Property Details
Longevity Wellness resort Monchique/Algarve is a unique $ 50 million condo hotel development
***** 5 STAR *****
The 195 unit development ,nine acre condo resort hotel is located in a lush area with 83% of the property marked as protected natural reserve.
The confirmed deal structure is –
• 20% instant equity
• 80% mortgage is just £170,000 sterling (based on Prices of €255k )
• Fully furnished 1 x bed, 2 x bath apartments (€15,000 furniture pack INCLUDED)
• Upfront commitment fee of £2550 (this includes a £550 non refundable admin fee)
• 2 Years Mortgage Guarantee on completion
• 20% Instant Equity of €51,000 - €59,000 – Up to 80% loans available on availability attached above.
• Year 3 – 50/50 split of income (see attached rental projection income detail)
• Developer projecting a 6.5-7.5% income year 3 onwards based at 65% occupancy (see attached projections)
• 4 weeks a year personal usage (personal usage is not totally free, the client will be required pay just 10% of the room rate charge for the period they choose to visit, but there are no additional fees to pay when they stay – i.e. maid/turndown/weekly check out clean etc)
• Part of ‘Interval International’ worldwide network group – trade personal usage for weeks away elsewhere globally
• You’ll see from the spreadsheet that the mortgage figures (based on a conservative 3% rate) show the following –