14
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INDUSTRY FINANCE AND INVESTMENT NE WS www.opp.org.uk
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JULY 2009
NEWS IN BRIEF
INTEREST RATES
Y
Agent looks to developer
f_i nance in Philippines
Rate drop ‘not reaching borrowers’
A property broker is hoping to repeat
the success of its 60% developer fi nance
The European Central Bank’s (ECB)
INDUSTR
scheme with a new Philippines resort. record low interest rates have had a
Paradisya Spa, an aparthotel project
limited ef_f ect on mortgage availability
in the Palawan island province, will be
in Europe, according to brokers.
launched in early July and will off er 160
However, existing property owners
units ranging from $105,000 studios to
$325,000 three-bedroom villas. Asset
are ref_i nancing to take advantage of
Property Brokers is acting as a master
reduced rates, especially Brits whose
agent for the project, which includes monthly payments have increased up
an off er of 60% non-status developer
thanks to the weakness of the pound.
fi nance. The developer will loan buyers
The Bank last month held its
money based on the property’s rental
benchmark rate at the lowest ever level
value rather than the clients’ current
PEOPLE ability to pay.
of 1% and policy makers have reportedly

not discussed further cuts. The Euribor
Turkish loans portal relaunches inter-bank lending rates have also
Of_f the chart
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Buyers haven’t seen the
An overseas Turkish mortgage broker
dropped to record lows, with the three- benefi ts of record low interest rates
has re-launched its website to facilitate
month rate falling to 1.235%. However,
the process of applying for a loan.
these cuts are not always being passed are not very good at bringing down “We’re getting a lot of enquiries from
Istanbul Mortgages’ new site allows
customers to receive an initial approval
on to customers. their rates.” But rates tied to the Euribor UK customers who are paying of_f their
within three days and then monitor the
“Borrowing def_i nitely isn’t becoming are still making the banks’ introductory mortgage at home by taking out a loan
TION
application’s progress as the com- easier,” said Daniela Anisiei, mortgage rates seem quite high, he added. on their French property and taking
pany arranges the loan. “Applying for
consultant at overseas broker Baydon advantage of the exchange rate.”
a mortgage in Turkey is still a long
Hill. “The rates have changed a lot but Changing business Other customers are changing from
process and gathering all the relevant
lenders are increasing their margins to Brokers have also seen a change in the repayment mortgages to interest-only.
DESTINA
paperwork can take several months,” said
company founder John Mitchell. “We’ve
make up for the lower base rate while kind of business they are dealing with. “They’re even prepared to pay for all the
upgraded the website to make it more
maintaining lending rates of 3-4%.” “Because the base rate is lower we have bank, broker and notary fees in order
interactive. We want to make buying a Louis Mann, director of Validus Invest, cases we never would have encountered to reduce their monthly payments that
property easier and to help developers
said: “Some banks are even doubling before – there are very few purchases have gone up because of the exchange
sell.” International broker Conti recently
their margins. French banks in particular and a lot of ref_i nancing,” said Anisiei. rate,” said Anisiei.
reported a 143% year-on-year rise in
Turkish mortgages applications for the
last two months.
Non-doms and high net worths quit UK as taxes rise
At least 1000 non-domiciled residents have left estimates that, following the introduction of a 50%
US government pledges
$3.1bn to halt foreclosures
the UK since the removal of tax privileges in April income tax rate this year, 31% of non-doms and
BUSINESS The US government is off ering $3.1
2008, according to Knight Frank. The estate agent 25% of HNWs are still considering leaving.
billion to mortgage-servicing companies
to encourage them to make monthly
LEAD GENERATION
loan payments more aff ordable for
borrowers facing foreclosure. Over 9%
of the US’s 45 million mortgages were
delinquent in the fi rst quarter of 2009,
Overseas mortgage broker moves into lead generation
according to the Mortgage Bankers
Overseas mortgage broker Conti is to be more proactive.”
Association. While $50 billion was given
planning to launch a property referral A toolbox will be made available
in March to encourage the industry to
OPER
modify loans, few borrowers have quali-
service through its network of brokers on Conti’s website that will feature
VEL
fi ed for new products. Last month, the
and IFAs. marketing materials such as draft letters,
Treasury Department announced that The UK-based company has partnered which agents and IFAs can send to their
DE
50,000 borrowers had been enrolled in
with several developers to promote a mix clients to advertise the properties. Conti
three-month trial modifi cations under a
of stock, including distressed property in will send letters to members of its agent
new plan for lenders to streamline their
Spain and holiday homes in Turkey and network to promote the service.
short-sale processes.
Cyprus. The service is expected to launch Final details of how the service will
Banks remain ‘paralysed’
in the next few weeks. operate, including Conti’s potential
Banks are still paralysed and values have Conti’s operations director, Clare commission, have yet to be f_i nalised.
further to fall before a global recovery
Nessling (pictured), told OPP the service Conti has recently seen an increase in
can begin, according to delegates
TING
would help clients expand their business UK buyer interest. “Enquiry levels are up
among the 200 real estate and fi nance
model by allowing them to market across the board by about 20% in the last
leaders who attended the recent Urban
ARKE
Land Institute (ULI) trends conference in
property as well as mortgages. month,” said Nessling.
M London. Hosted by ULI Europe, the
“Conti receives most of its business
conference sought to defi ne the main from brokers and IFAs so the downturn Expansion
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Conti will provide online
causes of the recession and likely
is a good time to launch an initiative that marketing for its brokers to promote
timeframes for recovery.
could support them. It will enable them homes in Spain, Turkey and Cyprus
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