Bulgarian Banks No Longer Refinancing

B

bigbustour

Registered User
Messages
37
I have heard Bulgarian banks will only refinance now for locals and UK Nationals. Cannot find evidence of this anywhere. Is this just a rumour or is it true...
 
Hi bigbustour,
Thats just a rumour, although it is very difficult to get any kind of finance in Bg at the moment but offers are not just limited to the locals and UK nationals..
 
I was talking to the estate agent in bulgaria yesterday and he told me there are currently 4 banks still lending . Other people were saying there is only 1 bank that can lend to foreigner.....which one to believe until we get the fact right?
 
I have small investment property in Bulgaria (doh!). Financed it by equity release on own home in Dublin. Should I consider re-financing in Bulgaria rather than putting my Dublin home at risk? Don't tell me how foolish I've been .... I know!!
 
Hi MoiMoi
Do you know which 4 banks are still lending in Bulgaria? Or if you could give the name of the Estate agency as I would be interested to find out this info
Many thanks
 
Hi Blackcat,

I can tell you that First Investment Bank in Bg are lending at the moment as a friend of mine got approved last month.
 
Lending has defo tightened in Sofia like everywhere else. I have made money and lost money in Sofia in the past few years and although times are tough now I still think that as long as you haven't paid too much for your investment that it might pay off for you in a few years. In most of those eastern european countries the prices were about 50% higher that in Sofia so there may be some light at the end of the tunnel. Although I do think that if you invested outside of Sofia it might be a much longer wait to cash in as the coast and the ski resorts are dead ducks.. you could try contacting the people at www.myhome.bg. I have had some dealings with them and they are probably the only company in Bulgaria that I have dealt with that I trust and i have dealt with quite a few. They are mainly a lettings company but have a good handle on whats going on in Sofia and might be able to help you with your query aboutfinance...
 
Hi Blinkers,
I agree completly with what you are saying, any money invested on the coast or in ski resorts will take an awful long time to increase in value, a lot of work will have to be done in these areas before they become attractive again and thats leaving aside the financial times we are in at the moment. Sofia being the capital is of course different providing you didnt pay over the odds to begin with hopefully prices will increase in time.
 
You could also try intasure for a mortgage. Dont know anything about their mortgages but their insurance is said to be one of the best.

[broken link removed]
 
[broken link removed] are offering re-financing options for Irish and UK buyers.
 
OverseasCafe said:
[broken link removed] are offering re-financing options for Irish and UK buyers.
Click to expand...

Hi Overseas. As a matter of interest I emailed Appreciating Assets several times since reading on OverseasCafe some time ago that they have a fund interested in properties in Sunny Beach. It seems strange that I haven't had a reply or even an acknowledgement and just wondered if you know anything or have any insight? Many thanks.
 
As far as I'm aware they've been so inundated with properties for their Bulgarian Buyback Scheme (I did warn them that this might happen but I think they underestimated just how much distressed product is out there) that their admin staff haven't been able to keep pace with all the enquiries they are getting. They have said they will get around to them, but it is taking longer than expected.

Apart from that I have no great insight into the product to be honest, I just put it out there as an option, because there aren't very many at the moment.
 

Many thanks.
 
Hi PetPal,

I do the public relations for the property investment company Appreciating Assets. What OverseasCafe says is correct, since the Bulgarian property Buy Back Scheme was launched they have been inundated with requests from property investors, but, they are working through all the enquiries and will respond to everyone over the next couple of weeks.

Please feel free to email me on simon@republicpr.ie if you have any questions or would like anything clarified.

Kind regards,

Simon.
 
Hi PetPal,

My apologies for not responding to your enquiry sooner. We've had a very large response following the recent launch of our Bulgarian Buyback Scheme. We are currently working through all the enquiries and hope to respond to everyone over the next couple of weeks. Please do not hesitate to contact me if you would like clarification of any details.

Kind regards,

Dylan.
 

Many thanks Dylan - I look forward to hearing from you.
 
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