The details contained in this brochure are for guidance purposes only. These particulars are issued
on the understanding that they will not be construed as forming a contract, part of any contract or
warranty. Measurements are approximate where stated and maps are not drawn to scale. All
additional details are correct at time of going to print.
Our aim at Asset Finance and Mortgage Co. is to find our clients a property that not
only offers potential for capital appreciation, but one that makes sense as a secure
In dealing directly with the developer, wherever the location of the project is, we are able
to secure, what we feel, as the best price possible for our client.
Portugal has long been considered one of Europe’s most popular holiday coastlines –its
climate, the lifestyle it offers, and its ease of accessibility together form the main reasons
for its success. This success in turn has resulted in an increased desire for individuals to
purchase property in Portugal with prices rising steadily over the last number of years.
In response to a growing interest from our clients on investment opportunities,
specifically in Portugal, we have spent the last number of months researching the market
As a result we at Asset Finance and Mortgage Co. are happy to bring to you the Hotel
Apartamento Balaia Atlantico. A development that we think makes straightforward
HOTEL APARTAMENTO BALAIA
The Balaia Atlantico is a Four Star luxury Apart hotel located on the edge of Albufeira in
the Algarve. At a glance, this investment opportunity provides the following:
Large 1 bed apartments, circa 720 sq ft, with balcony
Sale price of €240,000 (furnished) plus taxes
Bank valuation of €260,000 (furnished)
Fully furnished to 4* standard
10 Year rental guarantee of €12,000 net per annum
Option to renew rental lease
Bank guaranteed by Banco Portuguese de Negocios for first five years
Rent paid on a monthly basis to nominated bank account
No additional management or condominium charges
Mortgage finance available up to 81%
2 weeks free usage outside of peak season
50% discount for owners on year round rates
Secure underground parking and storage space included
Superb on site facilities include:
Indoor & outdoor pools
Hot Tub/ Jacuzzi/ Sauna
Gymnasium & Exercise Room
All Weather Football Pitch
Onsite shops & Supermarket
To simplify the purchase of one of these apartments AFM has arranged a turnkey
package that incorporates all aspects of the banking and legal requirements.
We recommend that you view the official hotel website www.balaia-atlantico.pt and click
onto Galeria de Fotos at the top of the page. When viewing the photographs, please note
there are 5 pages of pictures which are accessed by clicking on the page numbers at the
bottom left hand side of the home page.
Questions & Answers
How much do I need to invest?
The total amount that you need to provide to purchase a one bed luxury apartment is
The breakdown is as follows:
Purchase Price €240,000
Bank Loan 81% €195,000
Net Cost € 45,000
Acquisition State Tax (IMT) @ 3.55% € 8,556
Notary Fees 0.8% plus
Stamp Duty 0.6% on purchase plus
Stamp Duty on Mortgage Loan € 3,740
Legal Fees @ 1% plus Vat @ 21% € 2, 904
Purchase and Mortgage Registration Fees € 260
Valuation Fee plus Vat @ 21% € 121
Bank Application Fee € 750
Disbursements € 150
Cash Requirement € 61,481
What is the payment schedule?
Initially a deposit equivalent to 20% of the purchase price being €48,000 should be
transferred to the lawyer acting on your behalf - “Paulo de Brito da Mana, Advagado,
Client Account” together with a signed booking form (attached) and a signed Power of
Attorney (attached) confirms your intention to proceed. The Power of Attorney allows
your lawyer to sign all documentation on your behalf.
Approximately 2 weeks after sending funds, you will receive a promissory contract.
Your funds will be held by your lawyer until such time as you have signed and returned
the promissory contract. In the event that you are refused a mortgage by Millennium
BCP Bank, the total deposit of €48,000 will be refunded.
Balance of €192,000 plus costs outlined above totalling €16,481 is to be paid on
completion which will be approximately 6 weeks after signing the promissory contract.
What level of borrowing has been arranged?
AFM have negotiated finance of up to 81% on the purchase price of the property, subject
to loan approval. In monetary terms this amounts to €195,000.
Do I need to organise the mortgage myself?
