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The Ready2Invest Property Scam

For those caught in any of the Ready2Invest fiascos, such as Cerros de Turre, La Cadima or Santa Ana
Home > Uncategorized > Cadima Units Show Tax Office Embargo

Cadima Units Show Tax Office Embargo

June 10th, 2011

The attached document, which relates to the individual property description, in construction, and its legal charges, reveals the following:

  1. The maximum mortgage this unit would be liable for, potentially. This unit has maximum mortgage liability of €139,500, on which draw-downs can be effected as the unit gets built.
  2. An embargo for a maximum of €746,160.31 Euros which is, presumably, the debt incurred in with the Tax Office for the whole development.

If we consider that these properties would have a retail value of anything between 35% and 50% less than initially sold for, it is difficult to see how the bank would be looking at buying the plot back and paying Citrus a subtantial sum, as is being suggested.


About Antonio Flores

Antonio Flores is the head lawyer at Lawbird, a Spanish law firm specialised in property and litigation. More on .


  1. Ray Warren
    August 16th, 2012 at 08:25 | #1

    To be clear. The suggestion that th eland might be sold to a nominee of the bank was initiated by Bancaja , the merger of the bank with seven other banks to form Bankia brought this to an end. As you are aware the taxes accrue annually and are accunilated since the project was halted by the banks refusal to honour the terms of the mortgage and pay on submitted valuations. you are also aware that if the bank seize the land they will assume this liability and is probably ( we have to guess because the bank do not tell us) why they have not siezed the land but would prefer a negotiated sale. If they seek a negotiated sale then they will have to talk to the Company who can then put the argument for the purchasers. Do you agree Mr. Flores

    • Antonio Flores
      August 23rd, 2012 at 08:54 | #2

      Ray, you know and I know that the land is now worthless. The off-plan market has all but disappeared in Spain and there are not even official land-valuation parameters in place, since there are no transactions going that can be used as benchmarks to set prices. I cannot therefore accept the fact that land can be sold, particularly where the is a gigantic mortgage loan on the place.

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