Spain Off Plan Property Investment and Opportunities

8/14/2019 Spain Off Plan Property Investment and Opportunities

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Santa Ana, Costa Almera, Spain29/2/08

24%belowmarketvalueFirst-classgolfdevelopment


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We are pleased to bring you a deal that has everything - prospect o capital growth, considerably

under the market value and serious leverage - all in Britains number one second home destination,Spain, in the heart o its hot spot region o Almera.

Were very excited about Santa Ana. Te last time we ound a deal similar to this was 2 years

ago. Playa Macenas, was priced at 2,600 per m2 against a market price o 3,300 per m2. Since

then prices have rocketed and are quoted at upwards o 3,800 per m2, reaching over 5,000 per

m2 or some plots. Tis new deal, 20 minutes rom Mojacar, is being oered at 2,764 per m2

against the market price o at least 3,800 per m2.

Santa Ana is part o the greater Mundo Aguiln gol resort, a high-end development oering

2- and 3-bedroom apartments with underground parking and private terrace space, antasticviews o the gol course and o the sea just under 2km away. Sea views and a gol course location

tend to add high premiums to property prices. In addition to these, there will be excellent acilities

including gol 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 Soross MedGroup, Santa Ana

is part o a master plan which is unded by one o Spains oremost banks, BBVA. Furthermore,

BBVAs development arm is one o the active partners in the project.

By ar the best thing about Santa Ana is the nancial package. Te price is 276,400 (184,267)

or 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 o 5% growth over 5 years, the value o your property could

increase by 68%. Tis 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 nd out more we think this deal is a winner.

Best wishes,

Jonty and Alise Crossick

contact us

callTalk to a property

consultant, call us on+44 (0) 1273 627 900

websiteYou can nd all our deals, showswe are attending, educational

material and more atwww.ready2invest.co.uk

subscribeBe sent deals as they happen,get ree tickets to seminars andmore by subscribing atwww.ready2invest.co.uk

new address!Olivier House18 Marine ParadeBrighton BN2 1TL

Executive Summary

Spain - Santa Ana 2 Ready2invest


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K P

15%/20% deposits required

From 24% undermarket value

2,764 per m2

70% LTV mortgages

Assignable contracts

45 minutes rom

Almera airport

Deal SummaryWHY COSTA ALMERIA? (PAGES 4-5)Reasons why we think that the Costa Almera 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 gol 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 or similar properties in the area.

DEAL STRUCTURING (PAGE 14)15%/20% deposits; range o nancing options.

SENSITIVITY ANALYSIS (PAGE 15)LV available and contingency.

COVERING YOUR COSTS (PAGE 16)Rental yield orecast.

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 o tax system in Spain

MORTGAGES (PAGE 22)We recommend Bancaja or mortgages, others available.

LAWYERS (PAGE 23)CURRENCY (PAGE 24)

READY2INVEST FEE (PAGE 25)Te Ready2invest ee is 2,500 +16% VA.

ABOUT READY2INVEST (PAGE 26)

NEXT STEPS (PAGE 27)

RESERVATION FORM (PAGE 28)



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Why the Costa Almera?

excellent climateTe south coast o Spain has long been a magnet or northern

Europeans seeking respite rom cold, cloudy drizzle andwhen you look at the climate its not surprising. With an

average o 325 days o sunshine per year, the south easterncorner o Spain enjoys beautiul year-round weather. It has

a semi-arid climate with mild winters and long, warm tohot summers and very low rainall too. In act, Almera

is reported to be the sunniest region in Europe, with an

average 3000 hours per year1.

easy to Get toSouth eastern Spain is extremely well-served or airtravel. Tere are major airports at Almera, Malaga, Alicante and Murcia. It is possible to y to the areadirect rom all parts o the UK, with no need or atime-consuming transer in London. All the budgetairlines y to either Malaga (2 hours drive), Alicante(2 hours), Almera (1 hour) or Murcia (112 hours).

Flight time is approximately 212 hours.

GorGeous settinGTe province o Andalucia is a large one, and its easternend, the Almera region, is blessed with beautiul scenery.Te Sierra del Aguiln (Mountains o the Eagles) rise up

to the north and gorgeous sandy beaches stretch out alongthe Mediterranean. In between there are quaint hill towns

and the amous, atmospheric white villages where itseems time stands still. Dramatic rock ormations dot the

coastline and you might recognise places you have seen inamous spaghetti westerns, and Lawrence o Arabia,

which were lmed in the region.

restricted PlanninGHaving learned the lessons o over-development urtherround the Mediterranean coastline, the authorities haveclamped down on the planning permission process. Mucho this region is protected national parkland with theremainder being agricultural land. It is notoriously difcultto obtain change o land use permission, and all otherbuilding requests have to go through a complicated andtime-consuming process at various levels o government local and regional. It is not permitted to build on ront-

line searont land, any new buildings must be set back, andno building can rise higher than three storeys. Tis is goodnews or the property investor as it restricts supply andpreserves the regions natural beauty.

imProvinG inrastructureTe Almera province will benet enormously romthe upgrade o a stretch o road through the region tomotorway status. When completed in approximately 18months (mid-2008), it will create a high speed route toValencia and Barcelona and onwards up into France. Tiswill make travel in and out o the region much quicker

and will drastically reduce journey times to these attractivecities, making it easier to explore other parts o Spain.

beautiul towns and Places to visit Andalucia is a stunningly beautiul region, jam-packed

with ascinating historical sites, reecting and celebratinghundreds o years o civilisation. Not-to-be-missed

destinations include the Alhambra o Granada, theromantic and historic Seville, several nature reserves

including the mountains o Sierra Nevada and Cabo deGato-Nijar reserve. Mojacar was built as a Moorish hill-

ort and its streets snake up the steep hillside, oeringgreat views rom the top. Dotted along the coastline are

old Moorish towers, lookouts or sea-borne invaders.

