Independent News

Beware of Lehman-style collapses in murky online world

Investing online is an area where everything starts from how active an investor you have been and whether you are one of those burnt or blessed by the changing world markets. Our client base has come from a mixture of both, but the last six months have shown and proved to be more traditional and with that come more cautious investors.

http://www.business24-7.ae/Articles/2009/8/Pages/31072009/08012009_426626598d7d4e728dbb0d4569e28291.aspx

see full story

market brokers finance invest banks mortgages rent lease

Date posted: 09.08.2009 01:48
Posted by: Independent

July Hot Sizzling News

• Cooling no 1 - Central banks announcements today will help local banks get funding on improved financial terms - this allows for more favourable lending - and that's what we need to stimulate our sales and mortgages and rental finance.
•  
• Cooling no 2 - Standard Chartered - Some excellent news Offering 30% LTV deals on off plan projects from master developers (Emaar, Dubai properties, Nakheel and Union Properties) if the project is to be handed over/completed within the next 6 to 9 months maximum. The 70% of payment made. Off course conditions apply as  always.  But indeed a very nice bit of news. This is very very good.
•  
• Cooling no 3 - Asset Based Finance - Independent announces our newest product to the market. We can now arrange financing up to AED 10 million on the following assets. -    
  • Machinery and Factory Equipment - productive industrial assets like chillers, generators, machinery for printing, textile and food processing to meet the needs of the Country’s industrial sector.
  •  Vehicles, Transportation and Construction Equipment -  financing or on lease Saloon cars, Trucks, Distribution vans, Tractors, Jeeps, Prime movers, Forklifts, and a host of other equipment of similar usage. 
  • Office and Other Equipment - lease-financing options for photocopier, computers, furniture’s, Fax Machines, Air Conditioners, Electro-medical and similar equipment.
• Cooling no 4 - Independent Finance - We announce our very successful free company listing service.  As you may know getting a loan of any kind is quite reliant on the company you work for.  So getting your company listed as a reliable employer by banks is no easy feat.  Well we have successfully listed Qatar Insurance, Top Care Promotions and  Better Homes Dubai, Abu Dhabi and Sharjah with some of the major local banks and this will make lending woes a past problem for these companies staff members.  At present this does not apply to commission only earners - but watch this space.  This is paving the way for lending for their staff members. 
• Cooling no 5 - Mashreq- Loan to values increased with immediate effect to 75% on market value and completed projects.  Well done guys let see more of this.
• Cooling no 6 - IF International Mortgages - We offer mortgages for over 50 different countries and can give you independent advice on the best source for your finance.  We have access to exclusive products from a wide range of mortgage lenders worldwide and can offer all types of overseas mortgages including holiday homes, investment purchases and mortgages on a home that you may live in.  Visit our website for more info
• Cooling no 7 - IF RENTAL FINANCE - Our first AED 1 million since launch and thank you for your support guys.  We will be sending you new approaches and services for: Corporate Rental Finance for your corporate clients and managing their cash flow.  Rental to Buy finance allowing 100% LTV in a try and buy approach. Landlord rental finance.  We are sizzling this summer.
• Cooling no 8 - Dubai Islamic Bank - Loan to values increased with immediate effect to 90% based on market value.  Well done guys let see more of this. BUT we know that it is definitely for Nationals and will confirm if this is for Ex-pats as well.  The news papers say yes/ the banks say no - like boxer's in their respective corners - either way this is VERY good news.
• Cooling no 9 - NO NAME BANKS - We are protecting the banks here but - Buy -outs / takeovers are allowed for customers with six months clear repayment history, on completed properties, with no cash-out / re-finance.  So if your client is paying big interest (example lender A.........K, switch them) we are talking about 2 to 3% better rates.
• Cooling no 10 - HSBC - An awesome rate for some. If below 55% LTV interest rates from 6.5% - awesome
• Cooling no 11 - Mashreq Again - Rate pricing break- get a 10 to 30 basis point improvement on your rate by providing them with a Notarized Power of Attorney (POA) duly signed by the Notary Public as a mortgage customers.  Sounds complicated - don't worry we will help your clients here.
All in all, 11 cooling offers for summer - only from your coolest finance partners - independent finance.
 
p.s well done Penny Higgens our favourite real estate professional of the month - thank you for your support and business - you really do rock!!!!
 

Date posted: 01.07.2009 05:11
Posted by: Independent

Investment Boutique’s - Dubai Market Pulse Q2 2009

 It gives me immense pleasure to send to you Investment Boutique’s latest market research publication,

 the Dubai Market   Pulse Q2 2009. (DETAILED REPORT)

 

 Since the inaugural launch of the Market Pulse in October 2008, the UAE real estate market has changed considerably

 and now more than ever, the market requires market-leading research and in-depth analysis, which Investment Boutique

 is able to provide.

 

The Dubai Market Pulse Q1 2009 attempted to help the reader navigate the murky waters of the changing market. Today, as we move from a state of denial to a place of uncertainty major questions as to the future viability of Dubai persist and so the latest version of the report attempts to answer the most pressing questions concerning the state of the real estate market:

 

· How is the market faring in 2009?

