Spanish CAM Bank in New 'Rent to Buy' Collaboration
October 19th, 2010
Connells are to market thousands of heavily discounted Spanish properties through its high street branches.
There is a glut of unsold properties in Spain, where prices have fallen hard.
The Connells deal is through a partnership with Mediterranean CAM, the property arm of the Spanish savings bank CAM.
Buyers will have the option to rent a property first for up to seven years, with an option to purchase through CAM’s ‘rent to buy’ scheme. If the option is exercised during the first two years, all the rent paid can be deducted from the purchase price.
Buyers will also have access to CAM’s 90% mortgages. Properties will be new or secondhand, and will not be off-plan.
Stuart Flavell, Connells chief executive, said: “We are delighted to have been chosen by Mediterranean CAM to market properties abroad. CAM Bank is the fourth-biggest savings bank in Spain and is an important financial institution with an impressive track record.
“Now is a great time to purchase a Spanish property and we believe there is an increasing number of people looking to buy in this market.
“Our customers can now purchase a property abroad, safe in the knowledge that they have the backing of a recognised and respected UK estate agent, together with guidance and advice from a well-established and successful Spanish Bank.”
Connells and Sequence branches in the UK will initially be offering up to 3,000 properties throughout mainland Spain and the Balearic and Canary islands. Properties include both new-build and second-hand homes from city-centre apartments to Spanish luxury villas.
Alfredo Millá Ferrero, international commercial director for CAM Mediterranean, said: “The Spanish market has a lot of exceptionally good-value property to offer the UK market at the moment as a consequence of the need for Spanish banks to reduce the volume of properties on their balance sheets.”
Story from Rentman
How can Connells say CAM has a great track record have they not seen the news. Anyone here in Spain who has been involved in the property and finance markets has known for years that CAM was heading for disaster.
Every dodgy mortgage broker on the coasts used CAM who allowed branch managers to approve loans when they were targetted and paid bonus’s for the lending they did, had their own internal valuation company driven by their sales arms undertake valuations and a Head Office that backed every new development anyone put in front of them. Lets hope CAM are being realistic about pricing as they lent against valuation in the heyday and given Connells think CAM have a great track record I would have some concerns about their real knowledge of Spain and therefore their ability to know what is good pricing and good value and what is not.
laughable as cam has been bought out for one euro