1. http://spainorvisitors.com/module-ContentExpress-display-ceid-110-meid-1054.htm?meid=1054



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Why the Costa Almera?

GolTe south o Spain has always attracted the keen golerwith its excellent year-round temperature and challenging

and beautiully designed courses. Tere is plenty to interestplayers o all levels. In addition to the course at Mundo

Aguiln, there are several other courses in the area which

oer variety to players o all standards.

activities (includinG sKiinG within 2 hours drive)Tis region o Spain is one o those places where it is

possible to spend a morning on the beach and then enjoyan aternoons skiing in the Sierra Nevada, approximately2 hours inland. As well as gol there are a couple o othercourses in the area i you ancy a change rom the course atMundo Aguiln there are the obvious attractions o thebeach swimming, boating (there is a marina at nearbyGarrucha) and water sports. You can also go horse-riding,hiking, play tennis and enjoy a host o other outdoor

activities, thanks to the pleasant weather.

year-round rentalsWith its mild climate, south east Spain attracts visitors all

year round. Golers, in particular, relish the opportunityto play in the mild weather, compared to the heat o thesummer. Tis means good potential or rental yields, even

outside o the high season. On a recent site visit at the endo October, there were still plenty o people on the gol

course, by the pool and in the sea.

liestyleLie in southern Spain is laidback and relaxed. Perhaps itis something to do with the weather, or maybe it is theproximity to the beach, but lie is lived at a slower pacethere. In common with the rest o Spain, lie should beenjoyed, and spent happily with amily and riends inront o a cold glass o wine and a plate or two o tapas,or relaxing on the beach, or savouring the great outdoorsor just making the most o your absence rom the rat race,even just or a little while.



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Santa AnaCosta Almera, Spain

locationMundo Aguiln gol development is situated on the Costa

Almera at the eastern end o the Andalucia region in the

south east o Spain. At the oot o the Sierra del Aguiln

range o hills, and just under 2km rom the coast, the

development will occupy a 200 hectare site, built around

an 18-hole gol course.

Te Costa Almera consists o miles o sandy beaches,

interspersed with rocky outcrops and hidden coves. Te

nearest seaside town is San Juan de los erreros where thebeaches are excellent or amilies as they are gently shelving.

Te town itsel has good amenities and has recently begun

upgrading its beachront, including a brand new esplanade

with wooden beach-side bars and restaurants.

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

development is not permitted on the rontline, and no

building can rise above 3 storeys. Tis means that while

there are plenty o tourist amenities, the area retains an

authentic Spanish eel, with no shortage o riendly localbars and restaurants to while away a pleasant ew hours.

Te ancient Moorish hill town o Mojacar is a short drive

away. Popular with writers and artists, this settlement is

a warren o 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 colourul

annual estas, the best known o which is

Moros y Cristianos in June. 2km away on the coast is

Mojacar Playa, stretching or 9km along sandy beaches,with bars and restaurants to suit every taste. Just east o

Mojacar Playa is Garrucha, a ormer shing village and later

a port where the metal rom nearby mines was shipped,

where there is now a large marina.

Elsewhere in the region there is much to explore,

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

marine and land eco-system o great signicance. It covers

a huge area south west o Mojacar. Also in the region

are several systems o caves and an attraction called Mini

Hollywood, which celebrates the numerous spaghetti

westerns that were lmed in the region.

INFRASTRUCTURE

FLIGHTS:The south east o Spain is extremely well-served or airports.

Almera is the nearest airport to Mundo Aguiln, and is45 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 o tourism.

All the budget airlines fy rom all major airports in the UK

direct to one o these airports, removing the need or a time-

consuming transer in London.

British Airways, British Midland and Iberia also fy to the region

rom London airports. Flight time on average is 212 hours and

ares start rom 40 return.

ROADS:Almera region is well served or roads and has had much

unding to improve and upgrade the network. The latest project

is the upgrading o a section o road to ast motorway linking

this area to Valencia, Barcelona and France. This is due to be

completed mid-2008.

CAR HIRE:Spain has an ecient high-speed rail network, but outside o

the main cities, rail services are minimal. It would thereore

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 or a weeks hire o a amily-size car.



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location continued...Road networks in the area are good, with a stretch o

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 abulous cities. Madrid is currently

around a 4 hour drive away. Te city o Almera, the capital

o the region, is an hours drive and is a bustling port,

with many historic buildings and a charming old town.

It has galleries, museums and good shopping acilities. It is

even possible to take a erry rom here to North Arica.

Almera is well provided with gol courses Desert

Springs, Playa del Este and Marina Gol are all within an

hour o Mundo Aguiln. Tese oer challenges to all levels

o goler and provide variety or the gol acionado.

Santa Ana

MUNDO AGUILN Location

San Juan de los Terreros Seaside town with bars, restaurants etc - 2km

Mojacar Pueblo and Playa Hill town with shops, boutiques and restaurants, and beaches 20 minute drive

Almera City 1 hour by car

Madrid 4 hours by car

Almera Airport 45 minute drive

Murcia Airport 90 minutes by car

Malaga Airport 2 hours by car

Alicante Airport 2 hours by car

San Juan delos Terreros

Los Jurados Puerto delos Peines

MUNDO AGUILN

E

N

W

S



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about the develoPmentMundo Aguiln is a high-end gol development, whichaims to be the best in the region. Te 18-hole gol course

was started 6 months ago and has already been landscaped.Te apartment buildings are arranged around the course,

oering views o the greens and airways, as well as sea andmountain vistas. Te basic inrastructure o the site is well

underway, roads have been laid and suraced, streetlightsinstalled and a long cycle-circuit already completed which

skirts the whole site.

