Belucky,
I remember speaking to Alvaro Briales Navarrete. This is what he said in a follow up email:-
Dear Paul,
Following our phone conversation, the Agreement we mentioned in our letter it is that, Aifos has reached an agreement with Cajasur to finish of the blocks already constructed and unfinished of Cortijo of Torreblanca, that would be commercially known as D1 and D2, in solitary self.
For this we need to know the number of customers interested in your home D2 2ºF.
One requirement is that the rate of adherence is not less than 85% of the steps to build and proving the correct constitution of applicants under self-promoters.
The selling price and mortgage payment that is reflected in the contracts are respected as such. Cajasur reserves the right to grant the said mortgage, after studying the file of each client / self-promoter.
The financing of the work shall be performed by certified Cajasur the builder in the usual form of such contracts.
Self-promoters/clients must sign the mortgage mentioned at the beginning of the project with a lack of 3 years, it is estimated that the work does not exceed 18 months, and the developer part will be compensate with the money already paid by you to Aifos.
On the other hand we have to inform you that, Aifos has deposited with the notary Mr. Lozano and D. Juan Pino Jose Andres Navas Hidalgo, located in Alameda de Colón n º 2 1 º, Malaga (telephone 952 228 890), proposed arrangements, compositions, and feasibility and business plan, within the contest that is currently immersed.
I enclose a copy of the proposed agreement, urging him to accede to it by signing on completion to get the support needed for approval.
Any clarification you need about it, please contact me.
Regards,
Alvaro Briales
Aifos Arq. y Prom. Inmobiliarias S.A.
C/ Generación nº 48 · 29004 · Málaga
Telf : 952 129 200 · Fax: 952 178 233
Móv: 647 750 883 · albriales@aifos.es
They actually wanted me to sign an agreement to say that I would buy the property once it had been built by another developer. This was going to start in 3 years and would take 18 months to build. There was a one page document attached that had some kind of agreement between the Cajasur bank and the new developer. However, they wanted me to pay the original purchase price (€120k) minus what i had already paid to Aifos (€50k). The properties would only be worth a fraction of what they had originally been sold for, maybe 80-90k, so I would immediately have been in negative equity and, besides, wouldn't have got a mortgage anyway.