Given their popularity as destinations, Ibiza and Majorca offer the most prime property in Spain and naturally, real estate comes with a price tag to match meaning liquidity is essential. The Costa del Sol also offers a good stock of luxury property making the Balearics and region around Marbella popular for international and American buyers.
Enness have access to more than 500 private banks and international lenders. This network includes banks and niche lenders who can easily cater to American investors buying property in Spain. Typically, mainstream Spanish banks will find it hard to support you as an American borrower, especially do if you have global assets, multiple income streams and so on. In the wake of the 2008 financial crisis, local banks lend with caution and with a very inflexible and limited attitude to risk, which means they only take on very straightforward international loans and prefer lending to Spanish residents.
The lenders that can cater to American borrowers buying in Spain will be able to consider all of your assets (in Europe, the US or elsewhere). As a result, they can usually accept different types of security as collateral, which can open more avenues of opportunity for you when it comes to a Spanish mortgage.
When Enness work with American buyers, the team will always look at minimising costs, maximising the use of your assets and arranging the mortgage as quickly as possible.
Costa del Sol and Balearic Island mortgage product highlights include:
- LTV ratios up to 100%
- Headline mortgage rates as low as EURIBOR +1,35% with the option to fix rates in the longer term
- Equity release option with 70% assets under management or a slightly higher headline interest rate
Enness also have access to the lenders that will be able to lend to you in the most efficient way, either considering elements like income from a trust, multicurrency income, future liquidity events or using structures to structure the loan, as advised by your professional team.