Te development as a whole will benet rom the amenitiesprovided or the goler. Te main attraction is the course

itsel, and residents will be oered preerential rates to useall acilities, including the clubhouse, the golng school

and shop. Each section o the development will benetrom a large communal swimming pool, shops, bars and

restaurants. Tere will also be other sporting acilities,including tennis courts and tness centre. At a later phase

o the development a hotel and spa will be built. Owingto its proximity to the oot o the Sierra del Aguiln, it is

easy to enjoy hiking in the hills, which oer great views othe surrounding area. You may even spot an elusive eagle

these hills are named Mountains o the Eagle in Spanish.

Te section o the Mundo Aguiln development weare oering is called Santa Ana. It will consist o 238

apartments in total, with the great advantage that all othese will be sea-acing, providing great views. Tere will be

ninety 2- and 3-bedroom apartments available toReady2invest customers, and these will be nished to

a high standard. Tey will have underground parking,garden areas and the whole site benets rom year-round

security surveillance. Te apartments will be arranged interraced stepped design, with each enjoying their own

private outside area.

about the develoPerTe Mundo Aguiln development is underway with thebacking o Anida, the property development arm o BBVA,

one o Spains largest banks.

Te architect or the Santa Ana section o Mundo Aguilnis a rm called Arquivir, a well-established Madrid-based

company who have enormous experience in all kinds obuilding projects, all over Spain. Te Mundo Aguiln

design is headed by Antonio Arrechea Fster, a senior

architect in the practice. You can visit their website at www.arquivir.com where you can view their extensivetrack record, which includes residential and tourist units,

apartments and schemes all over Spain, in addition to civicand municipal work or a variety o public bodies as well as

commercial projects, hotels, schools and libraries.

Te project manager or Santa Ana is Barry Haslam-Walker,a quantity surveyor with 20 years o project management

experience. His companys website (www.novopro.com)gives ull details o their work and experience. He has

extensive experience o the Spanish construction marketsector together with international experience on a wide

range o development/construction projects throughoutEurope, North/South America and the Middle East.

Santa Ana

t 1:Tier 2:

First 30 units

Tier 3:

Next 30 units

Remaining

30 units

u P P 276,400 296,400 316,400

c p 2 2,764 2,964 3,164

15 p :15% p

41,460 44,460 47,460

rg 15 p : 20% p

55,280 59,280 63,280



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Santa Ana Siteplan

Mundo Aguiln

Te area marked in red indicates the development plot. Te coast lies 2km south east o the plot.

View o the Santa Ana plot.

E

NW

S

E

NW

S

Price structurinGTe Apartment purchase prices available at Santa Ana will

broken down into three tiers.

Te rst 30 apartments will be available at the rst tier

prices. Once these are sold the price will increase to thesecond tier price, where a urther 30 apartments are

available. Once these are sold the price will again increaseto the third tier prices.

Please note that within each tier a 15% deposit is requiredor the rst 15 apartments, with 85% due at completion.

Te second 15 apartments per tier will require a 20%deposit with the remaining 80% due at completion. Tisis not an uncommon price structuring in Spain and gives

advantages to those investors prepared to act astest.



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100m2 apartment

Te above image shows a conceptual design or the Santa Cristina plot belonging to BBVA ANIDA, elsewhere

in the Mundo Aguiln, designed by Antonio Arrechea Fster.

Floorplans

Santa Ana



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FinancialsUNDER MARKET VALUE

s aP m

l P 1d spg2

l Gr3

m G4v eG r5

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

Price per m2 2,764 4,230 2,790 2,945 3,746 3,333

LocationSan Juan delos Terreros

Mojacar Vera Lorca Mojacar Vera

Sea view Yes Yes No No Yes Yes

Swimming pool Yes Yes Yes Yes Yes Yes

Gol Yes Yes Yes Yes Yes Yes

Private parking Yes Yes Yes Yes Yes Yes

An apartment in the Santa Ana development is a great

investment because o the combination o two actors:a great discount (24% to market value) and the act

that only a 15% deposit is required. As you will see in

the prot orecast on page17, this combination could

produce a return on investment o 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 o Eastern Europe.

In Spain it is twice as difcult, especially on gol

developments with direct sea views. Demand or

this type o property is still strong, the market in

Spain is mature and developers have access to

excellent nancing options, meaning that the need

to raise nance 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 o his property quickly and at a

large discount. I he has a high risk approach, this could

be in order to maximise his land buying and building

ability on multiple sites. I the developer has a low risk

approach, he may wish to cover his downside by securing

steadast nancing through selling o-plan contracts. At

Santa Ana the latter is true.

o veriy the discount on oer rom the developer, we

can compare prices and values o other developments o

a similar nature. Te ollowing table shows a selection

o our comparables.

Ready2invest sold over 90 apartments at the Playa Macenas gol development as o-plan opportunities back

in 2004. At the time we secured prices or only 2,600 per m2 compared to the 4,000 per m2 plus that

other properties on the development are selling or now!

1. http://www.imagineAlmera.com/playa_macenas/apartment__los_patios_2_bedroom2. http://www.imagineAlmera.com/desert_springs/apartment_2_bedroom3. http://www.imagineAlmera.com/lorca_resort_gol_and_spa/apartment_2_bedrooms4. http://www.rightmove.co.uk/viewdetails-4469241.rsp?pa_n=3&tr_t=buy&chnl=overseas5. http://www.inspain.tv/AllProperties/__property63522_4.html

S

O

L

D

S

O

L

D



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When comparing property prices to determine market

value it is essential to compare like or like compare

apples with apples. Te previous comparables show a

selection o gol course apartments on the Costa Almera

closest to Mundo Aguiln. However, sometimes actors

exist over and above simply the category o a property

that will aect its value. In the case o Spain, sea views

play a major role in determining property value and

conservatively add a premium o over 20% to property

prices. Tis should be actored in when calculatingthe average market value by adjusting the price per m2

o 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 o 3,638

per m2. A discount o this magnitude locks in

considerable instant equity. Buying at discount also

covers your downside the market would have to drop

by the value o your discount beore you would begin

to lose money, and to help ensure a quick sale, you also

have the luxury o being able to pass on part o your

discount when you come to sell.

