Best Credit along with Winslow Group , developed a new property purchase finance scheme
Due to the restricted terms of the banks, regulating mortgage granting, major investment companies along with credit consultancy companies, seek new flexible schemes for providing their clients with financing. These financial schemes are expected to prevail in 2009. They will be targeted primarily to investment and construction entrepreneurs, having high quality products, with good infrastructure, and additional services. The demand is still stable in this category, regardless of the overall detention of the market.
The partnership between credit consultants and investment companies is an innovative product for the Bulgarian market, which will probably be established as a major trend during this year.
Credit consultancy companies, benefit from their well established relationships with the banks, in order to provide their partners, most commonly major investment and construction entrepreneurs, with more advantageous financing conditions for the end customer. The new financial products are particularly suitable for properties under construction, which are considered risky from the banks while the potential customers are cautious.
Best credit Bulgaria is among one of the first companies, developing such marketing tool. They provide end customers with mortgage granting up to 80 %. In comparison, banks grant a maxim amount up to 60-70 %. Another advantage of the scheme is that mortgage is granted on stage “roof top”, while bank practices provide financing, not until the property is issued usage permission document ( Act 16 ).
Best Credit provides the following scheme: the client pays 20 to 25 % from the value of the property when signing preliminary agreement. On “roof top ” stage the property ownership is transferred to the bank which grants additional 50 %. The bank grants 10 % when is reached internal installations stage, 10 % when heath insulations and plastering stage. The remaining 10 % are granted when property is issued usage permission document.