Spanish banks turn away the keen investor

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25 Feb 2012 00:00 by mojito Star rating in Cupar Fife / San Jua.... 265 posts Send private message

A few years back a developer had a large number of property investors keen to conclude purchases on some rundown apartments in the Canary Islands.  The stumbling block was the Spanish Bank system.  They don't seem to recognise the Buy-to-let investor.  Had the purchases gone through,  the complex would have been turned around, with a healthy community and happy tenants.  As it is, the complex is half empty with poor conditions and an unhealthy bank balance.  The complex sits in a miserable state while the rest of the town is the busiest its ever been. 



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09 Mar 2012 10:43 by costa.del.sky Star rating. 97 posts Send private message

 Do we really need another reason to dislike banks in these times?





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09 Mar 2012 12:14 by mojito Star rating in Cupar Fife / San Jua.... 265 posts Send private message

Sorry, I'm usually positive.  I'm just back from having seen the complex and it breaks my heart to see its condition now.



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09 Mar 2012 15:53 by costa.del.sky Star rating. 97 posts Send private message

 Problem is there are no real "peoples banks" that work for the people, they just operate on profit profit profit instead of pumping the money back in, turning the country around. Making a better future for all.

I really really hate banks, I really do.





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09 Mar 2012 16:40 by EOS Team Star rating in In Spain of course!. 4018 posts Send private message

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 Right now all the banks can think about is selling the thousands of properties that they are stiting on.

Every time I go into my local branch they keep trying to sell me one.  100% mortgage and all that.

I think I'll leave them to get themselves out of the mess that they created for themselves 

Justin



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09 Mar 2012 16:46 by costa.del.sky Star rating. 97 posts Send private message

 Thats right, I'm beginning to think my bank looks more like an estate agent at the moment!





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