cg P p 2

Playa Macenas Los Patios 4,230

Desert Springs 3,348*

Lorca Golf Resort 3,534*

Marina Golf 3,746

Valle del Este Golf Resort 3,333

Average price: 3,638

s a 2,764

d 24%

Financials

* Conservative 20% adjustment due to non-sea views

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

Tats a saving of 92,400!

vera

moJacar

roQuetas

ALMERIA GOLF COURSES

S O L DS O L D



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RENTAL COMPARABLES

Te rental market on the Costa Almera is strong. WithSpain remaining the number 1 destination or UK holiday-

makers this comes as no surprise. Tere are a number o

property management and rental companies in the area

that can manage both the property and the rentals or

investors. Te resort managers have also oered this service

and we are looking at the possibility o organising a rental

pool or Ready2invest investors. Regardless o this we will

put you in touch with rental companies closer to the time

o completion.

As with the price comparables, to get a eel or the likely

rental income, we can compare the current rack rates o

other gol course apartments in the region:

With 320 days sunshine a year the Spanish season is

long. Te high season stretches rom mid-June to mid-

September with two weeks at Christmas and two weeks at

Easter. Occupancy over these periods is always very high

and rental rates are reectively increased. Te weeks either

side o the high seasons also tend to do better than theremainder o the year, which does not benet rom such

high occupancy or rates.

Te ollowing table represents the rental yield that could

be generated or a 2-bed, 100m2 apartment at Santa

Ana, taking into account both the high season with

high occupancy and the low season with a conservative,

lower occupancy.

s op t wk wk r t i y

High Season 100% 16 656 10,500 3.80%

Low Season 40% 14.4 211 3,038 1.10%

c s 30.4 13,538 4.90%

r n tpwk

rs

Valle del Este 2-bed apartment 525 high

La Torre golfdevelopment

2-bed apartment 825 high

La Torre golf

development 2-bed apartment 675 high

Valle del Este 2-bed apartment 600 high

hg g

656

Marina Golf 2-bed apartment 203 low

Valle del Este 2-bed apartment 220 low

l

g 212

6. http://www.wttc.org/2006SA/2006individual%20pages/spain.htm

7. http://www.holidaylettings.co.uk/rentals/Vera/154408. http://www.holidaylettings.co.uk/rentals/La-orre-Gol-Resort/152979. http://www.holidaylettings.co.uk/rentals/La-orre-Gol-Resort/1363110. http://www.holidaylettings.co.uk/rentals/Vera/1275111. http://www.mojacarestates.com/longterm-lets/

Financials



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DEAL STRUCTURING15% o the property purchase price is due at reservation

and 85% at completion. o maximise leverage and returns,

ideally this 85% would be covered with a mortgage. Tis

would also mean that no extra capital need be contributed

by investors at completion. Unortunately current mortgage

lenders in Spain do not oer interest-only mortgages at a

85% loan-to-value. An 80% LV is achievable but 70%

LV is more common and easily accessible. So as investors

how can we make this work?

Te answer lies in the discount. Mortgage lenders inSpain are prepared to lend on the valuation amount o a

property, not just the purchase value. Tis means that as

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% LV mortgage on a bank valuation o

the property at completion should cover the remaining 85%

due o the purchase price:

Purchase value 276,400

85% due at completion: 234,940

Market value at completion: 363,823

70% LTV available at completion: 254,676

Te 254,676 mortgage that can be raised on the marketvalue o the property would be more than enough to cover

the 234,940 due on the purchase.

Using a 100m2 2-bed apartment costing 276,400 as an

example the gures could look like this:

400,000

350,000

300,000

250,000

200,000

150,000

100,000

50,000

0

Purchase Value Market Value

15% Equity

85%LTV

70%LTV

Financials

30% Equity



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SENSITIVITY ANALYSISTere are two key variables upon which the success o this

strategy depends. Tey are:

Calculated market value

Achievable loan-to-value mortgage

Te ollowing tables represent how much room or error

there is within our calculations.

I the market value was 10% less than our calculated value,

then with a 70% LV mortgage the required amount

could still be raised.

A 65% LV mortgage on our calculated market price o

363,823 would also be enough to cover the remainder

due at completion.

CONTINGENCYInvestors should be aware that any market can decrease as

well as increase and that external inuences can sometimes

greatly aect the market value o property. So although

at the time o publication we believe to the best o our

knowledge that the inormation these gures 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.

The view rom the Santa Ana plot acing west

Financials

Sensitivity to Market Price

mggq

ck

bk k

s

234,940 363,823 335,629 7.7%

Sensitivity to LTV

mgg

qtg ltv

bk

ltvs

234,940 70% 65% LTV 7.7%

View rom the let side o the land looking north west.



16/32

In any deal, an investor wants a property to stay cash

positive. Tis means that the rental income should coverthe mortgage payments. In this way the associated costs

o using a mortgage are not incurred by the investor and

the leveraging eect that it provides means the capital

growth makes your equity work a lot harder.

I the aorementioned mortgage strategy is adopted

or a Santa Ana purchase, then 85% o the purchase

price would be taken as mortgage. As the percentage

o purchase value borrowed increases, the likelihood

o covering the interest payments with rental yield

decreases. However, there is strong rental demandor gol property in Almera and the added bonus o

sea views means higher rental rates, and thereore the

higher rental yield can be obtained as demonstrated

on page 13.

Te next table shows a breakdown o rental income

versus mortgage payments or a 100m2 2-bed apartment

costing 276,400. We have conservatively anticipated

that 20% o rental income will go towards letting and

maintenance ees.

Rental income or a Santa Ana 2-bed apartment with

a 70% LV mortgage should cover the mortgage

payments. As always, we preer to stay conservative with

the expected rental income. We have not incorporated

the option that the rental rates might increase over

the three years that it will take or the development

to complete.

