EUR 100M legal boost for Polaris World property buyers
By Kevin Barnett, 11 May 2010
Polaris World, a Spanish property developer struggling with recessional downturn debt, has now refinanced by selling some of their extensive land and other assets to its most important creditor banks.
That’s good news for buyers and for many other northern Europeans tempted by the current wave of bargain properties on their completed golf resorts close to the Mar Menor and Murcia International Airport. Specialist brokers, PropertyInSpain.Net are currently offering the best ever Polaris World bargains - front line golf 2 bedroom apartments for EUR 95,000 with 100% mortgages and 10-year construction guarantees.
Polaris has avoided going into administration after the company announced it had refinanced a debt for 100 million Euros owed to 15 major banks. The agreement implies the selling to these banks of a good number of its land and other assets.
Spanish lawyer, Maria L. de Castro assured purchasers of Polaris World off plan developments “you still have and keep your rights over the property or properties that you are purchasing or have paid deposits for this purpose; regardless of who the proprietor is”.
Polaris World now has cash that will allow it to comply and fulfill their liabilities, including cancellation of purchase contracts due to delay and lack of advertised facilities and full refund of deposits and interest claims. The lawyer added: “If your case is currently in the courts, or if your case is won we expect buyers will also recover their legal costs.”
The Murcia-based company will concentrate on resort completions, real estate management, touristic and sports services on its existing golf resorts where brokers like Spanish bank repossession specialists, PropertyInSpain.Net offer golfside bargain apartments at EUR 95,000 with 100 percent mortgages from funding Spanish banks.