Established in February 2005 Bulgarian Home Loans (BHL) have been working tirelessly to develop, promote and improve mortgages for foreigners buying in Bulgaria.
The Bulgarian property market is incredibly dynamic and it was about time that the finance sector started to catch up.
BHL are now delighted to announce the entrance of their 7th lender into the Bulgarian property market.
Chris Downham (Director of BHL) commented “Mortgages had to become more accessible to foreign buyers, it was no good having a rampant property market if it was let down by finance, our lenders still have a long way to go, however, the rate of product development has been tremendous. Eight months ago no Bulgarian Bank was actively lending to foreigners, we now have 6 Bulgarian Banks and 1 Greek Bank on our panel. We have been involved in designing these mortgages and have ensured that they meet the needs of buyers. We can now get up to 80% loan to value, rates from 5.99%, interest only, no proof of income, multiple property purchases etc. Several of these mortgages are exclusive to us and hence we are in a strong position in the market”
BHL work with over 90% of developers and sales agents and are also happy to take introductions from all sectors of the market (and will pay a 0.25% of the loan amount to registered introducers). Chris Downham said “Introducers are our life blood, our business has developed very quickly and we owe much of this to the support we have received from the Bulgarian property market”
It has not all been smooth sailing, BHL report many frustrations in developing their panel of lenders and efficiently implementing mortgages for foreigners. They have had to set up a chase team in Bulgaria with the specific task of chasing the banks, developers and lawyers. Chris Downham said “I used to be a mortgage broker in the UK, I did occasionally get frustrated with service yet after dealing in Bulgaria I will never complain about the UK mortgage market again!”
BHL expect the next year to be incredibly busy and are currently receiving over 50 enquiries per day. Steve Andrews (Operations Director) said “We are currently preparing our business to service over 6,000 clients in the next 12 months, we have been having discussions with many developers, building thousands of properties who have already committed to using BHL to provide a mortgage service to their clients”
If you are interested in finding out more about BHL then you should log onto their website www.BulgarianHomeLoans.Com