Tis investment is not about yields or generating income.

It is about the massive capital appreciation, achievable

through the generous discount, steady growth and

eective leveraging, as covered by the next section.

Property price 276,400

Borrowings required 234,940

Interest rate 4%

Annual payment 9,398

Expected annual rental income 13,538

Costs 20% 2,708Net income 10,831

STAYING IN THE BLACK

Financials



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Te south coast o Spain in general has already

experienced massive growth and it can in no way beconsidered an emerging market like those o Eastern

Europe. Consequently the current capital growth

remains steady but low in comparison to some o

Europes younger markets. However, undiscovered and

underdeveloped pockets do still exist along the coast

where there remains room or growth. Te San Juan de

los erreros area is one such place.

Te little sea-side village has remained very authentic

and large development there has been restricted. Tis

is partly due to lack o transport inrastructure (a newmotorway 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 originalowner of the Mundo Aguiln 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 Almera

are around 7-8%1 p.a. Te lack o current and uture

supply, and the ever higher demand that exists or

gol properties with sea views, indicate that the capital

growth or the Santa Ana development may be slightly

higher than this.

Te ollowing table represents how growth in the market

will increase the property value o a 276,400 purchase,

assuming a 24% discount to market value at variable

growth rates.

PROFIT FORECAST

Financials

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

For cash buyers this would translate into the ollowing prot:

Forecasted capital growth

cpg

P pP

k

Pp p p g

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

Forecasted return on purchase price

cpg

P pP

k

r p p


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%

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



18/32

RETURN ON INVESTMENT VIA MORTGAGE

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

ranslated into prot, the magniying eect o leveraging is clear. Te return on investment available to investors who

purchase 85% o their property with a mortgage is greater than those who purchase with cash.

Our our principles o successul property investing are: buying below market value; capital growth; adding value and

eective structuring. We usually recommend that an investment benet rom at least two o these principles to reallymaximise returns. Santa Ana ticks 3 o the 4 boxes. It benets rom a great discount to market price, and value is

added rom the act that it sits on a gol course overlooking the sea. Although the expected capital growth is average,

it is compounded by the great deal-structuring available. Tis means the equity you put into the property works

extremely hard.

Financials

With such a substantial discount to market value and with great leveraging available, i

only 5% growth per annum is achieved, then you could see a Return on Investment o

over 453% in just 5 years.

Forecasted Equity Stake Increase I bought with mortgage

cpG

15% q

p

eq 24%

eq p g


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 Return on Investment if bought with mortgage

cp G y 0 y 1 y 2 y 3 y 4 y 5

5% 211% 255% 301% 349% 400% 453%

10% 211% 299% 395% 501% 618% 747%

15% 211% 342% 494% 668% 868% 1098%



19/32

EXIT STRATEGYAs previously mentioned, the strength o a Santa Ana purchase lies not in the yield but in the rapid equity growth. Tat said,

the leveraging eect o a mortgage will always magniy the capital growth, so a number o exit strategies could be adopted.

PAYMENT TIMETABLEWe present below a broad payment timetable or a generic purchase.

P a tg

Reservation 2,500 +16% VAT (2,900) Immediately 1

Deposit 15% / 20% o purchase price On contract (21 days ater reservation)2

IVA on deposit3 7% on rst deposit On contract (21 days ater reservation)3

Legal ees 50% o legal ees On contract (21 days ater reservation)4

Final payment 85% / 80% o property value On completion5

IVA on nal payment 7% on remaining 85% / 80% On completion

Legal ees Remaining 50% o legal ees On completion

Additional closing costs Approximately 2% o purchase price On completion6

ogg

Management, maintenanceand rental ees

Approximately 20% o rental income Annually

You can see rom the table above that additional property purchase costs in Spain usually equates to approximately 10% othe purchase value.

Financials

1. short term sell beore comPletion

Te majority o the capital appreciation or this deal is made over

the initial period. With only 15% down, the 24% discount to

market value creates an immediate three-old growth in equity.

Tis creates an ideal situation or investors looking or a quick

ip to potentially sell their contract beore completion.

Part o the discount can be passed on to help initiate a quick

onwards sale and there is also the possibility o never needingto take a mortgage out on the property yoursel. Tat said, this

type o strategy is normally considered high risk i you ail

to sell the property on to another investor then you will have

to cover the nal payment yoursel. 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 beore completion.

2. short term sell ater comPletion

Te advantage o waiting to sell ater completion is that the

majority o potential buyers in Spain are liestyle buyers asopposed to strict investors. In act, 80% o coastal apartment

buyers are still Spanish amilies looking or holiday homes7.

Tis is your primary resale market. Tereore a completed,

high standard bricks and mortar property on a gol course will

always be a more attractive option to this type o buyer than an

o-plan opportunity.

3. mid to lonG term

Many overseas buyers/investors oten want to utilise their

properties both or investments and as holiday getaways.

Although the rental yield is not expected to be very high, itshould nevertheless generate enough income to cover the

mortgage payments. Keeping the property long term should not

impact negatively on investors cash ow. Te expected capital

growth in the region is also steady and sustainable and its eect

on equity is heavily leveraged via the mortgage. Consequently,

a longer term strategy could be maintained indenitely with

the invested equity in the property working very hard or you

as an investor.

1. Payable to Ready2invest in GBP

2. Payable to developer in euros3. IVA is the Spanish equivalent to VAT and is due on each payment4. Spanish legal ees are usually 1% o purchase price5. Payable to developer in euros6. Including: notary, registry, and mortgage costs other documents7. http://www.siprograms.com



20/32

ax

1. Personal income tax (irP / inrn)

I youre resident in Spain, you will pay income tax on your

total worldwide income (IRPF, personal income tax) rom

employment or asset gains or losses. Tis varies between

15-45%, depending on the income.

I you dont 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 o a non-resident).