 

· How low will the market go?

 

· Will the Metro impact prices?

 

· Is the expat exodus for real?

 

· What is the government doing?

 

· What are the developers and banks up to?

 

I do hope you enjoy reading this report. Also, we would like to point out that we have launched the Investment Boutique Property Monitor, providing clients with the most sophisticated and up to date real estate intelligence and market tracking report, covering residential and commercial transactions across communities in Dubai and Abu Dhabi. Also, the Dubai State of the Market Report was released over a month back which forecasts the future of the residential, office, retail and hospitality property sectors in the UAE. While we will be launching more off the shelf research products over the next few months, we also offer bespoke research services and would be happy to discuss your requirements in more detail.

 

 

For information on our range of research publications or service offerings, please do not hesitate to contact us.

 

We look forward to our continued collaboration in 2009.

 

Regards

 

Heather Wipperman Amiji

CEO I Investment Boutique LLC

T: +971 4 341 8341 I M: +971 50 657 2836

F: +971 4 341 8143

Date posted: 15.06.2009 04:09
Posted by: Independent

Land Transactions in Dubai

 

Date posted: 10.06.2009 02:57
Posted by: Independent

Managing Credit Cards

Credit Cards, what are they good for?                        

 

 

I am sure with all conflicting information and signals from the banks, the news this may have been a recurring question that has surfaced while doing your monthly budget.

Wonder no more as, we at Independent Finance have the insight to tell you what it is that can either strengthen your application or prepare for a future purchase.

·         When having a credit card, use it wisely when making purchases or drawing cash.

·         With most of the lenders you can use up to 75% of your credit card for cash withdrawals.

·         With monthly repayment always try and pay more than the minimum payment.

·         This is ensure that you pay what is due, and adds a positive to banking profile.

·         Always pay on time, or at least 2-3 days before, thus ensuring if via internet or bank transfer the extra day needed, that the money takes to reflect in your account.

·         If you are using more than one card to just get by from month to month, then it is not affordable to have so many cards.

·         The best thing to do when this is the case is to recalculate your budget, pay the minimum due.

·         Live sparingly of the cash that is available to you, and look at the card that draws the most interest.

·         Pay the interest added to this card extra monthly with your installment, and you should feel a relief opening those bills at the end of the month coming sooner that you expected.

 

 

You would employee a mechanic to look at your car for it`s services to fix your car. This is why when thinking or preparing for a purchase of any kind, trust us!

 

We assist with free quotes, on what you can afford. This helps you know upfront with:

What you can afford?

And how to increase what you can afford?

What options of finance are available to you?  HOW CAN WE HELP YOU?

Date posted: 13.04.2009 02:47
Posted by: Independent

Amlak and Tamweel Whats happening?

http://www.gulfnews.com/business/Investment/10282240.html get the full story

 

AMLAK and TAMWEEL - there is a rethink happening?

 

How does this affect us.  Well some may think its the end of the world, but the truth is until lending critieria changes in the UAE, LTV's drop, more properties are being considered for lending and banks get a new appetite for risk, it will not matter one bit.

 

Quote "After reviewing both Amlak and Tamweel, the committee is expected to give its recommendation to the government at the end of this month, the minister said.

"Mortgage finance has been one of the key drivers of real estate growth in the UAE. The ripple effects of the global financial meltdown have necessitated a renewed approach to the business models of Amlak and Tamweel," Al Mansouri said.

The Steering Committee will comprise experts from all the ministries and regulatory bodies." Unquote

 

Banks such as Dubai islamic Bank offer great news of lending 80% on ALL completed properties that are registered in the lands department.

 

Now thats great news, and lets see who is next.  Figures from 24/7 today really indicated some interesting banking statistics.

http://www.business24-7.ae/articles/2009/2/pages/02152009_353cb5854c8647b7be83862e013bcdba.aspx get the full story

 

hang in there folks!!!!

Date posted: 15.02.2009 05:31
Posted by: Independent

Laws proposed to protect property investments.

Abu Dhabi officials have drafted five laws to establish safeguards for property investors.

The emirate’s property market was opened to foreign investors in 2006, four years after Dubai’s. Prices shot up until the end of 2008, when sales stalled and prices softened in the global financial crisis.

Most transactions in Abu Dhabi were made in a legal vacuum because there were few written regulations governing the rights and obligations of buyers and sellers.

The proposals are a strata law, defining the roles of property owners in multiple-occupancy developments; a trust-account law similar to Dubai’s escrow requirements; a law establishing a regulator; a mortgage law to protect financiers; and a law to ensure that developers have acquired titles and permits before selling properties to the public.

The draft laws have been sent to the Executive Council for approval, said Seema Ahmen al Langawi, a property management consultant at the Department of Municipal Affairs. The value of Abu Dhabi’s real estate sector is already Dh600 billion (US$163bn), she said. “We are looking forward to creating a competitive environment of real estate industry in Abu Dhabi.”

