Santa Ana, Costa Almería, Spain

29/2/08

24% below market value

First-class golf developme
nt
 Executive Summary
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Olivier House
18 Marine Parade
Brighton BN2 1TL
Spain - Santa Ana
We are pleased to bring you a deal that has everything - prospect of capital growth, considerably
under the market value and serious leverage - all in Britain’s number one second home destination,
Spain, in the heart of its hot spot region of Almería.
We’re very excited about Santa Ana. The last time we found a deal similar to this was 2 years
ago. Playa Macenas, was priced at €2,600 per m2 against a market price of €3,300 per m2. Since
then prices have rocketed and are quoted at upwards of €3,800 per m2, reaching over €5,000 per
m2 for some plots. This new deal, 20 minutes from Mojacar, is being offered at €2,764 per m2
against the market price of at least €3,800 per m2.
Santa Ana is part of the greater Mundo Aguilón golf resort, a high-end development offering
2- and 3-bedroom apartments with underground parking and private terrace space, fantastic
views of the golf course and of the sea just under 2km away. Sea views and a golf course location
tend to add high premiums to property prices. In addition to these, there will be excellent facilities
including golf clubhouse and tuition, communal pools, year-round security, shops, bars and
restaurants and a hotel and spa to be built at a later stage. In short, it is planned as a top quality
development.
Just as Playa Macenas has been driven by a major developer, George Soros’s MedGroup, Santa Ana
is part of a master plan which is funded by one of Spain’s foremost banks, BBVA. Furthermore,
BBVA’s development arm is one of the active partners in the project.
By far the best thing about Santa Ana is the financial package. The price is €276,400 (£184,267)
for a 2-bedroom apartment, an amazing 24% under market value. With just a 15% deposit
required and 85% payable on completion, the opportunity is there to use leveraging to great
advantage. At a conservative estimate of 5% growth over 5 years, the value of your property could
increase by 68%. This means a truly remarkable 450% return on your initial investment. And all
this in a stable, mature market like good old Spain!
Read on to find out more – we think this deal is a winner.
Best wishes,
Jonty and Alise Crossick
 Ready2invest

Key Points
• 15%/20% deposits required
• From 24% under
market value
• €2,764 per m2
• 70% LTV mortgages
• Assignable contracts
• 45 minutes from
Almería airport

Spain - Santa Ana
Deal Summary
WHY COSTA ALMERIA? (PAGES 4-5)
Reasons why we think that the Costa Almería is a great place to invest.
LOCATION AND INFRASTRUCTURE (PAGES 6-7)
About the area and transport links.
ABOUT THE DEVELOPMENT AND DEVELOPER (PAGE 8)
2- and 3-bedroom apartments on a golf development with sea views.
SITE PLANS AND FLOOR PLANS (PAGES 9-10)
UNDER MARKET VALUE (PAGE 11-12)
From 24% below market value.
RENTAL COMPARABLES (PAGE 13)
Average returns for similar properties in the area.
DEAL STRUCTURING (PAGE 14)
15%/20% deposits; range of financing options.
SENSITIVITY ANALYSIS (PAGE 15)
LTV available and contingency.
COVERING YOUR COSTS (PAGE 16)
Rental yield forecast.
PROFIT FORECAST (PAGE 17)
Capital growth projections.
RETURN ON INVESTMENT (PAGE 18)
Equity increase due to capital growth.
PAYMENT TIMETABLE AND EXIT STRATEGY (PAGE 19)
TAX (PAGE 20-21)
Overview of tax system in Spain
MORTGAGES (PAGE 22)
We recommend Bancaja for mortgages, others available.
LAWYERS (PAGE 23)
CURRENCY (PAGE 24)
Ready2invest fee (page 25)
The Ready2invest fee is £2,500 +16% VAT.
ABOUT READY2INVEST (PAGE 26)
next Steps (PAGE 27)
RESERVATION FORM (PAGE 28)
 Ready2invest
 Why the Costa Almería?
Excellent Climate
The south coast of Spain has long been a magnet for northern
Europeans seeking respite from cold, cloudy drizzle and
when you look at the climate it’s not surprising. With an
average of 325 days of sunshine per year, the south eastern
corner of Spain enjoys beautiful year-round weather. It has
a semi-arid climate with mild winters and long, warm to
hot summers and very low rainfall too. In fact, Almería
is reported to be the sunniest region in Europe, with an
average 3000 hours per year1.
Easy to Get to
South eastern Spain is extremely well-served for air
travel. There are major airports at Almería, Malaga,
Alicante and Murcia. It is possible to fly to the area
direct from all parts of the UK, with no need for a
time-consuming transfer in London. All the budget
airlines fly to either Malaga (2 hours drive), Alicante
(2 hours), Almería (1 hour) or Murcia (11⁄2 hours).
Flight time is approximately 21⁄2 hours.
Gorgeous Setting
The province of Andalucia is a large one, and its eastern
end, the Almería region, is blessed with beautiful scenery.
The Sierra del Aguilón (Mountains of the Eagles) rise up
to the north and gorgeous sandy beaches stretch out along
the Mediterranean. In between there are quaint hill towns
and the famous, atmospheric “white villages” where it
seems time stands still. Dramatic rock formations dot the
coastline and you might recognise places you have seen in
famous “spaghetti westerns”, and “Lawrence of Arabia”,
which were filmed in the region.
1. http://spainforvisitors.com/module-ContentExpress-display-ceid-110-meid-1054.htm?meid=1054
Spain - Santa Ana
Restricted Planning
Having learned the lessons of over-development further
round the Mediterranean coastline, the authorities have
clamped down on the planning permission process. Much
of this region is protected national parkland with the
remainder being agricultural land. It is notoriously difficult
to obtain change of land use permission, and all other
building requests have to go through a complicated and
time-consuming process at various levels of government
– local and regional. It is not permitted to build on front-
line seafront land, any new buildings must be set back, and
no building can rise higher than three storeys. This is good
news for the property investor as it restricts supply and
preserves the region’s natural beauty.
Improving Infrastructure
The Almería province will benefit enormously from
the upgrade of a stretch of road through the region to
motorway status. When completed in approximately 18
months (mid-2008), it will create a high speed route to
Valencia and Barcelona and onwards up into France. This
will make travel in and out of the region much quicker
and will drastically reduce journey times to these attractive
cities, making it easier to explore other parts of Spain.
Beautiful Towns and Places to Visit
Andalucia is a stunningly beautiful region, jam-packed
with fascinating historical sites, reflecting and celebrating
hundreds of years of civilisation. Not-to-be-missed
destinations include the Alhambra of Granada, the
romantic and historic Seville, several nature reserves
including the mountains of Sierra Nevada and Cabo de
Gato-Nijar reserve. Mojacar was built as a Moorish hill-
fort and its streets snake up the steep hillside, offering
great views from the top. Dotted along the coastline are
old Moorish towers, lookouts for sea-borne invaders.
 Ready2invest
 Why the Costa Almería?

