Perun Lodge Owners Forum - Bansko

[Bravo]

Originally Posted by kmichael

Just back from Bansko.. I have loads of pics of Perun Lodge. I spoke with the builders and they took me inside and showed me the apartments, including the two show flats. All seems to be going well.. when I left this morning the place was crawling with workmen. Scheduled finish time is still December !! To be honest, with that amount of workmen I would be suprised if it isn't.
If someone can tell me how to post pics with this forum I'll share them

Hi, we bought a studio in Perun Lodge too. Would be very interested in seeing the pics. Not posted any before but I guess you just use the ‘Insert Image' button?!?!

[kmichael]

Latest pics taken yesterday.. hope the attachments work! I have had to resize the pics to 800x600 which seems real small... email me direct if you want high resolution copies

[ady1231]

Originally Posted by Jain and Chris

Hi guys, if it is any consolation I think personally that Perun Lodge is a good buy too

Hi Jain;

Do you have any idea whether we will be to get a Mortgage easily on our properties in Perun lodge? Especially that CIF bank is the developer?

Cheers

[Jain and Chris]

Hi ady1231

I put up a piece about the latest mortgage situation recently (think it is in the sticky 'trouble getting a mortgage' on here. Banks across the world seem to have drawn in their horns for mortgages all over the place. The Bulgarian banks are particularly reticent to lend in resorts which they feel are over-developed. Their thinking being that if they had to foreclose on customers who were not paying, what situation would they be left in if they had to sell a property quickly to get their money back. Everyone should be aware that you are likely to get only 350 to 500 euros a sq.m. in some resorts.

It depends upon how much mortage you want (ltv), your credit worthiness, etc... You should take independent professional advice.

Just reading your post again, have you signed prelim contracts on properties at Perun and haven't yet applied for a mortgage? If so, did your prelim have a clause in it that the purchase was subject to obtaining a mortgage?

[Amini]

Hi Karolos,

I have bought also units in this complex last April. According to developer every thing is on schedual and complex should be ready by November. I am trying to arrange the mortgages at the momment, have you done yours? if so; which bank did you use and what sort of deal were you offered?

Regards

Amini

[weezer]

Originally Posted by Jain and Chris

Hi Topcat

I agree, what your agent did was possibly unethical (do you have written proof of this?) - but surely, even in the UK, you would have taken independent advice aside from the agent - both lawyers and mortgage lenders. You would never have accepted an agent's opinion of the value of the property in the UK; certainly would have not considered fixtures and fittings.....

I know, it's like closing the stable door after the horse has bolted... but anyone new to overseas property purchases (not at all just in Bulgaria)..

Please, please, anyone in the same state of affairs now or considering a mortgage for buying property in Bulgaria contact Chris Downham whose details I have given or simply get independent financial and legal advice, don't rely on the agents, just as you would not do in the UK.

We've been talking about this for four years now, warning buyers to get independent professional advice and not rely on what the agent says; in effect, do just as you would do in your home country.

It's a sad tale but one from which people can learn from and recognise that you need your own advisors who are on your side and not given to you by any agent.

All the best

Hi There

I am new to this forum, however I am not so new to Bansko... or so i thought.. I have an apartment nearly finished and I am having a really difficult time to get a valuation done and things are becoming increasingly tight... time wise and money wise.. I too was not financially are of the valuation dise of things and the extra expense vat etc.... however I am happy to proceed and I love the place to bits and so do my family, I would like to speak to someone regarding property values etc as I feel a little too far away from things for my liking...


Please feel free to contact mee.....

Regards

T

[kmichael]

Originally Posted by Amini

Hi Karolos,

I have bought also units in this complex last April. According to developer every thing is on schedual and complex should be ready by November. I am trying to arrange the mortgages at the momment, have you done yours? if so; which bank did you use and what sort of deal were you offered?

Regards

Amini

Hi Amini,

Prior to paying the deposit, I applied for a prelim. morgage from EIB via Bulgarian Homeloans. This was later verified via CSIF when I paid the deposit.
I've tried a couple of times today to speak to CSIF (no reply as yet) to now push this through as I suspect they will want their money soon, so (in my view) time to formally apply for the morgage.

regards

[kmichael]

Folks,

I spoke with CSIF and the builders / developers yesterday.. both indicated that they will complete the building for 31st December 2008. Both inicated that the penalty clause is dictating this timeframe. On speaking with CSIF, they will be looking for the remaining money late November / early December, so to ensure you have your finances in order prior to that

regards
Karolos

[snow flake experiences]

Originally Posted by Jain and Chris

Hi ady1231

I put up a piece about the latest mortgage situation recently (think it is in the sticky 'trouble getting a mortgage' on here. Banks across the world seem to have drawn in their horns for mortgages all over the place. The Bulgarian banks are particularly reticent to lend in resorts which they feel are over-developed. Their thinking being that if they had to foreclose on customers who were not paying, what situation would they be left in if they had to sell a property quickly to get their money back. Everyone should be aware that you are likely to get only 350 to 500 euros a sq.m. in some resorts.

It depends upon how much mortage you want (ltv), your credit worthiness, etc... You should take independent professional advice.

Just reading your post again, have you signed prelim contracts on properties at Perun and haven't yet applied for a mortgage? If so, did your prelim have a clause in it that the purchase was subject to obtaining a mortgage?

Dear Jain and all the owners,

I read one of your previous posts in a different forum regarding the interest you have shown on people purchasing in Bulgaria and I like you have been working over the last 4 months to try and help anyone I can. I have created a winter holiday company Snow Flake Experiences and a summer holiday company called Sky Blue Experiences. I originally had thought of of summer holiday company because I work in the real estate business also and I have had many clients who have bought properties through me ask my advice about buying in Bansko. I told them at the time I did not think it was a good idea as their is too much supply and no demand for resales, tourism was also at its infancy so getting the properties to self finance would have been a difficult task.

Despite my recommendation not to buy there for an investment, they did and now they are in the same boat as a lot of the people in this forum. One of my clients who has bought over 20 properties through me in different parts of Europe asked me time and time again to do something for them with the rentals and that is how I started with Bulgaria.

The plan with the holiday companies once having enough product on their to sustain it, is to become a tour operator, buy in seats from the airlines and create our own package holidays which makes the whole rentals thing a lot easier. Our websites are currently having a booking system put on along with online payment etc.

I find myself now being drawn into what is going on and I do want to help anyone if I can. You can see from our winter website that we have maybe 6 or 7 developments in which we are going to do the rentals for in Bansko and I am now looking for others.

We do not charge anything to the owners for our services, we simply negotiate net rates in which we think we can generate and add our commission on top which is 10%. From what I can gather for this development completion will be Dec 08, so if any of the owners are wanting to be part of our group then please feel free to contact me.

I will also contact you direct through your wesbite to see if I can assist you in anyway.

Kind regards

Paul

[ady1231]

Originally Posted by kmichael

Hi Amini,

Prior to paying the deposit, I applied for a prelim. morgage from EIB via Bulgarian Homeloans. This was later verified via CSIF when I paid the deposit.
I've tried a couple of times today to speak to CSIF (no reply as yet) to now push this through as I suspect they will want their money soon, so (in my view) time to formally apply for the morgage.

regards

Hi;

what kind of mortgages did you apply for? whats the maximum did you get? I believe we should apply ASAP, but i didnt have a call from my agent *** regarding this. did you?

PLEASE OWNERS IN PERUN LODGE ONLY REPLY.

Cheers