RETA Investors in the Village at Corasol, Playa del Carmen: Attention!
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Fellow investors In the Village at Corasol: are you aware that the developer apparently is proposing that the interest on the "financing plan" for any payment balance will be 13.60%, even though the commitment in the Purchase Agreement is 6.5%?
If you're a fellow investor, feel free to ping me at mlwhitener@gmail.com for more information.
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We are fellow investors and would greatly appreciate aadditional information. Thank you
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We are investors in the Village expecting the developer financing. Any information would be greatly appreciated. Thank you
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I would recommend talking to someone from RETA as they have all of the information and can explain your investment.
Bel Woodhouse - Mexico Correspondent. -
Hi Bel - aren't you "someone from RETA"?
We're not looking for someone to "explain" anything. The Purchase Agreement clearly says the developer will provide 6.5% financing, as RETA also promised, and now the developer is refusing to honor its contractual commitment. So we'd like RETA to stand up for its members.
When I contacted the RETA concierge about this matter, I was told to contact a lawyer. So it seems RETA has no intention of pressing the developer on this issue, even though RETA promoted the 6.5% financing in marketing the deal to its members.
I'm in a position to pay cash for the balance, which is what I'll do. But I wonder how many investors in The Village at Corasol don't have the cash, and can't obtain alternative financing, and therefore are going to be screwed out of their RETA-promoted investments.
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Hey Brother,
I am invested in Punta Laguna, the second phase of Corasol. How has this worked out for you?
My recollection of the contract for PL is that the balance could be financed at 6%-7% above current rates for... (and here I forget the exact term that was used, but my recollection is that it was something similar to the rate that banks can borrow at from each other. Maybe the term was LIBOR or something like that.)
Obviously, I don't have the contract for The Village, but it would make sense that they used similar terms.