Golf Lifestyle
The south of Spain has always attracted the keen golfer Life in southern Spain is laidback and relaxed. Perhaps it
with its excellent year-round temperature and challenging is something to do with the weather, or maybe it is the
and beautifully designed courses. There is plenty to interest proximity to the beach, but life is lived at a slower pace
players of all levels. In addition to the course at Mundo there. In common with the rest of Spain, life should be
Aguilón, there are several other courses in the area which enjoyed, and spent happily with family and friends in
offer variety to players of all standards. front of a cold glass of wine and a plate or two of tapas,
or relaxing on the beach, or savouring the great outdoors
Activities (including Skiing Within 2 Hours Drive) or just making the most of your absence from the rat race,
This region of Spain is one of those places where it is even just for a little while.
possible to spend a morning on the beach and then enjoy
an afternoon’s skiing in the Sierra Nevada, approximately
2 hours inland. As well as golf – there are a couple of other
courses in the area if you fancy a change from the course at
Mundo Aguilón – there are the obvious attractions of the
beach – swimming, boating (there is a marina at nearby
Garrucha) and water sports. You can also go horse-riding,
hiking, play tennis and enjoy a host of other outdoor
activities, thanks to the pleasant weather.

Year-Round Rentals
With its mild climate, south east Spain attracts visitors all
year round. Golfers, in particular, relish the opportunity
to play in the mild weather, compared to the heat of the
summer. This means good potential for rental yields, even
outside of the high season. On a recent site visit at the end
of October, there were still plenty of people on the golf
course, by the pool and in the sea.

Spain - Santa Ana  Ready2invest

 Santa Ana
Costa Almería, Spain
LOCATION
Mundo Aguilón golf development is situated on the Costa
Almería at the eastern end of the Andalucia region in the
south east of Spain. At the foot of the Sierra del Aguilón
range of hills, and just under 2km from the coast, the
development will occupy a 200 hectare site, built around
an 18-hole golf course.

The Costa Almería consists of miles of sandy beaches,

interspersed with rocky outcrops and hidden coves. The
nearest seaside town is San Juan de los Terreros where the
beaches are excellent for families as they are gently shelving.
The town itself has good amenities and has recently begun
upgrading its beachfront, including a brand new esplanade
with wooden beach-side bars and restaurants.

The coastline is unspoilt as large-scale and high-rise

development is not permitted on the frontline, and no
building can rise above 3 storeys. This means that while
there are plenty of tourist amenities, the area retains an
authentic Spanish feel, with no shortage of friendly local
bars and restaurants to while away a pleasant few hours.
The ancient Moorish hill town of Mojacar is a short drive
away. Popular with writers and artists, this settlement is
a warren of narrow streets lined with shops, boutiques,
restaurants and small galleries. It is an attractive place
to visit and has a weekly market, as well as colourful
annual fiestas, the best known of which is
“Moros y Cristianos” in June. 2km away on the coast is
Mojacar Playa, stretching for 9km along sandy beaches,
INFRASTRUCTURE
FLIGHTS:
The south east of Spain is extremely well-served for airports.
Almería is the nearest airport to Mundo Aguilón, and is
45 minutes drive away.
Other airports in the area include Murcia (90 minute drive),
Alicante (2 hours) and Malaga (2 hours). There are also plans to
build a second runway at Murcia Airport to accommodate the
demands of tourism.
All the budget airlines fly from all major airports in the UK
direct to one of these airports, removing the need for a time-
consuming transfer in London.
British Airways, British Midland and Iberia also fly to the region
from London airports. Flight time on average is 21⁄2 hours and
fares start from £40 return.

with bars and restaurants to suit every taste. Just east of

Mojacar Playa is Garrucha, a former fishing village and later
a port where the metal from nearby mines was shipped,
where there is now a large marina.
Elsewhere in the region there is much to explore,
ROADS:
Almería region is well served for roads and has had much
funding to improve and upgrade the network. The latest project
is the upgrading of a section of road to fast motorway linking
this area to Valencia, Barcelona and France. This is due to be
completed mid-2008.

including a large national park, Cabo de Gata-Nijar, a

marine and land eco-system of great significance. It covers
a huge area south west of Mojacar. Also in the region
are several systems of caves and an attraction called Mini
Hollywood, which celebrates the numerous “spaghetti
westerns” that were filmed in the region.
CAR HIRE:
Spain has an efficient high-speed rail network, but outside of
the main cities, rail services are minimal. It would therefore
be advisable to hire a car on arrival. All the major car hire
companies are represented in Spain and you can expect to pay
around €240 for a week’s hire of a family-size car.

Spain - Santa Ana  Ready2invest

 Santa Ana

LOCATION ContINUED...
Road networks in the area are good, with a stretch of
dual carriageway currently being upgraded to motorway
standard. It will link the region with the motorway
network to Valencia and Barcelona, and on into France.
When this road is completed (mid-2008) it will slash
journey times to these fabulous cities. Madrid is currently
around a 4 hour drive away. The city of Almería, the capital
of the region, is an hour’s drive and is a bustling port,
with many historic buildings and a charming old town.
It has galleries, museums and good shopping facilities. It is
even possible to take a ferry from here to North Africa.
Almería is well provided with golf courses – Desert
Springs, Playa del Este and Marina Golf are all within an
hour of Mundo Aguilón. These offer challenges to all levels
of golfer and provide variety for the golf aficionado.

• Puerto de • Los Jurados

los Peines

Mundo Aguilón

San Juan de
los Terreros • N
W �S E
Mundo Aguilón Location
N
San Juan de los Terreros Seaside town with bars, restaurants etc - 2km
Mojacar Pueblo and Playa
W �S E
Hill town with shops, boutiques and restaurants, and beaches – 20 minute drive
Almería City 1 hour by car
Madrid 4 hours by car
Almería Airport 45 minute drive
Murcia Airport 90 minutes by car
Malaga Airport 2 hours by car
Alicante Airport 2 hours by car

