Reply To: Bank Guarantees

#73723
Melosine
Participant

During the course of a conversation with the builder of our house and a couple of REA friends ,all from Almeria region, it emerged that banks are now refusing to issue BG’s unless builder/developer has the required personal assets of over 3.100,000,000 euros .
So maybe this was always the reason many folk weren’t offered BG’s previously .Banks weren’t interested in whether a licence was in place or not . Would only issue BG’s if covered by personal fortune of developer.