In both cases you need to calculate your own tax liability and

apply or the tax returns rom the relevant local authorities.

However, double taxation treaties exist between Spain and

other members o the EU, so you wont be taxed twice on the

same income3.

2. wealth tax

I you reside in Spain or 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

specied period.

I youre a non-resident, you are required to pay tax on your assets

located in Spain, irrespective o the value o your net wealth 4.

3. inheritance tax / Git tax

In Spain you pay tax on acquisition o assets through inheritance

and legacy and other monies. Te inheritor does not pay tax on the

whole estate but on the actual inheritance. Tis tax is progressive,

ranging between 7-35% depending on the relationship to the

deceased and on the inheritors personal circumstances, andis calculated dierently according to the region5. In case o

donations, the donator is required to pay the tax6.

o 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.

4. vat (value added tax)

Tere are three dierent VA rates in Spain - the general rate

o 16%, the reduced rate o 7% and the second reduced rate o

4%. Te VA o 7% is added to accommodation or passengertransport. Te 4% VA is in use when purchasing ood items,

books, newspapers, medicines and so orth7.

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 i you spend more than 183 days

per year in the country or i the majority o your activities witheconomic worth occur in Spain1.

Te Spanish scal system appears at rst glance to be very tax-

heavy and complex. In 2007 the government will be looking

into simpliying and reducing many o the taxes2.

We have compiled a brie guide to give you an idea o what

you can currently expect rom this system. However, we

emphasise that this is for guidance only and we strongly

advise you to seek proessional advice rom a tax specialist i

you intend to invest in Spain.



21/32

5. caPital transers / Gains tax

Tis tax is payable on any asset transers, corporate transactions

and documented legal acts (notarial and administrative

documents) at the moment o transer or sale8. Tis applies to

property sales.

For residents, the system is more avourable the capital gains tax

is charged at 15% o the net prot. I you are over 65 and have

been a resident in the property or 3 years, no capital gains tax

is payable. Tis is why Spain is such a highly desirable location

or retirement.

For non-residents, the system is again dierent. I the asset isheld or a year or less, the gains will be taxed in the income tax.

Te basic capital gains tax stands at 35%9 and i 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

Tese taxes include the tax on immovable property (Impuesto

sobre Bienes Inmuebles) at around 0.2% o the national rentalvalue; tax on economic activities (Impuesto sobre Actividades

Econmicas) and tax on vehicles (Impuesto sobre Construcciones,

Instalaciones y Obras). Construction, installation and works taxes

and tax on the increase in the value o urban land (Impuesto sobre

el Incremento de Valor de los errenos de Naturaleza Urbana)

may also be charged11.

7. corPorate tax

Currently the Spanish corporate tax stands at a high 35%.

However, the country attracts multinational companies

despite the high rate because there are tax breaks or

co-ordination centres in certain areas. Tese centres are the basis

or a variety o corporate entities that then enjoy tax breaks12.

1. http://ec.europa.eu/youreurope/nav/en/citizens/working/taxation/es/index_en.html2. http://www.lowtax.net/lowtax/html/oon/spain/spnhom.html3. http://ec.europa.eu/youreurope/nav/en/citizens/working/taxation/es/index_en.html4. Ibid5. http://www.spainlawyer.com/guialegal/guialegal.cm?IDCAPIULO=110300006. Ibid

7. http://ec.europa.eu/youreurope/nav/en/citizens/working/taxation/es/index_en.html8. http://www.graydon-associates.com/taxes.htm9. http://www.graydon-associates.com/aqs.htm#six10. Ibid.11. http://ec.europa.eu/youreurope/nav/en/citizens/working/taxation/es/index_en.html12. http://www.lowtax.net/lowtax/html/oon/spain/spnhom.html

ax



22/32

Mortgages

Securing a mortgage in Spain is a relatively straightorwardprocess as the mortgages are available in euros. Te majority

o Spanish mortgages are ull status and the dierent typeso mortgages available are interest-only and repaymentmortgages with either xed or variable interest rates. Teserates will be reviewed yearly in accordance with the ratesprovided by the European Central Bank. Most Spanishmortgages, whilst linked to a percentage o valuation,cannot exceed the price stated in the title deeds.

Although we welcome you to use a bank o your choice inacquiring a mortgage in Spain, we recommend a Spanishbank called Bancaja. We have negotiated with them to ndthe best possible mortgage deals.

It will be possible to secure a mortgage through Bancaja with up to 80% loan to value, although it is highlylikely that in Santa Ana only 70% LV will be required.Interest rates are around 4.5%, depending on the currentEuribor rates, and the maximum loan period is 40 years,depending on the age o the borrower; the upper age limit is75 years old.

Tere is also a possibility to take an interest-onlymortgage rom Bancaja or a maximum o 5 years. Tis

is great news or investors looking to get in and out o themarket quickly.

Along with your mortgage application, Bancaja will requirehard copies o the ollowing documents:

1. Proo o partial payments or the house(rom the Bancaja account)

2. Copy o contract3. Copies o bank statements

4. Most recent P60 statement5. Last two salary slips

6. Prots and losses (conrmed by accountants)i sel-employed

7. Copy o tax return orm (rom Inland Revenue)i sel-employed

I you choose not to use Bancaja or your mortgage, theapplication requirements and paperwork may vary romthose listed above. Further, the details o the mortgageitsel may also vary. It should thereore be noted that thispage is or guidance only and that you should acquire theaccurate list o details rom the bank you choose to use oryour mortgage.



23/32


24/32

Currency

MONEYCORPMoneycorp, the UKs leading oreign exchange company, canhelp you achieve the best exchange rates, making your money

go urther. Tey have been trading oreign currencies since1979 and are the only oreign exchange company in the UK tohave been certied to ISO 9000 Quality Assurance.

In addition, you can take advantage o the ollowing benets:

No commission charges or receiving bank ees. Fast, efcient worldwide transers. A dedicated dealer to guide you throughout

your currency transaction(s). Extended ofce opening hours

Monday - Friday 7:30am - 10:30pmand 10:00am - 4:00pm Saturday.