Spain - Santa Ana  Ready2invest

 Santa Ana

ABOUT THE DEVELOPMENT ABOUT THE DEVELOPER

Mundo Aguilón is a high-end golf development, which The Mundo Aguilón development is underway with the
aims to be the best in the region. The 18-hole golf course backing of Anida, the property development arm of BBVA,
was started 6 months ago and has already been landscaped. one of Spain’s largest banks.
The apartment buildings are arranged around the course,
offering views of the greens and fairways, as well as sea and The architect for the Santa Ana section of Mundo Aguilón
mountain vistas. The basic infrastructure of the site is well is a firm called Arquivir, a well-established Madrid-based
underway, roads have been laid and surfaced, streetlights company who have enormous experience in all kinds of
installed and a long cycle-circuit already completed which building projects, all over Spain. The Mundo Aguilón
skirts the whole site. design is headed by Antonio Arrechea Fúster, a senior
architect in the practice. You can visit their website at
The development as a whole will benefit from the amenities www.arquivir.com where you can view their extensive
provided for the golfer. The main attraction is the course track record, which includes residential and tourist units,
itself, and residents will be offered preferential rates to use apartments and schemes all over Spain, in addition to civic
all facilities, including the clubhouse, the golfing school and municipal work for a variety of public bodies as well as
and shop. Each section of the development will benefit commercial projects, hotels, schools and libraries.
from a large communal swimming pool, shops, bars and
restaurants. There will also be other sporting facilities, The project manager for Santa Ana is Barry Haslam-Walker,
including tennis courts and fitness centre. At a later phase a quantity surveyor with 20 years of project management
of the development a hotel and spa will be built. Owing experience. His company’s website (www.novopro.com)
to its proximity to the foot of the Sierra del Aguilón, it is gives full details of their work and experience. He has
easy to enjoy hiking in the hills, which offer great views of extensive experience of the Spanish construction market
the surrounding area. You may even spot an elusive eagle – sector together with international experience on a wide
these hills are named Mountains of the Eagle in Spanish. range of development/construction projects throughout
Europe, North/South America and the Middle East.
The section of the Mundo Aguilón development we
are offering is called Santa Ana. It will consist of 238 Tier 2: Tier 3: Remaining
Tier 1:
apartments in total, with the great advantage that all of First 30 units Next 30 units 30 units
these will be sea-facing, providing great views. There will be Unit Purchase Price € 276,400 € 296,400 € 316,400
ninety 2- and 3-bedroom apartments available to Cost per m 2 € 2,764 € 2,964 € 3,164
Ready2invest customers, and these will be finished to
First 15 units per tier:
a high standard. They will have underground parking, € 41,460 € 44,460 € 47,460
15% deposit
garden areas and the whole site benefits from year-round
security surveillance. The apartments will be arranged in Remaining 15 units
€ 55,280 € 59,280 € 63,280
terraced “stepped” design, with each enjoying their own per tier: 20% deposit
private outside area.

Spain - Santa Ana  Ready2invest

 Mundo Aguilón
W

N
Santa Ana Siteplan
�S
E
W

N
�S
E

N
�S
E
W

N
�S
E

The area marked in red indicates the development plot. The coast lies 2km south east of the plot.

PRICE STRUCTURING
The Apartment purchase prices available at Santa Ana will
broken down into three tiers.
The first 30 apartments will be available at the first tier
prices. Once these are sold the price will increase to the
second tier price, where a further 30 apartments are
available. Once these are sold the price will again increase
to the third tier prices.
Please note that within each tier a 15% deposit is required
for the first 15 apartments, with 85% due at completion.
The second 15 apartments per tier will require a 20%
deposit with the remaining 80% due at completion. This
is not an uncommon price structuring in Spain and gives
advantages to those investors prepared to act fastest. View of the Santa Ana plot.

Spain - Santa Ana  Ready2invest

 Santa Ana
Floorplans

The above image shows a conceptual design for the Santa Cristina plot belonging to BBVA ANIDA, elsewhere
in the Mundo Aguilón, designed by Antonio Arrechea Fúster.

100m2 apartment

Spain - Santa Ana 10 Ready2invest

 Financials
UNDER MARKET VALUE
An apartment in the Santa Ana development is a great
investment because of the combination of two factors:
a great discount (24% to market value) and the fact
that only a 15% deposit is required. As you will see in
the profit forecast on page 17, this combination could
produce a return on investment of 680% within 5 years
at just 5% capital growth per year.
Finding a suitable development and negotiating
a large discount to market value is not an easy
task in the emerging markets of Eastern Europe.
In Spain it is twice as difficult, especially on golf
developments with direct sea views. Demand for
this type of property is still strong, the market in
Spain is mature and developers have access to
excellent financing options, meaning that the need
to raise finance through early, discounted sales is
diminished.
However, as with all markets, individual situations
and conditions sometimes occur where a developer
is happy to sell some of his property quickly and at a
large discount. If he has a high risk approach, this could
be in order to maximise his land buying and building
ability on multiple sites. If the developer has a low risk
approach, he may wish to cover his downside by securing
steadfast financing through selling off-plan contracts. At
Santa Ana the latter is true.
To verify the discount on offer from the developer, we
can compare prices and values of other developments of
a similar nature. The following table shows a selection
of our comparables.

Playa Macenas- Lorca Golf Valle del Este

Santa Ana Desert Springs2 Marina Golf4
Los Patios 1 Resort3 Golf Resort5

Building type Apartment Apartment Apartment Apartment Apartment Apartment

Bedrooms 2 2 2 2 2 2

Price € 296,400 € 422,950 € 279,000 € 294,496 € 243,480 € 210,000

Living area (m2) 100 100 100 100 65 63

S O L D

S O L D
Price per m2 € 2,764 € 4,230 € 2,790 € 2,945 € 3,746 € 3,333

San Juan de
Location Mojacar Vera Lorca Mojacar Vera
los Terreros

Sea view Yes Yes No No Yes Yes

Swimming pool Yes Yes Yes Yes Yes Yes

Golf Yes Yes Yes Yes Yes Yes

Private parking Yes Yes Yes Yes Yes Yes

Ready2invest sold over 90 apartments at the Playa Macenas golf development as off-plan opportunities back
in 2004. At the time we secured prices for only €2,600 per m2 compared to the €4,000 per m2 plus that
other properties on the development are selling for now!

1. http://www.imagineAlmería.com/playa_macenas/apartment__los_patios_2_bedroom
2. http://www.imagineAlmería.com/desert_springs/apartment_2_bedroom
3. http://www.imagineAlmería.com/lorca_resort_golf_and_spa/apartment_2_bedrooms
4. http://www.rightmove.co.uk/viewdetails-4469241.rsp?pa_n=3&tr_t=buy&chnl=overseas
5. http://www.inspain.tv/AllProperties/__property63522_4.html

Spain - Santa Ana 11 Ready2invest

 Financials

When comparing property prices to determine market
value it is essential to compare like for like – compare
apples with apples. The previous comparables show a
selection of golf course apartments on the Costa Almería
closest to Mundo Aguilón. However, sometimes factors
exist over and above simply the category of a property
that will affect its value. In the case of Spain, sea views
play a major role in determining property value and
conservatively add a premium of over 20% to property
prices. This should be factored in when calculating
the average market value by adjusting the price per m2
of properties without sea views, as represented in the
table below:
At only €2,764 per m2, Santa Ana apartments are
24% below the average market value of €3,638
per m2. A discount of this magnitude locks in
considerable instant equity. Buying at discount also
covers your downside – the market would have to drop
by the value of your discount before you would begin
to lose money, and to help ensure a quick sale, you also
have the luxury of being able to pass on part of your
discount when you come to sell.
ALMERIA GOLF COURSEs

Calculating the discount Price per m2

Playa Macenas - Los Patios € 4,230

Desert Springs € 3,348*

VERA
Lorca Golf Resort € 3,534*

Marina Golf S O L D € 3,746 MOJACAR

ROQUETAS
S Resort
Valle del Este Golf O L D € 3,333

Average price: € 3,638

Santa Ana € 2,764

Discount 24%
* Conservative 20% adjustment due to non-sea views

A 2-bed 100m2 apartment normally worth €363,800 costs only €276,400.

That’s a saving of €92,400!

