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Kavarna Bay: Purchase Process

For the Kavarna Bay Resort a simplified purchase process and advantageous payment structure has been negotiated for all Obelisk clients. Integrated into the investment cost, all legal and tax requirements have been fully included. The investor can be sure that there will be no additional or hidden charges, and that their purchase is watertight.

You can see a detailed table explaining the purchase process here.

The below stages outline the purchase process for the Kavarna Bay Resort:

• A down payment of 20% of the purchase price is to be paid at the signing of the Private Purchase Contract to leading independent law firm, Manzanares.
• A second payment of 30% of the purchase price is to be paid in June 2008 to leading independent law firm, Manzanares.
• The final payment of 50% of the purchase price is due for payment at completion in September 2009, for which a 50% mortgage is pre-arranged and readily available.

Crannog Asset Management Limited is an Irish mortgage brokerage based in Dublin, specialising in providing professional, independent mortgage advice. After extensive research, Crannog Asset Management has chosen two of the biggest lenders in Bulgaria DSK Bank and Piraeus Bank to offer a wide range of mortgages suitable for Bulgarian property purchases.

Typically borrowers will be able to borrow up to 70% of the property value. This permits the client to both pay the final 50% yet still allowing a substantial 20% cash back – representing a considerable 40% COC return – without including relevant capital gains generated.

Borrowers will be able to obtain both repayment mortgages and interest only options. Standard lending criteria will be required for completion of the mortgage application. Terms of up to 25 years are available depending on each application. Competitive rates are available.

Read more on buying property Black Sea or Bulgarian tax and mortgage.