Dear Colleagues and Friends:
We hope you are all well and staying safe,
No doubt you are doing your best to continue to service and support your clients, as we are, albeit under challenging circumstances.
Following the recommendations of the Spanish health authorities due to the Coronavirus pandemic, this office, for the benefit of all, temporarily changes the processes and customs of work.
Despite the adjustments, Fluent Finance Abroad will function under a business as usual policy. Our operating model allows us to work remotely, and continue to act as a bridge between our clients and the lenders. By maintaining the intermediary channel, we aim to support both our clients and our colleagues within the banking sector.
At the moment notaries and the land registries are on lockdown and are only opening up for the most urgent of cases that have to be signed. We are monitoring and prioritising other workloads to ensure that purchases that have to complete, can. We are identifying and using to notaries who are more inclined to facilitate signings than others so, I am pleased to say that, we are still able to get cases completed even in these difficult times.
Looking forward proactively
Whilst business is difficult to conduct right now. We should take actions that are greater than what we believe is necessary to achieve our goals. Having a pipeline of clients ready and waiting for the doors to open again is the key to the speed and rate of which companies will recover. Now more than ever, we are here to help and support you within that endeavour. We are all in this together. It might be hard to believe, and it takes a lot of work to find them, but there are people out there that are thinking well beyond the current crisis. We are helping those people to do what they can in advance with the expectation of being able to buy a property in Spain as soon as it becomes feasible again and you can too.
Gaining approval for a mortgage with the Spanish banks can all be done remotely via email and by phone. We can obtain agreements in principles (AIPs) approved in the usual way. After the initial call, completing the form, returning it to us, we are then able to calculate the affordability of a mortgage for your clients and produce them a personalised mortgage report. Following on from that, the collation of supporting documentation is all done electronically and there is no requirement for certification.
Mortgages are approved based on affordability (An assessment of the customers’ ability to service the loan.) So, the approvals are not tied to a particular property means that you can get their finance approved ahead of a viewing trip.
We have also been speaking to our Alternative Residential & Bridging Lenders, the consensus is that enquires for asset-backed financing and bridging solutions are going to increase substantially. We face liquidity shortages and High street Spanish banks are not going to be able to meet with those demands.
If you have clients with large amounts of equity built up within their Spanish properties, who need to release funds or have a bridging requirement then, now is the time to be proactive, get them to speak to us. We have access to a panel of lenders who are capable of providing this type of finance. We can work for a resident or non-resident client situations.
Anyway, give me a call if you want to speak to me about anything, you might want to send a message to your staff re the above as it might come in handy for some of your clients.
Marc D Elliott
Contact our personnel directly on:
Telephone: 952 85 36 47 and 600 41 33 96
– Working hours are from 09:00 a.m. at 14:00 p.m. and from 15:00 p.m. at 17:30 p.m.