Subject: CYPRIOT AGENT OFFERS 'UNIQUE' MORTGAGE FINANCE
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Investment Property in Cyprus http://www.investmentpropertyincyprus.com (rest of link removed)
A Cypriot-based estate agency has secured 90% - 100% LTV finance for non-resident investors bypassing new laws established last year which set the maximum LTV for mortgages obtained in the country at 60% - reportedly putting off many investors from buying on the island.
Investment Property in Cyprus (IPC) has partnered with a "large bank with a presence in Cyprus and the UK" to give buyers access to the finance which it says is the only scheme of its type available on the island.
Cherry Clift, the firm's MD, told OPP that eligible buyers can have their other financial holdings taken into account; such as bonds, stocks and shares, alongside the equity in their main property, to help raise the amount of capital considered when applying for a loan.
"We have had some problems of late as the new head of the Cyprus Central Bank brought in changes last year to counter the possible affects of the sub-prime problem, and reset the maximum finance offered at 60% LTV," she said. "A lot of property developers were furious with this as clients had already put down 10% on properties and had to find more cash to secure the property. This has put a lot of investors off as finding a 40% deposit is quite hard compared to 10% - 20% elsewhere. Out of this we have arranged this new scheme, which is the first of its kind in Cyprus, where a buyer can use their bonds, stocks and shares as collateral alongside the equity in their property and have this taken into consideration when applying for a loan. Each loan is different and the finance is done on the contract price after the bank has examined the proposal.
"We have exclusive relationships with several developers in Cyprus and we are expanding the developer network. At the moment several developers will take on buyers with the 90% LTV finance and a few that will take on the 100% for now. IPC also have access to off-plan mortgages at 90% LTV and can be taken with up to two years deferred interest and capital repayments"
Buyer markets
Clift said that the company's main clients are split between second-home owners, retirees and 'serious' buy-to-let investors, however it is expanding its reach to target other buyer markets as the British become less prominent on the island.
"At the moment it is around 60% British, 20% Irish, 15% Russian and 5% are 'other European' buyers," Clift added. "However, since the introduction of direct flights from Ireland to Cyprus around nine months ago that market has picked up. We are very much wanting to reach out the Scandinavians, as a lot of them say they have 'lost their way' in Spain and are starting to prefer Paphos. The other market we are tapping into is the huge number of affluent Russians starting to make themselves felt here in greater numbers. We have just got all of our marketing materials translated and are geared up for them."
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