We have organised mortgages through Millennium BCP.
Details of all information required is outlined in the attached document called
“Documentation Required”. Once all of the documentation/information has been
provided we can organise via our associates in Portugal, to submit your loan application.
Certain documentation will need to be certified or notarised. Details of this are outlined
in the Mortgage Information document.
What are my mortgage options ?
Based on a Mortgage of €195,000.00 the following are the repayment amounts per month
Over 30 years = € 930.96
Over 25 years = €1,029.28
Over 20 years = € 1,181.66
Over 15 years = € 1,442.39
An interest only option is available for a period of 3 years at €650.00 per calendar month.
The above repayments are based on current interest rates and are calculated based on 3
month Euribor plus a margin of 0.8%.
Have I any other charges?
Home insurance € 14.19 per calendar month.
Bank administration fee € 1.10 per calendar month.
Is security required?
The individual purchaser will borrow in a personal capacity. Millennium BCP will seek a
charge on the asset being purchased. No additional security will be required. Millennium
BCP is the largest bank in Portugal with over 1,000 branches nationwide.
Do I need an Irish and a Portuguese solicitor?
There is no requirement for you to have an Irish solicitor. We have negotiated a
favourable rate with a Portuguese lawyer Dr Paulo de Brito da Mana, who is fluent in
English. In order to simplify the transaction we would recommend that you use Dr Paulo
who will be able to provide you with all the legal advice that you need. We have had Dr.
Paulo de Brito da Mana independently checked by a laywer in Portugal who has acted for
a number of our clients in the past.
Dr. Paulo has already acted for a number of purchasers in the Balaia Atlantico.
Can I sell at any stage?
Yes, absolutely. You can sell on your property at any stage with the benefit of the lease,
which provides the rental guarantee, in place.
How much are the management fees?
For the duration of the 10 year guaranteed rental agreement there are no management
charges to be paid.
When can I use the property?
You are free to use your property for a total of two weeks at any time during the months
of November to March inclusive at no charge. Outside of this period you will receive a
50% discount on the quoted rates.
Do I need to travel to Portugal to complete the sale?
Dr. Paulo de Brito da Mana is an Advagado (almost the equivalent of a Barrister in Irish
terms) can act as your Attorney once you are happy to sign a Power of Attorney in his
If you decide not to appoint Dr. Paulo de Brito da Mana as your Power of Attorney, you
must travel to Portugal to sign the promissory contract, meet the bank and organize the
mortgage yourself. You will probably be required to travel to Portugal a second time to
complete the purchase of the unit.
What is my responsibility with regard to tax?
Tax is payable on rental income at a rate of 15% p.a. We understand this can be reduced
by offsetting certain costs against same. There is also a small charge for local property
taxes. Every property owner must pay this.
Under Portugese law you are required to appoint your own tax advisor.
We can put you in contact with a local English speaking Tax firm who can advise on the
above together with any other taxation queries that you may have.
What happens once I decide to proceed ?
Once you have decided to go ahead with the purchase of a unit(s), you must decide if you
wish to appoint Dr. Paulo de Brito da Mana as your Power of Attorney? If the answer to
this question is yes then you must sign one of the following Power of Attorney
documents (one for a person buying on their own; one for a couple/friends buying
together; one for a married couple who are buying together) and provide a signed copy of
your passport(s). The full name on the power of attorney must be the same as on the
The original Power of Attorney (and copy of passport(s)) document must be notarized
and forwarded to us as soon as possible as we must get it stamped in the department of
foreign affairs. At the same time, the money should be transferred to Dr. Paulo de Brito
da Mana’s client account as follows:
Paulo Brito da Mana Client Account Balaia Atlantico
Rua das Telecomunicações 16, 8200 – 184 Albufeira
IBAN: PT 50 0010 0000 3532 8680 0043 3
Reference: Please include your name
PLEASE ADVISE US WHEN FUNDS HAVE BEEN TRANSFERRED
Lawyer contact details:
Paulo de Brito da Mana
Rua das telecomunicações nº 4, 2ºandar, 8200 - 184 - Albufeira
Cerro da Alagoa, Apartado 2336, 8200 - 918 Albufeira
00351+289585833 fax 00351+289512363
What happens next?
