Spanish banks lending over 100% on repossessed properties

Spanish Banks are prepared to lend over 100% on their own properties that have been repossessed, it has been revealed.

They are also selling them at rock bottom prices to attract buyers so that they can reduce the amount of property on their books.

According to Adam Cornwell, managing director of Feltrim International these are quality properties in desirable areas.

Recent reports from a leading risk adviser say banks have around €30 billion worth of property that they can’t sell.

Source:  PropertyWire.com