Moneycorp oers a very straightorward, efcient and cost-

eective service. Exchanging and transerring money is an easythree-step process:

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

visiting the Moneycorp website at www.moneycorp.comor calling their London ofce on +44 (0)20 7589 3000

2. Book a transaction - once a trading acility has beenset up, a dealer will call you and discuss your individual

requirements with you. Rates are booked with yourdealer over the telephone

3. ranser your unds - dependent on the date yourequire your currency

Our contact, Ben Nicholson, is always available to take

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

COMPLETE CURRENCYTis company oers a range o oreign exchange productsto ensure its clients maximise their potential within the

oreign exchange market, taking advantage o exchangerate uctuations and saeguarding their investment. Tecompany will provide ast money transer with a ull variety

o oreign exchange products with no hidden charges.

Te directors o Complete Currency have over 30 years

o currency trading and money transer experience atyour disposal, and they will see to it that you get the bestexchange rate.

Call our contact Steve Rowe on +44 (0) 207 709 2060

or a quick consultation, mentioning Ready2invest,between 8:30am and 8:00pm or take a look online at

www.completecurrency.co.uk.

CURRENCY EXCHANGESmall dierences in exchange rates make a big dierence to the end amount you pay, and specialist companies compare

extremely avourably to the High Street banks. Ready2invest currently works with Moneycorp and Complete Currency,currency conversion companies in London that oer an extremely personal service and excellent rates.



25/32

Te Ready2invest Fee

Te Ready2invest ee is 2,500 +16% VA (2,900 in total) payable or every individual reservation made on each o

our developments. Tis amount is due immediately as a non-reundable reservation ee, should you choose to purchase

a property through Ready2invest.

What our fee covers:

indinG the deal

Finding the deals through our networko international nders

Personally visiting all developments orace to ace meetings with keypersonnel and viewing the sites

Negotiating the discount using R2i

reputation and buying power Financially structuring the deal or

maximum returns Completing extensive research and

due diligence on:

itle Planning Legals Country and town Te development

Te developer Securing protection or your investment Sourcing reputable local English-speaking

lawyers in every country wherever possible Negotiating avourable ee structure

with lawyers

what we dont do

We dontarrange mortgages

We dontconvert currency We dontmanage nished property

We dontadvise on tax

service

Our Investor Relations sta help you throughyour entire investing process. Teir rolesincorporate: Answering any questions you may have

during your investment process Guiding you through the contract and

payment process Helping arrange a Power o Attorney

i necessary Help organise and liaise with mortgage

companies where necessary Arranging site visits (1 weeks notice needed) Help source and organise urniture packs

where appropriate Help source local letting agents

where appropriate

Update you on the progress oyour investment Provide a riendly ear or any worries

or queries you may have



26/32

I have been impressed by the high standard of Ready2invests customer service,

and even higher quality of property development opportunities

John Maitland, Sutton -

Ready2invest customer

Views rom and o R2i development sites in Montenegro and Croatia

About Ready2invest

When Jonty and Alise Crossick sold their retail businessand moved into property in August 2003, they investedjust 300,000. welve months later they were sitting on

a property portolio worth over 7 million with equityo over 3.5 million.

In October 2003, Jonty and Alise set up Ready2investLimited to share their property strategy with others anddeliver a proessional investment brokering solution ina ragmented market. Te company has become wellknown or its thorough research and due diligence, andor negotiating and engineering exceptional deals in themarketplace.

We are, rst and oremost, investors. We think likeinvestors, we behave like investors and we personallyinvest in the developments we launch. Ready2investgrew out o a need to group together with other like-minded investors in order to create the buying power toget great deals.

Over the past two years, the company has built up acustomer base o over 20,000 investors, and has achieved

over 300 million o o-plan sales in many countriesacross Europe, each with its own administrative andlegal procedures.

Our job is to build trust with the developer and trustwith you. I you know that the properties we oer are well researched, superbly priced, judiciously selectedand located in prime spots, then we believe you will buythrough us. I the developer is condent that we can sella lot o properties quickly and efciently, thereby takingsome o the pain out o his transaction process, we cannegotiate unbeatable deals with him. Te result? You,the investor, wins. Te developer wins. And we win.



27/32

o reserve a Santa Ana apartment in the Mundo Aguiln Gol Resort without delay, please completeand sign the Reservation Form and return it to us with anon-reundable reservation cheque or 2,500 +16%

VA (2,900).Reservation cheques should be made payable toReady2invest (Santa Ana). Please send a separatecheque or 2,900 or every apartment you wishto reserve.I you are as excited as we are about investing in Spain,then call us now on +44 (0)1273 627 900 and speakto one o our property consultants.

Next Steps

Ready2invest (Santa Ana) LimitedOlivier House

18 Marine Parade,Brighton,

BN2 1TL



28/32

Notes



29/32

We Need Your FeedbackReady2invest is dedicated to oering sound investments and providingall the necessary support throughout the sales process.

o ensure that our service remains the best it can be we

need your valuable eedback. We would be most grateul i you

could answer the questions below and return by either emailing to

[email protected], axing to 01273 685 048 or posting to:

NAME:

PROFESSION:

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 rst contacting us, what was your impression?

Excellent / Good / Average / Poor

4. Did you eel condent about urther pursuing your enquiry with R2i?

Yes / At a later date / Not at all

Why/ Why not?

5. Troughout the process, was your consultant: Prompt when responding to queries? Yes / Reasonably / Not at all

Knowledgeable? Yes / Reasonably / Not at all

Polite and proessional? Yes / Reasonably / Not at all

6. Did you eel 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 eel happy about recommending a riend to invest with us?

Yes / No / Maybe

INVESMEN ENQUIRY:

SALES CONSULAN:

Customer Feedback

Ready2invest Ltd

Olivier House

18 Marine Parade

Brighton

BN2 1L

!