Once we have received the notarized Power of Attorney and the deposit has been sent to
your lawyer Dr. Paulo de Brito da Mana, one of the following will happen depending on
- We will send you details of mortgage information required by email and your
solicitor will send you a copy of the signed promissory contract (which he has
signed on your behalf); OR
- If you cannot be contacted by email, we will send you details of mortgage
information required and a copy of your signed promissory contract.
Where possible, our preference is to email you as much documentation as we can
All documentation must be returned to us as soon as possible so we can apply for a
mortgage on your behalf to ensure you can complete the purchase in line with the terms
of your promissory contract.
Approximately 6 weeks after returning the mortgage information and the signed
Promissory contract, you will be required to complete the sale of your property and pay
all associated costs.
How does the rental guarantee work?
The rental guarantee will be paid monthly in arrears, directly into your Portugese bank
account, commencing one month after completion.
If you have any other questions or require clarification on any of the information
contained in this document, please contact Diarmuid McAuliffe on 00 353 86
3879599 or Derek Fitzgerald on 00 353 87 132 6501. Office No. 00 353 1 6425747 and
Fax 00 353 1 6425750.
purchaser(s)”) have read the terms of this proposal and understand
the nature of the investment and the risks associated with same.
On behalf of OMK Consulting
BALAIA ATLANTICO, Empreendimentos Turisticos, Lda.
OMK Consulting, Marine Court, St. James’s Terrace, Malahide, Co. Dublin.
Phone No. (01) 8454537 and Fax No. (01) 8454538.
View the official hotel website on www.balaia-atlantico.pt and click onto Galeria de
Fotos at the top of the page. When viewing the photographs, please note there are 5
pages of pictures which are accessed by clicking on the page numbers at the bottom left
hand side of the home page.
Each client hereby acknowledges, accepts and understands that:
Limitation of Liability
In no event will AFM be liable in contract, negligence, tort, breach of duty or
breach of statutory duty or otherwise for any direct, indirect, incidental, special,
punitive or consequential losses, damages, expenses, claims howsoever sustained
whatsoever, including, but not limited to, without limitation any loss of profits or
of the use of money, or loss of revenue, interruption of business, loss of or
damage to goodwill, loss of or damage to data or data use arising out of or related
to any advises or information provided or work done by AFM in connection with
the Balaia Atlantico project.
In relation to any work done and advises or information given by AFM to the
extent permissible by law, all conditions, representations, warranties, terms,
covenants, undertakings and obligations implied by statute (including but not
limited to any
rights which each client may have pursuant to the Sale Of Goods Act 1893 and
the Sale of Goods and Supply of Services Act 1980), common law, custom, trade
usage or otherwise are wholly excluded and any conditions, representations,
warranties, terms covenants, undertakings and obligations implied by statute are
hereby expressly disclaimed.
Accuracy of Information
In relation to any information in whatsoever format including but not limited to
all representations made with respect to the Balaia Atlantico project, together with
the underlying concept of the project, and all material preparatory or otherwise
relating to or concerning the Balaia Atlantico project, irrespective of the means,
mode or medium of storage, representation or presentation of same, together with
all modifications, adaptations and derivations thereof supplied by or on behalf of
AFM or its agents or professional advisers, the disclosure of such information in
relation to the Balaia Atlantico
project or otherwise will not constitute a representation, warranty or guarantee as to
Any advice and information given in relation to the project:
- is not a guarantee of future performance and the Balaia Atlantico project is
subject to risks;
- may contain forward-looking statements which are difficult to predict and may
involve risks and uncertainties which are beyond the control of AFM; and
- Actual results could differ materially from those expressed, forecasted or
anticipated in any such forward-looking statements as a result of many risks or
factors, including but not limited to the risks set out in section 8 above.
Any advice or information given by AFM is not under any circumstances to be
construed as an offer to sell to the public, any relevant shares or securities
pursuant to the Companies Act 1963 to 1999.