Court of First Instance 1 in Fuengirola has declared an Equity Release mortgage loan valued at €1.4 million null and void.
According to the ruling, Nykredit Realkredit A/S (largest lender in Denmark) and Sydbank (Investment bank) teamed up to create the Spanish Equity Release Package (SERP), a complex financial product designed to reduce the value of Spanish properties by registering a mortgage loan against them and intended, based on generous and explicit advertising, to mitigate or reduce Spanish inheritance tax.
Of the Nykredit loan only a small sum was given to the property owner/borrower whereas the rest, the larger part of it,…
Recent Comments