Yes agreed and it appears they also have a 30% stake in rent a flat riviera which is about to be dumped into administration...bring it on!!!
Beware because these compnaies advertise a higher rental whilst under development and then pull out before completion which means you buy on the pretence of a great yield which was probably never there in the first place
In a nutshell leasebacks are falling apart at an alarming rate so steer clear unless you have underwritten guarantees and are sure of what you are doing....Im currently owed some 29,000 euro and wont have my apartment back till mid Decemeber
Trust me the french legal system is a nightmare,dont get involved unless you have a large contingency fund to fall back on.
although I alcknowledge there are good leasebacks ,its not simple or hassle free as advertised,sadly i suspect the minority ruin it for the majority
I can confirm that this company signed a deal to take on jardins De Lisa before it opened in 2004ish and then backed down as they could not meet the requirements of the lease (paymemt schedule).
A new lease was issued to the owners with Rent A Flat Riviera as the management company. This company has only paid the first 3 months rent and is now trying to reduce the yields by 30%. In the accounts for 2007 a Mr Christian Viout of Rognac is named who has links with your management company.
As the others have said, RAFR is about to be put into administaration unless it goes bankrupt first and Mr Christian Viout will also be part of this.
My advice is to stear well clear of this company and this man and perhaps have a chat with Seamus who runs this site to point you in the right direction.
I am doing lots of research within the leaseback market at the moment and there seem to be some common themes regarding these broken leases. It appears that revenues that should be paid as rents are funding other developments that also possibly fail. In other words until it is stopped this is going to spread like a disease.
If you want copies of the accounts to prove what I have told you send me a PM.
Etud used to manage my apartment at Clos Dia. They managed it from handover mid 2005 for just over 1 year. They made big losses on it as I understand their main business is student rentals and they are not very good at marketing to the holiday market. In fairness to them although they were losing money, they always paid the rent on time.
They wrote to us proposing the sale of the lease to LVR . This was at inferior terms to the existing lease.The proposal was rejected and the lease transferred to Camiole Marketing under the original terms
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wayne
Residence du Golf, ennery, paris
20 Octobre 2008I think this is the one supposed to used at Le JardinD'Elisa initially but they pulled out before completion and we ended up with Rent a Flat Riviera
Have a look at the promised yield and ask yourself is it realistic,if not then the chances are they will default
Anything above 4.5% is unrealistic in current market condidtions
EdmundS
Residence du Golf, ennery, paris
14 Novembre 2008Wayne is correct. Not only that, there is a connection between them and Rent a Flat Riviera. Treat with absolute caution.
wayne
Residence du Golf, ennery, paris
14 Novembre 2008Yes agreed and it appears they also have a 30% stake in rent a flat riviera which is about to be dumped into administration...bring it on!!!
Beware because these compnaies advertise a higher rental whilst under development and then pull out before completion which means you buy on the pretence of a great yield which was probably never there in the first place
In a nutshell leasebacks are falling apart at an alarming rate so steer clear unless you have underwritten guarantees and are sure of what you are doing....Im currently owed some 29,000 euro and wont have my apartment back till mid Decemeber
Trust me the french legal system is a nightmare,dont get involved unless you have a large contingency fund to fall back on.
although I alcknowledge there are good leasebacks ,its not simple or hassle free as advertised,sadly i suspect the minority ruin it for the majority
Wayne
mutley
Residence du Golf, ennery, paris
14 Novembre 2008I can confirm that this company signed a deal to take on jardins De Lisa before it opened in 2004ish and then backed down as they could not meet the requirements of the lease (paymemt schedule).
A new lease was issued to the owners with Rent A Flat Riviera as the management company. This company has only paid the first 3 months rent and is now trying to reduce the yields by 30%. In the accounts for 2007 a Mr Christian Viout of Rognac is named who has links with your management company.
As the others have said, RAFR is about to be put into administaration unless it goes bankrupt first and Mr Christian Viout will also be part of this.
My advice is to stear well clear of this company and this man and perhaps have a chat with Seamus who runs this site to point you in the right direction.
I am doing lots of research within the leaseback market at the moment and there seem to be some common themes regarding these broken leases. It appears that revenues that should be paid as rents are funding other developments that also possibly fail. In other words until it is stopped this is going to spread like a disease.
If you want copies of the accounts to prove what I have told you send me a PM.
Paul
olly
Residence du Golf, ennery, paris
15 Novembre 2008Etud used to manage my apartment at Clos Dia. They managed it from handover mid 2005 for just over 1 year. They made big losses on it as I understand their main business is student rentals and they are not very good at marketing to the holiday market. In fairness to them although they were losing money, they always paid the rent on time.
They wrote to us proposing the sale of the lease to LVR . This was at inferior terms to the existing lease.The proposal was rejected and the lease transferred to Camiole Marketing under the original terms