Spain - Santa Ana 12 Ready2invest

 Financials
Rental Comparables
The rental market on the Costa Almería is strong. With
Spain remaining the number 1 destination for UK holiday-
makers this comes as no surprise. There are a number of
property management and rental companies in the area
that can manage both the property and the rentals for
investors. The resort managers have also offered this service
and we are looking at the possibility of organising a rental
pool for Ready2invest investors. Regardless of this we will
put you in touch with rental companies closer to the time
of completion.

As with the price comparables, to get a feel for the likely

rental income, we can compare the current rack rates of
other golf course apartments in the region:

Weekly
Resort Name Type Season
Rate
With 320 days sunshine a year the Spanish season is
Valle del Este 2-bed apartment € 525 high long. The high season stretches from mid-June to mid-
La Torre golf September with two weeks at Christmas and two weeks at
2-bed apartment € 825 high
development Easter. Occupancy over these periods is always very high
La Torre golf and rental rates are reflectively increased. The weeks either
2-bed apartment € 675 high
development side of the high seasons also tend to do better than the
Valle del Este 2-bed apartment € 600 high remainder of the year, which does not benefit from such
High season high occupancy or rates.
€ 656
average
The following table represents the rental yield that could
Marina Golf 2-bed apartment € 203 low
be generated for a 2-bed, 100m2 apartment at Santa
Valle del Este 2-bed apartment € 220 low
Ana, taking into account both the high season with
Low season high occupancy and the low season with a conservative,
€ 212
average lower occupancy.

Season Occupancy Total Weeks Weekly Rate Total Income Yield

High Season 100% 16 € 656 € 10,500 3.80%

Low Season 40% 14.4 € 211 € 3,038 1.10%

Combined Season 30.4 € 13,538 4.90%

6. http://www.wttc.org/2006TSA/2006individual%20pages/spain.htm
7. http://www.holidaylettings.co.uk/rentals/Vera/15440
8. http://www.holidaylettings.co.uk/rentals/La-Torre-Golf-Resort/15297
9. http://www.holidaylettings.co.uk/rentals/La-Torre-Golf-Resort/13631
10. http://www.holidaylettings.co.uk/rentals/Vera/12751
11. http://www.mojacarestates.com/longterm-lets/

Spain - Santa Ana 13 Ready2invest

 Financials

DEAL STRUCTURING
15% of the property purchase price is due at reservation Using a 100m2 2-bed apartment costing €276,400 as an
and 85% at completion. To maximise leverage and returns, example the figures could look like this:
ideally this 85% would be covered with a mortgage. This
would also mean that no extra capital need be contributed Purchase value € 276,400
by investors at completion. Unfortunately current mortgage
85% due at completion: € 234,940
lenders in Spain do not offer interest-only mortgages at a
85% loan-to-value. An 80% LTV is achievable but 70% Market value at completion: € 363,823
LTV is more common and easily accessible. So as investors
how can we make this work? 70% LTV available at completion: € 254,676

The answer lies in the discount. Mortgage lenders in The €254,676 mortgage that can be raised on the market
Spain are prepared to lend on the valuation amount of a value of the property would be more than enough to cover
property, not just the purchase value. This means that as the €234,940 due on the purchase.
the development nears completion, the lending bank will
value the property at its market value at the time and will
then lend against it.

In other words a 70% LTV mortgage on a bank valuation of

the property at completion should cover the remaining 85%
due of the purchase price:

€ 400,000

€ 350,000

€ 300,000 30% Equity

€ 250,000 15% Equity

€ 200,000

€ 150,000
85% 70%
€ 100,000
LTV LTV
€ 50,000

€0
Purchase Value Market Value

Spain - Santa Ana 14 Ready2invest

 Financials

The view from the Santa Ana plot facing west

Sensitivity analysis
There are two key variables upon which the success of this
strategy depends. They are:
• Calculated market value
• Achievable loan-to-value mortgage
The following tables represent how much ‘room for error’
there is within our calculations.
greatly affect the market value of property. So although
at the time of publication we believe to the best of our
knowledge that the information these figures represent
is correct, we recommend that all investors intending to
purchase with a mortgage have a contingency plan to cover
any extra equity unexpectedly required at a later stage.

Sensitivity to Market Price

Mortgage Calculated Break even
Sensitivity
required market value market value
€ 234,940 € 363,823 € 335,629 7.7%

If the market value was 10% less than our calculated value,
then with a 70% LTV mortgage the required amount
could still be raised.

Sensitivity to LTV
Mortgage Break even
Targeted LTV Sensitivity
required LTV
€ 234,940 70% 65% LTV 7.7%

A 65% LTV mortgage on our calculated market price of

€363,823 would also be enough to cover the remainder
due at completion.
View from the left side of the land looking north west.
Contingency
Investors should be aware that any market can decrease as
well as increase and that external influences can sometimes

Spain - Santa Ana 15 Ready2invest

 Financials
STAYING IN THE BLACK
In any deal, an investor wants a property to stay cash the three years that it will take for the development
positive. This means that the rental income should cover to complete.
the mortgage payments. In this way the associated costs
of using a mortgage are not incurred by the investor and This investment is not about yields or generating income.
the leveraging effect that it provides means the capital It is about the massive capital appreciation, achievable
growth makes your equity work a lot harder. through the generous discount, steady growth and
effective leveraging, as covered by the next section.
If the aforementioned mortgage strategy is adopted
for a Santa Ana purchase, then 85% of the purchase
price would be taken as mortgage. As the percentage
of purchase value borrowed increases, the likelihood
of covering the interest payments with rental yield
decreases. However, there is strong rental demand
for golf property in Almería and the added bonus of
sea views means higher rental rates, and therefore the
higher rental yield can be obtained – as demonstrated
on page 13.

The next table shows a breakdown of rental income

versus mortgage payments for a 100m2 2-bed apartment
costing €276,400. We have conservatively anticipated
that 20% of rental income will go towards letting and
maintenance fees.

Property price € 276,400

Borrowings required € 234,940
Interest rate 4%
Annual payment € 9,398

Expected annual rental income € 13,538

Costs (20%) € 2,708
Net income € 10,831

Rental income for a Santa Ana 2-bed apartment with

a 70% LTV mortgage should cover the mortgage
payments. As always, we prefer to stay conservative with
the expected rental income. We have not incorporated
the option that the rental rates might increase over

Spain - Santa Ana 16 Ready2invest

 Financials
PROFIT FORECAST
The south coast of Spain in general has already
experienced massive growth and it can in no way be
considered an emerging market like those of Eastern
Europe. Consequently the current capital growth
remains steady but low in comparison to some of
Europe’s younger markets. However, undiscovered and
underdeveloped pockets do still exist along the coast
where there remains room for growth. The San Juan de
los Terreros area is one such place.
The little sea-side village has remained very authentic
and large development there has been restricted. This
is partly due to lack of transport infrastructure (a new
motorway expected to be completed in 18 months
will vastly improve this) and also because the territory
surrounding the area is protected national park land.
Additionally, the local council has kept a vigilant
and untainted hand on issuing building licences and
rezoning agricultural land. In fact it took the original
owner of the Mundo Aguilón land 14 years to get the
land rezoned from farm land to development land
before he sold it.
Current coastal capital growth rates in Costa Almería
are around 7-8%1 p.a. The lack of current and future
supply, and the ever higher demand that exists for
golf properties with sea views, indicate that the capital
growth for the Santa Ana development may be slightly
higher than this.
The following table represents how growth in the market
will increase the property value of a €276,400 purchase,
assuming a 24% discount to market value at variable
growth rates.

