Condotel Financing in the Philippines

Dec. 21, 2006 – Existing Lancaster Tower I unit owners in Metro Manila, Philippines, whom are currently availing of Pacific Concord Properties’ in-house financing for Lancaster Suites Condotels have the option to pay off their units in 144 months. With BDO’s Home Loan, unit owners can now opt to pay off the balance for up to 15 years [180 months] at only 11.5% per annum. By converting the existing in-house loan to BDO’s Home Loan, buyers will have more flexibility in paying off their loans at a much lower interest rate. What’s more, with BDO’s Home Loan, buyers can loan the full amount equivalent to 70% of the current value of their units regardless if they have already paid more than 30% of the units’ TCP. After paying the balance of the unit price to PCPI, the net amount will then be released directly to them. Buyers can take advantage of this offer to free up some cash as well as to finance the fit-out of their units in the condotel pool or their business set up requirements in their commercial units or purchase preconstruction units in the new Lancaster Atrium Manila Condotels.

“Many of my previous clients whom have purchased units in Lancaster Suites Tower I are now set to cash in on their equity by availing of the new 15 year financing option to be able to reinvest in new units at Lancaster Atrium which is currently on preconstruction selling” said Collingz.

Collingz continued, “Not only will buyers of units in Tower I have rental income from their units from the middle part of 2007 that will partially offset mortgage payments, they can now free up their equity and take advantage of the current low prices for Condotel Suites in the new Lancaster Atrium and stand to make another 70-80% in property appreciation by the time the building is fully completed in 2010. This is really a fantastic offer from BDO and is initially available only to unit owners of Lancaster Suites Tower I Condotel units”

Banco De Oro (BDO) a commercial Bank in Metro Manila has just approved applications from Foreign Nationals for financing or mortgage plans on the purchase of Lancaster Condotels in the Philippines.

This is “really good news” for all existing unit owners and prospective buyers of Lancaster Suites Tower 1 Condotel Suites in the Philippines enthuses Beth Collingz, Director of PLC International, lead marketing partners of Pacific Concord Properties Lancaster Suites Condotel developments in Metro Manila, Philippines.

Collingz stated that “The new financing scheme, a first providing Philippine Mortgages to Foreign Nationals residing overseas for the purchase of Condo units in the Philippines, is now available to Filipinos, Filipino-Americans and Foreign Nationals alike whom are looking to purchase a Condotel Suite or refinance their real estate investments through BDO’s Home Loan”

Open initially to both residential and commercial unit owners and existing buyers of Lancaster Suites Tower I units whom have paid at least 30% of the total contract price of their units can loan up to 70% of the current unit market value.

Pacific Concord Properties, Inc. is offering the perfect mix of both the right opportunity and the right timing. In recognizing the financial and emotional value of their investment, PCPI designed a program for all unit owners of Lancaster Suites and Lancaster Cebu that will help them maintain and generate income from their investment. More popularly known as the Condotel Advantage, this program will enable unit owners to gain access to PCPI’s experienced world-class property managers who will make sure of the complete and hotel-quality maintenance of the units enrolled in the condotel pool.

As part of the condotel pool, unit owners can relax knowing that their properties will be managed like hotel rooms. Finding tenants will not be a concern also as the property managers will be tasked in finding tenants for them to make sure that their units will earn a competitive rental income. By joining the condotel pool, unit owners will get to enjoy total hassle-free property management while earning rental income whether they are staying in the Philippines or residing in another country anywhere in the world

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