30/32

Your Feedbackcontinued...

THE BROCHURE1. What was your overall impression o the brochure?

Excellent / Good / Average / Poor

2. Did the brochure tell you in detail what you needed to know? I not, what

would you like more inormation on?

Yes

No

3. Was the ormat easy to navigate?

Yes

No

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

Yes / Too long / Too short

5. Did you nd the style o writing easy to read?

Yes

No

6. Are there any sections/eatures 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?



31/32

!

P r2 s a l, o h, 18 m P, bg, bn2 1tl, g q 2,500 +16% vat p p p r2 s a.

irst individual

TITLE

FIRST NAME

SURNAME

ADDRESS

POSTCODE

EMAIL

TEL

MOBILE

FAX

PASSPORT NUMBERDATE OF BIRTH / /

PLEASE COMPLETE IN BLOCK CAPITALS

R2I RESERVATION FORM

SANTA ANA, ALMERA, SPAIN

Authorised Individual Signature: DATE:

or

First Individual Signature: DATE:

Second Individual Signature: DATE:

second individual

TITLE

FIRST NAME

SURNAME

ADDRESS

POSTCODE

EMAIL

TEL

MOBILE

FAX

PASSPORT NUMBERDATE OF BIRTH / /

corPorate Purchaser

COMPANY NAME:

COMPANY NUMBER:

REGISTRATION OFFICE:

AUTHORISING INDIVIDUAL:

EMAIL:

TEL:

MOBILE:FAX:

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

Where did you hear about us?

i/ f pf r g t cp .

i/ f p g k pg pp.

2-BED APARTMENT

HOW MANY?

Version r2i/sPA/sAn/2.0

3/10/07


32/32

1. R2i is acting as the agent o the developer

identied in the Santa Ana brochure.

2. Te customer(s) identied in the

Reservation Form overlea acknowledge

that there is a reservation ee o

2,500 + 16% VA or each apartment

in the Santa Ana development

(the Reservation Fee).

3. Subject to timely receipt o the customer(s)

correctly completed Reservation Form andthe applicable Reservation Fee(s), and

subject to availability, R2i shall reserve the

apartment(s) identied in the Reservation

Form or the customer(s).

4. 2,500 + 16% VA o each Reservation Fee

is being paid to R2i as a broking ee.

5. Te customer(s) shall use all reasonable

endeavours to complete contractual

documentation or the purchase o the

apartment(s) as soon as practicably possible

ollowing the issue o same by R2i

to the customer(s).

6. Te customer(s) acknowledge that the

Reservation Fee(s) is non-reundable once a

unit within the development has been

allocated. On release o the brochure, the

customer(s) has 48 hours to withdraw their

statement o interest in order or their

Reservation Fee(s) to be reunded in ull.

Customers who are unsuccessul in securing

a unit within the development due to over

subscription will be reunded in ull.

7. Te customer(s) understand that R2i is

not a nancial or taxation adviser, legal

rm or mortgage broker and is not

responsible or ascertaining tax or credit

status or mortgage eligibility.

Reservation Terms and Conditions

8. In producing Santa Ana brochure

R2i has used all reasonable skill and care

to ensure that the inormation contained

is accurate. Te customer(s) acknowledges

however that the inormation may be based

on an assessment and/or interpretation by

R2i or an ofcer or employee and the

customer(s) should thereore make their

own enquiries.

9. Te customer(s) acknowledges that the

value o property can increase or decrease,as can rental yields. No representation or

guarantee is given by R2i that statements,

views, projections or orecasts contained

in Santa Ana brochure are specic

to any particular property. Te inormation

contained in Santa Ana brochure, or

otherwise provided to the customer(s),

merely represents a general picture o the

property market in the territory identied

and customer(s) must determine or

themselves what reliance they should

place on such inormation. Te customer(s)

also acknowledges that tax and other

legislation may change.

10. Nothing in these Conditions excludes or

limits the liability o R2i or death

or personal injury caused by R2is

negligence or or any matter which it

would be illegal or R2i to exclude or

attempt to exclude its liability or or raud

or raudulent misrepresentation.

11. Subject always to 11 above:

11.1 R2is total liability in contract, tort

(including negligence or breach o

statutory duty), misrepresentation or

otherwise, arising in connection with

the perormance or contemplated

perormance o this reservation and

sale o the applicable apartment(s) shallbe limited to the sale price o the applicable

11.2 R2i shall not be liable to the customer(s)

or any indirect or consequential loss

or damage (whether or loss o prot,

loss o business, loss or depletion o

investment or goodwill or otherwise),

costs, expenses or other claims or

consequential compensation whatsoever

(howsoever caused) which arise out o or in

connection with this reservation and sale

o the applicable apartment(s).

12. No term o this reservation shall beenorceable under the Contracts (Rights o

Tird Parties) Act 1999 by a third party.

13. Te customer(s) shall not assign, transer,

charge or deal in any other manner with

the reservation or its rights under it or part o it.

14. I any term o this reservation is ound by

any court, tribunal or administrative body

o competent jurisdiction to be wholly

or partly illegal, invalid, void, voidable,

unenorceable or unreasonable it shall to

the extent o such illegality, invalidity,

voidness, voidability, unenorceability or

unreasonableness be deemed severable

and the remaining terms o this reservation

and the remainder o such term shall

continue in ull orce and eect.

15. Tis reservation shall be governed by and

construed in accordance with English law

and each party hereby irrevocably submits

to the jurisdiction o the English Courts.

16. R2i is a trading name o Ready2invest

Limited (4923529) o registered ofce

Olivier House, 18 Marine Parade, Brighton,

BN2 1L. UK.

17. Nothing contained in the Reservation Form

or these Conditions shall aect the

customer(s) statutory rights.

Documents

Spain Off Plan Property Investment and Opportunities