Ms al Langawi said the municipality would create departments to deal with strata title and community titles, which will license developers.
The trust-account law would ensure that money is used on the intended projects, along the lines of the escrow system operated by Dubai’s Real Estate Regulatory Authority.

“This is something that we believe could be implemented in Abu Dhabi. The law will be dealing with the registration of developers, approval of account trustees, trust account agreements and trust account regulations.” Another law will set up a regulator for the sector, covering brokers, surveyors, owners, association managers and developers. It will also cover licensing.

The mortgage law will give banks and financial institutions a “legal safeguard”, Ms al Langawi said. “The law will define the mortgage and the legal effect between the contracting parties. It will also define the right mortgage for real estate properties and the persons who are able to do so, the procedure for foreclosing or defaulting the mortgages.”

The interim registration law will establish a register on which off-plan properties are recorded. It would require developers to obtain all the necessary approval and have possession of the land before selling off-plan properties.

The ownership rights of property buyers will be decided on a national level, Ms al Langawi said.

Source: The National
Nathalie Gillet

Date posted: 12.01.2009 03:13
Posted by: Independent

David Beckham in Dubai

The footballer and hero to millions of "meterosexual" men, is visiting Dubai to play a couple of friendly matches with his AC Milan team. It was reported that due to his global popularity, and the fear that he would be a target for a "terrorist", prompted the largest security cover seen in the Emirate. What has now been disclosed is that this "terrorist concern" was primarily brought about by the thousands of soccer moms, bored housewives, “jumeirah janes” and single women currently residing in the country. The numerous threats of endless bear hugs, kisses and groping upon sight of this Godsend were just too many for authorities to ignore.

On a separate note it appears that Mr. Beckham may be adding to his Dubai property portfolio. Already having a luxury villa on the Palm Jumeirah, it has been reported that he had been approached by representatives of the tallest building in the world (Burj Dubai tower), who would like an internationally known name in their masterpiece. Given that there will be 144 Armani designed units in the building and that Mr. Beckham has a relationship with the Armani brand, there may be some substance to this report.

The arrival of David Beckham has brought about a few related questions.

1) Does he currently have a mortgage for the property on the Palm? If he fully paid in cash, will he be able to get cash out of the property?
2) Is he eligible for a mortgage in Dubai?
3) Will it be advantageous to get a mortgage for his current or future property versus paying for it in cash?

Answers:

1) As long as the property is completed, he may be eligible for an "equity release" on his home.
2) Yes. Non Resident clients are now eligible to take out a mortgage for selected properties in Dubai.
3) It would be advantageous to get a mortgage as it leverages risk for the buyer who may need to stay "cash liquid" in this global economic climate.

Date posted: 07.01.2009 06:58
Posted by: Independent

Rental Finance Launch In UAE

We have at Independent Finance officially launched our RENTAL FINANCE products as of the UAE National day celebration.

A first product of it’s kind in the UAE. Rental Finance from Independent is available in Dubai, Abu Dhabi, Ajman and Sharjah. Our Rental Finance products are unique in that we have options tailor made for various clients. Our first product Rental Assist is a fee based product whereby you pay a once off fee in advance and the second product being Rental Manager, is an interest based product whereby you pay interest calculated over the period of the Rental Loan.

What has really pushed the need for the products to the forefront was that leases for our staff alone have shot through the roof over recent times. A 3 bedroom apartment on the Palm Jumeirah went up in 6 months by AED 100,000 a leap of 40%. A 2 bedroom apartment in JLT shot up by 52%. A 4 bedroom apartments lease in JBR increase by 37%. Cash flow is the issue here. If you kept your cash, you can get 6 to 7% interest on your money in savings accounts but now the client loses on interest as well as having to pay upfront and is therefore feeling the pressure all around.

That’s what we are addressing with our rental finance products. We will shortly also provide rental finance for the person on arrival in the UAE to cover the first three months, so in effect short term rental finance. Our rental based financing will allow the man in the street to stop panicking and worrying about that 1 or 2 cheque syndrome where the landlord wants all that money up front.

It will be great for cash flow and of course budgeting for the year. The landlord or his agent will be able to obtain his money in one go, guaranteed by the lender and the client who takes up the rental finance only has to pay their monthly payment – a win-win situation for all.

Contact us today to find out more

Date posted: 03.12.2008 04:45
Posted by: Independent

90% Home Loans are back!!!!

Contrary to some reports that banks have stopped lending, it now seems as though it's "business as usual" for most of the lenders in the UAE. As of the 1st of January 2009 the ever elusive 90% financing for property has returned to Dubai and Abu Dhabi. This 90% loan to value (LTV) ratio applies to qualified candidates for selected properties or those buying from master developers.

This increase in LTV should signal a return in consumer confidence in the real estate market, at the same time making it easier for home buyers and investors to purchase their home and property!

Date posted: 15.11.2008 02:09
Posted by: Independent