 2:11 PM by alamred Star rating. 242 forum posts Send private message

sorry meant "i cannot believe cam bank wrote that"


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22 May 2008 4:54 PM by nerak3010 Star rating in Bracknell/was Finca .... 52 forum posts Send private message

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It was sent to my agent from Finca Parcs legal department that's all i can tell you.(that's what it said in my email not hiding anything)

Karen

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23 May 2008 9:08 AM by kabri Star rating in Squatting in the Cos.... 45 forum posts Send private message

 Hi All, all I can tell you is we were originally on phase 3 with a similar problem and were told that we could move to either phase 1 or 2 if we were worried where we would receive the licence and guarantee straight away, we decided to do this and received a copy of the licence straight away and after our deposit was transferred to the new plot we were issued with the guarantee within a few weeks.  After seeing for ourselves how much work is going on we are very confident about everything, to much is going on for it to be sham, we cant see any company investing so much into something that is not going to be finished. Personally  we think that maybe the company was a bit silly releasing the last part of the project before they had sold out the first phases, on other projects we looked at you could only reserve phase by phase as they were released, but I suppose on the positive side anyone that has reserved on the later part have secured good prices as we were quoted the same price for the whole of the site but we see now that the later ones a more expensive, maybe this is where some of the problems are.   We are lucky as we had the funds in place to move to an earlier completion date, although the exchage rate has not done us any favours.   Best Wishes  Katie


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23 May 2008 10:29 AM by Jeff2 Star rating. 28 forum posts Send private message

Hi Katie,

Have you asked if the CAM bank will also offer you a fixed exchange rate of 1.4 Euros / pound?

Kind regards,

Jeff


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23 May 2008 10:44 AM by kabri Star rating in Squatting in the Cos.... 45 forum posts Send private message

Hello Jeff,  yes we did mention it but it seems as if it is only for new purchasers, they were very sympthetic but i suppose it would cost them a fortune to offer it to everyone, they also made a joke about nobody offered to pay them more for the houses when the rate was high, which i  think was a little suttle dig, but im sure they didnt mean any offence by it they seem such a nice friendly bunch. We are looking into getting a euro mortgage till things pick up.  Best Regards Katie


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23 May 2008 11:06 AM by Jeff2 Star rating. 28 forum posts Send private message

Hi Katie,

I'm confused because you weren't a new purchaser - you transferred from phase 3 to get your bank guarantee; Part B of that arrangement is a fixed exchange rate of 1.4 Euros / pound. (please see Nerak's post dated 22nd May).

Regards,

Jeff






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23 May 2008 12:22 PM by kabri Star rating in Squatting in the Cos.... 45 forum posts Send private message

Just had a look at what your saying Jeff and it seems to imply that, but I had been told that it was for new purchasers after the 7th May who had an option of a sterling or euro contract, we have a euro contract, just had a look to check !  Im getting confused now so will try to speak to them, will keep you informed.  Best regards Katie


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23 May 2008 12:42 PM by kabri Star rating in Squatting in the Cos.... 45 forum posts Send private message

Jeff     I have just spokent to the head office, Im glad I did because you are right, so that is a bit of good news for the bank holiday weekend I can now afford some new shoes. How it has been explained to me is, if you are on a later phase and wish to move to either 1 or 2 they will give a rate of 1.40, but this is only if you move from later phases not for those that have already purchased on the earlier phases, bit confusing but hopefully we will benifit from the move as we were on 3 and now 1, will know a bit more on Monday as they were finishing for the weekend and we need to speak to the english girl who will be able to explain the situation a bit clearer to us. Will let you know how we get on.   katie


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11 Jun 2008 12:21 PM by tenerife Star rating. 130 forum posts Send private message

I'm on phase 3 and haven't received my BG. My lawyer has informed me that they are in breach of contract, because BGs should be issued after each payment. He says that i can sue to get my money back. Anybody else feel the same way?.

                        Jim




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