14 Aug 2010 12:27 AM:

mesenainmobiliaria . com

Community thread: Promaga OUT - Mesena IN

--------------------------------------

13 Aug 2010 7:13 PM:

The only reason I can think of is that Promaga's continued defaulting on its mortage payment has prompted Banesto to reposses all unsold properties on the estate...

I do not know all the legal ins and outs, but I would not be surprised if this coincides with bankruptcy of Promaga...

Any other of the Promaga sites appear to be unaffected thus far, though I think it is just a matter of time that the financing banks of these projects will soon follow suit...

 

Community thread: Promaga OUT - Mesena IN

--------------------------------------

08 Aug 2010 12:00 AM:

As you may be aware, the mayor of La Linea has advanced plans to implement a new scheme meaning that people leaving Gibralter will have to pay a toll.

Contrary to toll regulations, road users have no alternative other than to use this toll road. All this is rolled out under the predominator of "a congestion charge". Worse still, some people will be exempted, like campo residents and Spanish workers and Gibraltarians, making this scheme discriminatory. La Linea is close to bankruptcy with its council workers not having been paid for months.

The mayor aims to raise EUR 30 million through this scheme, whereas everybody else already knows this is a lost cause. Gibraltar is expected to respond should this scheme be implemented. One of the measures at hand by the GIB government is no longer allowing the Spanish workers in, adding a further 4,000 unemployed to the already 10,000 unemployed in La Linea., which has a population of around 65,000. It is believed many more unregistered Spanish workers cross the border every day.

Earlier this week the office of the mayor was stormed by council workers demanding their wages.

More information on this contraversional scheme will follow during a press conference scheduled for Monday 9 Augustus in LA Linea.

RBA

Vista Hermosa resident

Community thread: Toll to get out of GIB

--------------------------------------

08 Aug 2010 12:00 AM:

I have been a resident here for over a year.

Since a few days all the Promaga promotional material has gone, i.e. flags, banners and signs. All this has been replaced by promotional material of Mesena, which is the estate agent that forms part of the Banesto Group.

I think we can now safely assume that the Promaga ship has sunk.

Kind regards

RBA

Community thread: Promaga OUT - Mesena IN

--------------------------------------

19 Dec 2008 12:00 AM:

I bought in phase I and my mortgage with Banesto has been rejected today - they are asking for a further 30% down payment on the 20% deposit already paid. In other words, you have to pay half the purchase price, regardless of what the contract says. This applies to all foreign non-residents. In some cases they will only give you 40%.

This information was given to me directly by the director of Banesto in La Linea today, 19 December. He told me immediately after the meeting in Sevilla had ended, as that is were the decisions are made. He actually called me, to inform me, as he knew I was waiting for an answer by the telephone. We were shocked. We had anticipated to pay some additional money, but not this. 

There are 8 foreigners on his books of a total of 40 clients financing through Banesto in phase I. A total of 16 people have signed their mortgages with them, all Spanish, with the rest waiting. The above rule basically means that they are pulling the plug on all foreigners as a result of so many people (Brits) handing in their keys right now (due to the weakening pound). You are no longer wanted, unless you can cough up.

We now have to find an alternative lender. Most banks in Spain will lend you (non-residents) up between 60 to 70 percent, thus leaving you with a substantial gap in your budget based on the contract.

Having a fag and a glass of wine, while counting my losses..

Good luck to you all, and a happy Xmas. For what it is worth.

Community thread: Banesto: 50% max mortgage

--------------------------------------