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Spanish Bank Offers 'Free Money'

Source: Global Edge - Tue 9th Feb 2010

It is a poorly kept secret than many Spanish banks are "hiding their losses" by not declaring properties in negative equity on their balance sheets.

Under pressure to sell some of the repossessed properties on its books, one Valencia-based savings bank has come up with an innovative solution to address the problem: free money.

Bancaja's new mortgage requires no interest or capital repayment for three years, has no administration fee (except notary charges) and offers a LTV of 90%. The catch? It's only available on purchases of homes that belong to Bancaja or one of the developers it has financed.

The properties are concentrated on Valencia's coastline and no doubt a few of them will appeal to those of you who are looking to source low-money-down deals.

With a new tighter banker rules in the pipeline, it won't be a surprise if other banks follow suit.

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