Forecasted capital growth

Capital Predicted Property price increase from capital growth

Purchase price
growth market value
Year 1 Year 2 Year 3 Year 4 Year 5
5% € 276,400 € 363,823 € 382,014 € 401,114 € 421,170 € 442,229 € 464,340
10% € 276,400 € 363,823 € 400,205 € 440,225 € 484,248 € 532,673 € 585,940
15% € 276,400 € 363,823 € 418,396 € 481,155 € 553,329 € 636,328 € 731,777
Forecast growth excluding transaction costs and tax over 5 years, assuming variable rates of capital growth per annum and assuming a €276,400 purchase.

For cash buyers this would translate into the following profit:

Forecasted return on purchase price

Capital Predicted Return on purchase price for cash buyers

Purchase price
growth market value
Year 1 Year 2 Year 3 Year 4 Year 5
5% € 276,400 € 363,823 38% 45% 52% 60% 68%

10% € 276,400 € 363,823 45% 59% 75% 93% 112%

15% € 276,400 € 363,823 51% 74% 100% 130% 165%

Forecast ROI excluding transaction costs and tax over 5 years, assuming variable rates of capital growth per annum and assuming a €276,400 purchase.

1. http://www.50connect.co.uk/index.asp?main=http%3A//www.50connect.co.uk/50c/articlepages/retirement_index.asp%3Fsc%3Doverseasretirement%26aID%3D14928

Spain - Santa Ana 17 Ready2invest

 Financials

Return on Investment via Mortgage

Our four principles of successful property investing are: buying below market value; capital growth; adding value and
effective structuring. We usually recommend that an investment benefit from at least two of these principles to really
maximise returns. Santa Ana ticks 3 of the 4 boxes. It benefits from a great discount to market price, and value is
added from the fact that it sits on a golf course overlooking the sea. Although the expected capital growth is average,
it is compounded by the great deal-structuring available. This means the equity you put into the property works
extremely hard.

Forecasted Equity Stake Increase If bought with mortgage

15% equity in- Equity value from capital growth
Capital Equity value due
vested
Growth to 24% discount Year 1 Year 2 Year 3 Year 4 Year 5
on purchase
5% € 41,460 € 128,883 € 147,074 € 166,174 € 186,230 € 207,289 € 229,400

10% € 41,460 € 128,883 € 165,265 € 205,285 € 249,308 € 297,733 € 351,000

15% € 41,460 € 128,883 € 183,456 € 246,215 € 318,389 € 401,388 € 496,837

Forecasted equity growth excluding transaction costs, tax and mortgage payments over 5 years, assuming variable rates of capital growth per annum and assuming a €276,400
purchase with 90% borrowing.

Translated into profit, the magnifying effect of leveraging is clear. The return on investment available to investors who
purchase 85% of their property with a mortgage is greater than those who purchase with cash.

Forecasted Return on Investment if bought with mortgage

Cap Growth Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
5% 211% 255% 301% 349% 400% 453%
10% 211% 299% 395% 501% 618% 747%
15% 211% 342% 494% 668% 868% 1098%

With such a substantial discount to market value and with great leveraging available, if
only 5% growth per annum is achieved, then you could see a Return on Investment of
over 453% in just 5 years.

Spain - Santa Ana 18 Ready2invest

 Financials
Payment Timetable
We present below a broad payment timetable for a generic purchase.

Payment Amount Timing

Reservation £2,500 +16% VAT (£2,900) Immediately 1
Deposit 15% / 20% of purchase price On contract (21 days after reservation)2
IVA on deposit3 7% on first deposit On contract (21 days after reservation)3
Legal fees 50% of legal fees On contract (21 days after reservation)4
Final payment 85% / 80% of property value On completion5
IVA on final payment 7% on remaining 85% / 80% On completion
Legal fees Remaining 50% of legal fees On completion
Additional closing costs Approximately 2% of purchase price On completion6

Ongoing costs
Management, maintenance
Approximately 20% of rental income Annually
and rental fees
You can see from the table above that additional property purchase costs in Spain usually equates to approximately 10% of
the purchase value.

Exit Strategy
As previously mentioned, the strength of a Santa Ana purchase lies not in the yield but in the rapid equity growth. That said,
the leveraging effect of a mortgage will always magnify the capital growth, so a number of exit strategies could be adopted.

1. Short Term – Sell before completion
The majority of the capital appreciation for this deal is made over
the initial period. With only 15% down, the 24% discount to
market value creates an immediate three-fold growth in equity.
This creates an ideal situation for investors looking for a ‘quick
flip’ – to potentially sell their contract before completion.
Part of the discount can be passed on to help initiate a quick
onwards sale and there is also the possibility of never needing
to take a mortgage out on the property yourself. That said, this
type of strategy is normally considered high risk – if you fail
to sell the property on to another investor then you will have
to cover the final payment yourself. We recommend that any
investor looking to adopt this strategy has a contingency plan
to be able to cover the mortgage payments should the property
not sell before completion.
2. Short Term – Sell after completion
The advantage of waiting to sell after completion is that the
majority of potential buyers in Spain are lifestyle buyers as
opposed to strict investors. In fact, 80% of coastal apartment
buyers are still Spanish families looking for holiday homes7.
This is your primary resale market. Therefore a completed,
high standard ‘bricks and mortar’ property on a golf course will
always be a more attractive option to this type of buyer than an
off-plan opportunity.
3. Mid to long term
Many overseas buyers/investors often want to utilise their
properties both for investments and as holiday getaways.
Although the rental yield is not expected to be very high, it
should nevertheless generate enough income to cover the
mortgage payments. Keeping the property long term should not
impact negatively on investor’s cash flow. The expected capital
growth in the region is also steady and sustainable and its effect
on equity is heavily leveraged via the mortgage. Consequently,
a longer term strategy could be maintained indefinitely with
the invested equity in the property working very hard for you
as an investor.
1. Payable to Ready2invest in GBP
2. Payable to developer in euros
3. IVA is the Spanish equivalent to VAT and is due on each payment
4. Spanish legal fees are usually 1% of purchase price
5. Payable to developer in euros
6. Including: notary, registry, and mortgage costs other documents
7. http://www.siprograms.com

Spain - Santa Ana 19 Ready2invest

 Tax

As a property owner in Spain, whether you are a resident

or a non-resident, you will have to pay tax. You are
considered a resident if you spend more than 183 days
per year in the country or if the majority of your activities with
economic worth occur in Spain1.

The Spanish fiscal system appears at first glance to be very tax-

heavy and complex. In 2007 the government will be looking
into simplifying and reducing many of the taxes2.

