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CAM Bank Properties
Our biggest range of property deals on the Polaris World resorts is on offer through CAM bank. But time is running out.CAM was bailed out by the Spanish government back in July and is to be sold to one of the bigger banks before mid December 2011. Possible buyers include Sabadell, Santander, Barclays and BBVA.
In the last 18 months CAM bank which financed a good proportion of the Polaris World resorts has led the way among Spanish banks in slashing prices in some cases to under half their original price. CAM has continued to provide the best value on prices for bank property in Spain along with offering excellent mortgage terms, while other Spanish banks have failed to match the prices that CAM offer.
CAM - under direction from the Spanish government - is keen to clear as much property as possible before the sale. This could be the last opportunity to pick up a huge reduction and a 90% mortgage.
So, at this point, if you still don't think it's time to buy, consider this. How many huge price reductions do we see in the Spanish market offered by Sabadell, Santander, BBVA or Barclays? How many offers do we see from these banks willing to lend 90% to overseas buyers? Very few if any.
Within a month or so one of these banks (or someone very similar) is going to own CAM. And as is typical of any company buyout, it will not be CAM policy anymore it will be that of the bigger bank. And big banks don't need to lend 90% to perceived riskier buyers from overseas and they don't need to dump their properties in a bid to get cash in the door quickly. If they can afford to buy CAM, then maybe they can afford to sit tight a little while. We don't expect policy to change overnight but then we do expect some changes within at most a few months.
We have set out to try and answer some of the questions existing and future buyers of CAM properties and mortgage holders may have. But meanwhile if you want to snap up a bargain on 90% mortgage terms we advise anyone to act before these properties have a new owner....!
CAM Bank Spain Repossessions
who will buy cam?
A number of banks have been mentioned but whoever it is will be a far stronger entity than the current CAM bank. Sabadell is one of the banks largely tipped to acquire CAM. Santander, Barclays and BBVA have also been mentioned.
is this similar to the UK bank bailouts?
Yes, and Ireland too. The UK government bailed out Royal Bank of Scotland, Lloyds and Northern Rock however the difference with CAM and the Spanish government is that they seem keen to sell the bank on quickly. This probably has more to do with size. CAM bank is far smaller than the UK entities and easier to move on to a larger bank who can afford to buy it.
Will CAM honour current mortgage terms?
If you have an existing mortgage then you have a contract and any new owner will have to take on the existing mortgages. You will then be a mortgage customer of that bank.
will cam honour current mortgage offers and prices?
If you have a formal mortgage offer then yes. If you are in the process of obtaining a mortgage then we are told that nothing will change in the banks operations until after it is sold. Hence the current CAM policy and mortgage offerings should continue on the same terms.
what will happen to future prices?
CAM is selling property fast currently in some big promotions in order to clear the decks prior to the sale. CAM is already undercutting other Spanish banks on property prices in particular on the Polaris World resorts where we operate. We certainly don't see prices going down with the new entity but we fear we may see the last of the half price bargains such as Hacienda Riquelme or the €65,000 offer at Condado de Alhama as the bank adjusts to a less desperate situation under new owners.
What will happen to future mortgage offers?
CAM has been offering very favourable mortgage terms on property bought from the bank especially to overseas buyers who are offered 90% mortgages (for OECD countries) at favourable interest rates. Again, we may see the terms becoming less favourable in future. None of the likely buyers offer such favourable terms. However at this point and until the bank is sold and policy is changed, overseas buyers can still get 90%mortgages.
Our agency Villa Cashback is one of the largest international sellers of CAM bank property in Spain. We are independent of CAM bank offering advice and support to hundreds of overseas property buyers on the Polaris World resorts in Spain. The points above simply represent our views. It is not official CAM policy and should not be taken as legal advice. To discuss your buying requirements with one of our experts please call our UK office on +44 208 429 7115.
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