Thank you Andy! This is what I have been saying for months. There are indeed brokers around offering 65% LTV on Egyptian properties at 6.5% interest rates but to my certain knowledge the company concerned could not confirm that any mortgages have yet been completed.
They present a clients personal documents to Egyptian banks, along with the due diligence on the project, and charge clients an up front arrangement fee.
The client then gets 'an offer in principal' from the Broker. This is not the same as a mortgage offer from a bank and anyone following this route should be absolutely clear that when the time comes to pay the Developer they will still have to find the money from somewhere or risk losing their property.
Please someone tell me I am wrong?
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