We have compiled a brief guide to give you an idea of what

you can currently expect from this system. However, we
emphasise that this is for guidance only and we strongly
advise you to seek professional advice from a tax specialist if
you intend to invest in Spain.

1. Personal Income Tax (IRPF / INRN)
If you’re resident in Spain, you will pay income tax on your
total worldwide income (IRPF, personal income tax) from
employment or asset gains or losses. This varies between
15-45%, depending on the income.
If you don’t reside in Spain but earn some income in the country,
you pay 25% tax on the income you earn in Spain (IRNR, tax
on the income of a non-resident).
In both cases you need to calculate your own tax liability and
apply for the tax returns from the relevant local authorities.
However, double taxation treaties exist between Spain and
other members of the EU, so you won’t be taxed twice on the
same income3.
If you’re a non-resident, you are required to pay tax on your assets
located in Spain, irrespective of the value of your net wealth4.
3. Inheritance tax / gift tax
In Spain you pay tax on acquisition of assets through inheritance
and legacy and other monies. The inheritor does not pay tax on the
whole estate but on the actual inheritance. This tax is progressive,
ranging between 7-35% depending on the relationship to the
deceased and on the inheritor’s personal circumstances, and
is calculated differently according to the region5. In case of
donations, the donator is required to pay the tax6.
To avoid any unnecessary, and potentially very expensive
complications later, it is strongly advised that you arrange a
Spanish will at the same time as buying your property in Spain.

2. Wealth tax 4. VAT (value added tax)

If you reside in Spain for tax purposes, you need to pay tax on
your worldwide net wealth. Charged at progressive rates ranging
between 0.2-2.5%, you are required to calculate your own
tax liability, complete the tax return and pay the tax during a
specified period.
There are three different VAT rates in Spain - the general rate
of 16%, the reduced rate of 7% and the second reduced rate of
4%. The VAT of 7% is added to accommodation or passenger
transport. The 4% VAT is in use when purchasing food items,
books, newspapers, medicines and so forth7.

Spain - Santa Ana 20 Ready2invest

 Tax

5. Capital transfers / gains tax

This tax is payable on any asset transfers, corporate transactions
and documented legal acts (notarial and administrative
documents) at the moment of transfer or sale8. This applies to
property sales.

For residents, the system is more favourable – the capital gains tax
is charged at 15% of the net profit. If you are over 65 and have
been a resident in the property for 3 years, no capital gains tax
is payable. This is why Spain is such a highly desirable location
for retirement.

For non-residents, the system is again different. If the asset is

held for a year or less, the gains will be taxed in the income tax.
The basic capital gains tax stands at 35%9 and if you have a
buy-to-let property, 25% tax is payable on the gross
rent received10.

However, again there is a double taxation regime in place between

Spain and the UK so you will not be taxed twice.

6. Local taxes
These taxes include the tax on immovable property (Impuesto
sobre Bienes Inmuebles) at around 0.2% of the ‘national rental
value’; tax on economic activities (Impuesto sobre Actividades
Económicas) and tax on vehicles (Impuesto sobre Construcciones,
Instalaciones y Obras). Construction, installation and works taxes
and tax on the increase in the value of urban land (Impuesto sobre
el Incremento de Valor de los Terrenos de Naturaleza Urbana)
may also be charged11.
1. http://ec.europa.eu/youreurope/nav/en/citizens/working/taxation/es/index_en.html
7. Corporate Tax 2. http://www.lowtax.net/lowtax/html/offon/spain/spnhom.html
3. http://ec.europa.eu/youreurope/nav/en/citizens/working/taxation/es/index_en.html
Currently the Spanish corporate tax stands at a high 35%. 4. Ibid
5. http://www.spainlawyer.com/guialegal/guialegal.cfm?IDCAPITULO=11030000
However, the country attracts multinational companies 6. Ibid
7. http://ec.europa.eu/youreurope/nav/en/citizens/working/taxation/es/index_en.html
despite the high rate because there are tax breaks for 8. http://www.graydon-associates.com/taxes.htm
9. http://www.graydon-associates.com/faqs.htm#six
co-ordination centres in certain areas. These centres are the basis 10. Ibid.
11. http://ec.europa.eu/youreurope/nav/en/citizens/working/taxation/es/index_en.html
for a variety of corporate entities that then enjoy tax breaks12. 12. http://www.lowtax.net/lowtax/html/offon/spain/spnhom.html

Spain - Santa Ana 21 Ready2invest

 Mortgages
Securing a mortgage in Spain is a relatively straightforward
process as the mortgages are available in euros. The majority
of Spanish mortgages are full status and the different types
of mortgages available are interest-only and repayment
mortgages with either fixed or variable interest rates. These
rates will be reviewed yearly in accordance with the rates
provided by the European Central Bank. Most Spanish
mortgages, whilst linked to a percentage of valuation,
cannot exceed the price stated in the title deeds.
Although we welcome you to use a bank of your choice in
acquiring a mortgage in Spain, we recommend a Spanish
bank called Bancaja. We have negotiated with them to find
the best possible mortgage deals.
It will be possible to secure a mortgage through Bancaja
with up to 80% loan to value, although it is highly
likely that in Santa Ana only 70% LTV will be required.
Interest rates are around 4.5%, depending on the current
Euribor rates, and the maximum loan period is 40 years,
depending on the age of the borrower; the upper age limit is
75 years old.
There is also a possibility to take an interest-only
mortgage from Bancaja for a maximum of 5 years. This
Spain - Santa Ana
is great news for investors looking to get in and out of the
market quickly.
Along with your mortgage application, Bancaja will require
hard copies of the following documents:
1. Proof of partial payments for the house
(from the Bancaja account)
2. Copy of contract
3. Copies of bank statements
4. Most recent P60 statement
5. Last two salary slips
6. Profits and losses (confirmed by accountants)
if self-employed
7.  Copy of tax return form (from Inland Revenue)
if self-employed
If you choose not to use Bancaja for your mortgage, the
application requirements and paperwork may vary from
those listed above. Further, the details of the mortgage
itself may also vary. It should therefore be noted that this
page is for guidance only and that you should acquire the
accurate list of details from the bank you choose to use for
your mortgage.
22 Ready2invest
 Lawyers
Lawyers representing Ready2invest clients in any foreign
country must be able to accomplish the following:
• Act as Power of Attorney for the investor
• Guide through the conveyancing process
until completion
• Provide a good level of service especially around busy
times, such as completion, keeping the investor up to 5. Notary – final deed
date with the various stages in the process
• Provide an English-speaking key contact who can
respond to enquiries within 48 hours by email or phone
• Provide English translations of any important contracts
• Include the cost of all notarisation, apostils, postage, tax
registration and other legal paperwork that will need to
be done locally
• Provide receipts for all disbursements or out of
hand expenses
With these key points in mind, we chose a local Spanish
firm Jausas, and the partner Sergio Giménez Binder,
as by far the best firm to represent our investors. Jausas
have offices in Madrid and Barcelona and they have a solid
track record spanning over 40 years. They specialise in
various areas, including real estate law and town planning.
Their philosophy is to provide innovative, internationally
orientated and business-minded service, and therefore they
can easily provide services in English. You can visit their
website at www.jausaslegal.com.
We have worked with Sergio for some time and find him
an extremely trustworthy and experienced lawyer. He also
speaks fluent English and is always ready to provide a high
level of service.
Spain - Santa Ana
The lawyer’s fees will be approximately 1% of the purchase
price. The functions these fees covers are:
1. Land Registry
2. Tax Department issues
3. Legal advice
4. Power of attorney
6. Registrations
Please note that this is not an exhaustive list. For a full list
and clarification on each point, please contact Jausas direct.
As with all our developments, we ask that the investor pay
50% of the legal fees upfront and 50% at completion. This
“aligns” the lawyer with the investor and ensures a high
level of representation is maintained throughout the life of
the investment.
We believe this represents tremendous value for money, as
the service they offer is wide ranging and actually exceeds
our criteria in many ways.
If you have any questions for Sergio Giménez Binder,
please drop him an e-mail at:
sgimenez@jausaslegal.com
or call him on 00 34 93 415 00 88.
23 Ready2invest
 Currency

