Pret Relais

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Marguerite & Steve
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Pret Relais

Post by Marguerite & Steve »

Has anyone used Pret Relais?
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polremy
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Post by polremy »

I googled it since it was something i'd never heard of.
Is it a sort of bridging loan to help smooth the selling and simultaneous buying process?
Come on - someone must know.
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john
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Post by john »

Never heard of it PR. Like you ,I googled it and your description seems accurate.

Perhaps things are different here in France,but historically,Bridging loans in the UK were renowned for their costliness.
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polremy
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Post by polremy »

john wrote:Never heard of it PR. Like you ,I googled it and your description seems accurate.

Perhaps things are different here in France,but historically,Bridging loans in the UK were renowned for their costliness.
Yeah, I can vouch for that.
We were forced to have one for 6 weeks or so when we were buying our house in Torreilles, back in 1989.
I still cringe when I think about the cost.
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Roger O
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Post by Roger O »

We investigated it in July 2007 when the original buyer of our house in Le Soler was unable to get his loan, even though it had been confirmed by the bank back in May!!! Nasty surprise as we had to restart selling. We had already signed for this place in Palaja back in May with completion date planned for August. As it was we couldn't complete till December as the new buyer we found had to transfer funds from Canada!!

Fortunately we were able to arrange as compromise with the young couple selling here that we would pay 2 months interest on their loan (about 900 euros total) which they accepted - mainly because otherwise the sale would have been off theirside too and they would have had to restart selling!
That option was about 5 times cheaper and infinitely less complicated than any equivalent short term bridging loan we would have been able to negotiate!

I mention this as if you're talking about a short term bridging loan, our solution could be an alternative - if applicable in your case.
Pret Relais in France normally has a maximum validity period of 2 years.

Of course, it could be with the recent bank shakeups, etc. that the conditions (and interest rates) have changed (for the better).
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robsam
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Post by robsam »

Polremy is correct. It is a kind of Bridging loans. It actually helps in short and long term commercial inputs and outputs. I also have taken for my shopping complex.


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