Mortgage in Egypt

[Peter Mitry]

How many actual mortgages have you arranged through Egyptian banks for British clients? What LTV can you offer, over how many years and at what interest rate? If you can deliver a sound product you will get a lot of business; if not you will become one of the many companies who are trying to force the issue with Egyptian banks with little hope of success in the short term.

[Roger]

Originally Posted by Peter Mitry

How many actual mortgages have you arranged through Egyptian banks for British clients? What LTV can you offer, over how many years and at what interest rate? If you can deliver a sound product you will get a lot of business; if not you will become one of the many companies who are trying to force the issue with Egyptian banks with little hope of success in the short term.

Hi Peter,

The details are in post #74.

Still can't compete with lending here (Ireland) and I believe the UK either, but I suppose if you can't re-mortgage or borrow at home it will offer an alternative (if it comes to fruition).

[realestatemart]

Originally Posted by Access Worldwide Property

Hi everyone,

At long last we have been able to secure a genuine financial connection in the UK, for mortgages secured on properties built in Egypt.

The Terms:

The Loan to value is 60%

with terms between 7, 10 & 15 years.

Rate is 7.75%

Turnaround time should ideally be between 6 to 8 weeks, and we do have a solicitor for power of attorney should you need him.

With mortgage finance available now, we should start to see even better returns on investment property here on the Red Sea coast.

mmm I don't hink this is valid yet with Egyptian banks

[Access Worldwide Property]

Originally Posted by Peter Mitry

How many actual mortgages have you arranged through Egyptian banks for British clients? What LTV can you offer, over how many years and at what interest rate? If you can deliver a sound product you will get a lot of business; if not you will become one of the many companies who are trying to force the issue with Egyptian banks with little hope of success in the short term.

Hi Peter,

We have literally just started to deal with this company, so cannot give you a case history. However, we are putting several through at the moment and will keep you all posted.

Like many of you, we have dealt with companies over the past year who promise the earth, but fail to deliver. We have checked this company out as best as we can, and they appear to be legit, even advertising on the TV (according to their website and agent bumph!)

Watch this space!

Have a good weekend

Alan

[Jeremy Sturgess]

Originally Posted by Access Worldwide Property

Hi Peter,

We have literally just started to deal with this company, so cannot give you a case history. However, we are putting several through at the moment and will keep you all posted.

Like many of you, we have dealt with companies over the past year who promise the earth, but fail to deliver. We have checked this company out as best as we can, and they appear to be legit, even advertising on the TV (according to their website and agent bumph!)

Watch this space!

Have a good weekend

Alan

I think people are right to be sceptical at this stage. I hope these brokers are not asking for any fees upfront from prospective customers. If so it would be safer to assume it was not legit (particularly if they advertise on TV!)

[Peter Mitry]

I agree with you Jeremy; I have seen it all before. I will be at the front of the queue introducing my clients once the first deal is completed at a sensible interest rate. Until then we will advise our clients that there are no mortgages.

[Jeremy Sturgess]

Originally Posted by Peter Mitry

I agree with you Jeremy; I have seen it all before. I will be at the front of the queue introducing my clients once the first deal is completed at a sensible interest rate. Until then we will advise our clients that there are no mortgages.

A good mortgage offer really helps in developing markets. Bulgaria and Cape Verde seem to have got their act together so why not Egypt. I am working v hard to get a sensible financing package together for our scheme in Gouna, Ancient Sands Golf Resort. I can get 10 year funding from Tamweel (not the Dubai Tamweel but Orascoms mortgage financing subsiduary) but only in Egytian pounds at v high rates and upto 65% LTV for foreigners and only on completed properties at registration which for most buyers is a long way off- ie no good for most people !- What I'm working on is to try to provide several providers to offer off plan purchasers funding in euro sterling dollars etc at sensible rates and over a longer term (15-20 years) and to cover payments needed during the construction period. I think it will come this year but probably only up to 65% LTV but things move mighty slow here as its all so new to them.

Jeremy

[wemyss1960]

link states TAMWEEL may open for business in July.

I would assume they will only work with very well established developers.

regards

Stuart

[queenie40something]

Hi Stuart - I have had to delete your link as it was directed to a post made in another forum.

I have found the article via Reuters Investing | Africa - Reuters.com

[wemyss1960]

Basically if the land is owned (with title) by an individual or a development company then there should be no problem getting a mortgage

Maximum 60% loan to value

Capital and interest repayment basis in Egyptian Pounds

Rate unknown as yet (NOT GOING TO GUESS)

Maximum Term of 15 years

Loan must be repaid by age 65


Mortgages are definately not available in Sahl Hasheesh yet as land title is with the Egyptian Tourist Authority and cannot be transferred till the whole development is complete.



This is all the info I have till next week

Enjoy your weekend!