CURRENCY EXCHANGE
Small differences in exchange rates make a big difference to the end amount you pay, and specialist companies compare
extremely favourably to the High Street banks. Ready2invest currently works with Moneycorp and Complete Currency,
currency conversion companies in London that offer an extremely personal service and excellent rates.

Moneycorp Complete Currency

Moneycorp, the UK’s leading foreign exchange company, can
help you achieve the best exchange rates, making your money
go further. They have been trading foreign currencies since
1979 and are the only foreign exchange company in the UK to
have been certified to ISO 9000 Quality Assurance.
In addition, you can take advantage of the following benefits:
• No commission charges or receiving bank fees.
• Fast, efficient worldwide transfers.
• A dedicated dealer to guide you throughout
your currency transaction(s).
• Extended office opening hours
Monday - Friday 7:30am - 10:30pm
and 10:00am - 4:00pm Saturday.
Moneycorp offers a very straightforward, efficient and cost-
effective service. Exchanging and transferring money is an easy
three-step process:
This company offers a range of foreign exchange products
to ensure its clients maximise their potential within the
foreign exchange market, taking advantage of exchange
rate fluctuations and safeguarding their investment. The
company will provide fast money transfer with a full variety
of foreign exchange products with no hidden charges.
The directors of Complete Currency have over 30 years
of currency trading and money transfer experience at
your disposal, and they will see to it that you get the best
exchange rate.
Call our contact Steve Rowe on +44 (0) 207 709 2060
for a quick consultation, mentioning Ready2invest,
between 8:30am and 8:00pm or take a look online at
www.completecurrency.co.uk.

1. Open a trading facility - you can register online by

visiting the Moneycorp website at www.moneycorp.com
or calling their London office on +44 (0)20 7589 3000
2. Book a transaction - once a trading facility has been
set up, a dealer will call you and discuss your individual
requirements with you. Rates are booked with your
dealer over the telephone
3. Transfer your funds - dependent on the date you
require your currency

Our contact, Ben Nicholson, is always available to take

your calls at their London office and can be reached on
+44 (0)20 7823 7500

Spain - Santa Ana 24 Ready2invest

 The Ready2invest Fee

The Ready2invest fee is £2,500 +16% VAT (£2,900 in total) payable for every individual reservation made on each of
our developments. This amount is due immediately as a non-refundable reservation fee, should you choose to purchase
a property through Ready2invest.

What our fee covers:

Finding the Deal Service
• Finding the deals through our network Our Investor Relations staff help you through
of international finders your entire investing process. Their roles
• Personally visiting all developments for incorporate:
face to face meetings with key • Answering any questions you may have
personnel and viewing the sites during your investment process
• Negotiating the discount using R2i • Guiding you through the contract and
reputation and buying power payment process
• Financially structuring the deal for • Helping arrange a Power of Attorney
maximum returns if necessary
• Completing extensive research and • Help organise and liaise with mortgage
due diligence on: companies where necessary
• Title • Arranging site visits (1 week’s notice needed)
• Planning • Help source and organise furniture packs
• Legals where appropriate
• Country and town • Help source local letting agents
• The development where appropriate
• The developer • Update you on the progress of
your investment
• Securing protection for your investment • Provide a friendly ear for any worries
• Sourcing reputable local English-speaking or queries you may have
lawyers in every country wherever possible
• Negotiating favourable fee structure
with lawyers

What we don’t do
• We don’t arrange mortgages
• We don’t convert currency
• We don’t manage finished property
• We don’t advise on tax

Spain - Santa Ana 25 Ready2invest

 About Ready2invest

Views from and of R2i development sites in Montenegro and Croatia

When Jonty and Alise Crossick sold their retail business

and moved into property in August 2003, they invested
just £300,000. Twelve months later they were sitting on
a property portfolio worth over £7 million with equity
of over £3.5 million.
In October 2003, Jonty and Alise set up Ready2invest
Limited to share their property strategy with others and
deliver a professional investment brokering solution in
a fragmented market. The company has become well
known for its thorough research and due diligence, and
for negotiating and engineering exceptional deals in the
marketplace.
“We are, first and foremost, investors. We think like
investors, we behave like investors and we personally
invest in the developments we launch. Ready2invest
grew out of a need to group together with other like-
minded investors in order to create the buying power to
get great deals.”
Over the past two years, the company has built up a
customer base of over 20,000 investors, and has achieved
over €300 million of off-plan sales in many countries
across Europe, each with its own administrative and
legal procedures.
“Our job is to build trust with the developer and trust
with you. If you know that the properties we offer are
well researched, superbly priced, judiciously selected
and located in prime spots, then we believe you will buy
through us. If the developer is confident that we can sell
a lot of properties quickly and efficiently, thereby taking
some of the pain out of his transaction process, we can
negotiate unbeatable deals with him. The result? You,
the investor, wins. The developer wins. And we win.”

“I have been impressed by the high standard of Ready2invest’s customer service,

and even higher quality of property development opportunities”

John Maitland, Sutton -

Ready2invest customer

Spain - Santa Ana 26 Ready2invest

 Next Steps

To reserve a Santa Ana apartment in the Mundo

Aguilón Golf Resort without delay, please complete
and sign the Reservation Form and return it to us with a
non-refundable reservation cheque for £2,500 +16%
VAT (£2,900).

Reservation cheques should be made payable to

Ready2invest (Santa Ana). Please send a separate
cheque for £2,900 for every apartment you wish
to reserve.

If you are as excited as we are about investing in Spain, Ready2invest (Santa Ana) Limited
then call us now on +44 (0)1273 627 900 and speak Olivier House
to one of our property consultants. 18 Marine Parade,
Brighton,
BN2 1TL

Spain - Santa Ana 27 Ready2invest

 Notes

Spain - Santa Ana 28 Ready2invest

 We Need Your Feedback
Ready2invest is dedicated to offering sound investments and providing Customer Feedback
all the necessary support throughout the sales process. Ready2invest Ltd
!

