Financing
Email:
 info@eastwestdevelopments.com
Phone: +44 8701826515
Fax: +44 8445852550
www.eastwestdevelopments.com
IN-HOUSE DEVELOPER'S FINANCE  

Buy a 5 Star Hotel Condo paying 2% monthly payments - for 11 months only
This offer may be withdrawn anytime without notice.

 

EXAMPLE: This is only an example to help the Buyer understand the details. If in doubt consult your representative at info@eastwestdevelopments.com before deciding. Sample Calculations as on  price of $100,000 on a studio at the CondoHotel. 

Property Details:           Purchase Price:$100,000      

 

 

    Studio

    Parking Slot

1

Price

$100,000

$11,000

2.

Each monthly installment of 2%.  

$2,000

$220


The terms and conditions are as follows:
  1. 0% interest.   $0 processing fee.  No early pre payment fees.
  2. Substantial Late fees. (equal to 10% of the late payment).
  3. 2% Monthly installments only.
  4. Buyers desiring 98% Financing must submit the Finance Application form.

The monthly installment payments is paid every month. All funds received are immediately credited to the Buyers account with the Developer, and the Developer confirms each installment payment received to the Buyer.  Developer also emails to the Buyers their Account statement  every 3 months.  It is the responsibility of the buyer to send to the developer all the installments on time.  

The Buyer can stop making the monthly payments after 11 Installments have been paid.

The Buyer can stop making the monthly installments after 11 monthly installments (22%) have been paid, and pay the  balance 58% (78% less 20% towards the Cash back = 58%) on completion of the building. For this balance of 58% the developer can advice the Buyer on the various loans offered by the local banks, or can take the loan from the developer at that time. The Buyer can however continue to make the monthly installments on-time, and make his full payments, if he wishes to benefit from  the additional 5% cash back. In this case the Buyer has to make a total of 37.5 monthly installments (75%)   In this Full pay Option, with on-time payments, the buyer is actually buying the property at 75% of the purchase price. At 75% the Buyers full purchase price is reduced to $75,000 only instead of the $100,000.

The buyer may send the payment by check, cashiers check, (out of country checks are not accepted). By online Bill pay,  money order, Western Union, Bank transfers, Wiring funds, credit card etc. Any means, which is convenient  and more economical to the buyer. The Developer can recommend the most reliable and economical way of sending the payments, and when the buyer follows the Developer's instructions, then the Developer will bear all the Bank or Credit card transaction charges towards sending the funds. The buyer has to bear all exchange rate differences as may be applicable.  If using Paypal go to www.paypal.com and send payment to the developers email account

 

ON-TIME Payments:    Please make sure all the monthly installments are received on time, (on or by the last day of every month). There is a grace period of 15 days only on the monthly installments. If payment is late, beyond the15 days of grace period, it will attract substantial late fees (equal to 10% of the  payment late), and will invalidate the 20% cashback plus all other bonus offers. All payments will first be applied towards late fees, if any, and then towards the installment balance. Part payment of an installment is still subject to the full late fees.

A word of Caution: Buyers using the installment payments option, before making reservations, please check that they will be able to meet the monthly installment payments. There is no refund for Cancellation of the Purchase, once the installment payments start. The Buyers could loose their property resulting in substantial losses, if they default on their monthly installment payments, before making the minimum 11 installments.

All payments are to be made in the name of the developer, East West Developments.  If in default of payments, before 11 installments are paid, or if the payments are late by more than 6 months, then the reservations may be cancelled at the developers discretion. Buyers, can no longer sell their ownership if it is in default or cancelled. There is NO refund on cancelled units, and all the buyers payments made to that date will be forfeited.     

In case of more than 6 months, condoning of the delay will be at the sole discretion of the developer.   In case such delay is condoned the investor will have to pay double the late fees on each late installment as penalty, and will have to bring current all his payments.
The Buyer can upgrade to a higher Payment Plan within 90 days of his first payment.  After 90 days, Midway switch or change to another Payment Plan Option is not allowed.

For Resales, please check the Resale Pool Page.
 

Guaranteed gross rental of 38 to 39% will be paid on 100% the Buyer's payment at reservation time.  In the above example for the studio taking the purchase price of $100,000, then the 38 to 39% guaranteed rental in case of 20% down will be on $20,000.

In case of monthly  payments: then the amount on which the Guaranteed rental that will be paid, will be on a sliding scale, a percentage of the average of total payments made in installments over time.  It depends on when and how much the buyer  pays from their first installment date.  An average  is taken. 

Example: Let us assume that the Pay period is 11 months. That is the Buyer stops after paying 11 installment payments of $2,000 each, then his guaranteed rental will be on 90.9% of the $22,000 paid, that is on $20,000.   Guaranteed gross rental of 39% will be paid on $20,000. An average of the total initial installment amount paid is taken.

OR Let us assume that the Pay period is 37.5 months (3 years & 2 months). That is that the Buyer continues and pays 37.5 installments, as full pay, then on 60% of the $75,000 paid, that is on $45,000.  

The Buyers guaranteed rental is based on the average of total amount paid by the buyer from their first installment date.

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