CAM Bank Spanish Mortgages
CAM bank one of the Cajas has a huge exposure to the construction market. CAM were one of the biggest funders of the Polaris Developments and threw themselves rather recklessly into the non-resident boom of previous years.
CAM rather than appointing independent valuers at that time had their own internal valuation company that was vastly optimistic on values. CAM lent against valuation with no link to purchase price and as such have found themselves in a position where many loans now exceed the value of the property.
By far the highest number of enquiries any brokers receives for re-mortgages come from existing CAM bank holders who have found that all that glitters is not gold.
CAM remain however active in the non resident market with loans up to 70% although standard is lower with reasonable rates linked to taking other products. Communication and turn around times are very poor with this bank so any applicants should leave many weeks grace. CAM have no qualms about saying one thing and then not delivering so bee warned.
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