To ensure that our service remains the best it can be we Olivier House
need your valuable feedback. We would be most grateful if you 18 Marine Parade
could answer the questions below and return by either emailing to Brighton
customer@ready2invest.co.uk, faxing to 01273 685 048 or posting to: BN2 1TL

Name: Investment enquiry:

Profession: Sales consultant:

Customer Service

Please circle your answer where applicable

1. Where did you hear about R2i?

2. Initially, what made you choose to enquire with us?

3. On first contacting us, what was your impression?

Excellent / Good / Average / Poor

4. Did you feel confident about further pursuing your enquiry with R2i?
Yes / At a later date / Not at all

Why/ Why not?

5. Throughout the process, was your consultant:

• Prompt when responding to queries? Yes / Reasonably / Not at all
• Knowledgeable? Yes / Reasonably / Not at all
• Polite and professional? Yes / Reasonably / Not at all

6. Did you feel that your consultant cared about your individual needs?
Yes / Reasonably / Not at all

7. Would you consider investing with us again?

Yes / No / Maybe

8. Would you feel happy about recommending a friend to invest with us?
Yes / No / Maybe

Spain - Santa Ana 29 Ready2invest

 Your Feedback continued...

The Brochure

1. What was your overall impression of the brochure?

Excellent / Good / Average / Poor

2. Did the brochure tell you in detail what you needed to know? If not, what
would you like more information on?
Yes
No

3. Was the format easy to navigate?

Yes
No

4. Was the brochure the right length for your needs?

Yes / Too long / Too short

5. Did you find the style of writing easy to read?

Yes
No

6. Are there any sections/features that you would like us to add?

No
Yes

7. Did you like the brochure design?

Yes
No

8. Finally, what other countries or areas are you interested in?

Spain - Santa Ana 30 Ready2invest

 r2i reserVATion forM
PLEASE COMPLETE IN BLOCK CAPITALS
Version R2i/SPA/sAN/2.0
3/10/07

Santa ana, Almería, Spain

2-BED apartment
HOW MANY?
!

Please print your details clearly as they appear on your passport.

FIRST INDIVIDUAL SECOND INDIVIDUAL

TITLE TITLE
FIRST NAME FIRST NAME
SURNAME SURNAME
ADDRESS ADDRESS

POSTCODE POSTCODE
EMAIL EMAIL
TEL TEL
MOBILE MOBILE
FAX FAX
PASSPORT NUMBER PASSPORT NUMBER
DATE OF BIRTH / / DATE OF BIRTH / /

Corporate purchaser
Company Name: Authorising Individual:
Company Number: Email:
Registration Office: TEL:
Mobile:
Fax:
I/we confirm the details specified in this Reservation Form and agree to Terms and Conditions I/we confirm we have reserved this apartment with full understanding of the risks involved in
printed on the reverse. purchasing overseas property.

Authorised Individual Signature: DATE:

OR
First Individual Signature: DATE:
Second Individual Signature: DATE:

Where did you hear about us?

Please send this form to Ready2invest (Santa Ana) Ltd, Olivier House, 18 Marine Parade, Brighton, BN2 1TL, along with a cheque for
£2,500 +16% VAT (per apartment) made payable to Ready2invest (Santa Ana).
Reservation Terms and Conditions
1. R2i is acting as the agent of the developer 8. In producing Santa Ana brochure 11.2 R2i shall not be liable to the customer(s)
identified in the Santa Ana brochure. R2i has used all reasonable skill and care for any indirect or consequential loss
to ensure that the information contained or damage (whether for loss of profit,
2. The customer(s) identified in the is accurate. The customer(s) acknowledges loss of business, loss or depletion of
Reservation Form overleaf acknowledge however that the information may be based investment or goodwill or otherwise),
that there is a reservation fee of on an assessment and/or interpretation by costs, expenses or other claims for
£2,500 + 16% VAT for each apartment R2i or an officer or employee and the consequential compensation whatsoever
in the Santa Ana development customer(s) should therefore make their (howsoever caused) which arise out of or in
(the “Reservation Fee”). own enquiries. connection with this reservation and sale
of the applicable apartment(s).
3. Subject to timely receipt of the customer(s) 9. The customer(s) acknowledges that the
correctly completed Reservation Form and value of property can increase or decrease, 12. No term of this reservation shall be
the applicable Reservation Fee(s), and as can rental yields. No representation or enforceable under the Contracts (Rights of
subject to availability, R2i shall reserve the guarantee is given by R2i that statements, Third Parties) Act 1999 by a third party.
apartment(s) identified in the Reservation views, projections or forecasts contained
Form for the customer(s). in Santa Ana brochure are specific 13. The customer(s) shall not assign, transfer,
to any particular property. The information charge or deal in any other manner with
4. £2,500 + 16% VAT of each Reservation Fee contained in Santa Ana brochure, or the reservation or its rights under it or part of it.
is being paid to R2i as a broking fee. otherwise provided to the customer(s),
merely represents a general picture of the 14. If any term of this reservation is found by
5. The customer(s) shall use all reasonable property market in the territory identified any court, tribunal or administrative body
endeavours to complete contractual and customer(s) must determine for of competent jurisdiction to be wholly
documentation for the purchase of the themselves what reliance they should or partly illegal, invalid, void, voidable,
apartment(s) as soon as practicably possible place on such information. The customer(s) unenforceable or unreasonable it shall to
following the issue of same by R2i also acknowledges that tax and other the extent of such illegality, invalidity,
to the customer(s). legislation may change. voidness, voidability, unenforceability or
unreasonableness be deemed severable
6. The customer(s) acknowledge that the 10. Nothing in these Conditions excludes or and the remaining terms of this reservation
Reservation Fee(s) is non-refundable once a limits the liability of R2i for death and the remainder of such term shall
unit within the development has been or personal injury caused by R2i’s continue in full force and effect.
allocated. On release of the brochure, the negligence or for any matter which it
customer(s) has 48 hours to withdraw their would be illegal for R2i to exclude or 15. This reservation shall be governed by and
statement of interest in order for their attempt to exclude its liability or for fraud construed in accordance with English law
Reservation Fee(s) to be refunded in full. or fraudulent misrepresentation. and each party hereby irrevocably submits
Customers who are unsuccessful in securing to the jurisdiction of the English Courts.
a unit within the development due to over 11. Subject always to 11 above:
subscription will be refunded in full. 16. R2i is a trading name of Ready2invest
11.1 R2i’s total liability in contract, tort Limited (4923529) of registered office
7. The customer(s) understand that R2i is (including negligence or breach of Olivier House, 18 Marine Parade, Brighton,
not a financial or taxation adviser, legal statutory duty), misrepresentation or BN2 1TL. UK.
firm or mortgage broker and is not otherwise, arising in connection with
responsible for ascertaining tax or credit the performance or contemplated 17. Nothing contained in the Reservation Form
status or mortgage eligibility. performance of this reservation and or these Conditions shall affect the
sale of the applicable apartment(s) shall customer(s) statutory rights.
be limited to the sale price of the applicable
apartment(s); and