Hobbycraft

Akfinan Banks’ £1,000,000 quick profit comes from pensioners’ lifetime of work

stealingI had occasion to visit a neighbour at Kulaksiz 5 on Saturday. It is always very sad for both of us when we enter Democracy Sokak. Could there be a more inappropriate road name?

My villa, which when we last visited we managed to enter but were forcibly and roughly removed from, now is a different colour. I remember Agile painting the outside with brilliant white Weathershield and lovingly painting all the metal fences with Hammerite hammered blue. It looked lovely; the front door was painted Oxford blue. This was before Agile’s hands had deteriorated even further. Now he literally has only two fingers and a thumb on each hand that are not almost doubled into his palm. We had such dreams of a lazy leisurely life here until we died. Sadly it was not to be.

Kulaksiz Construction Limited are not good builders. In fact I would argue they are not builders at all. The quality of No.5 Democrasi Sokak was bad, although now Akfinans Bank Limited have had much work done on it and certainly, from a cosmetic point of view, it looks perfect. The fact is that without underpinning at the very least, in time, it will have all its old problems recur. Of course they can afford to spend money on tarting up all our homes as they got them for 104,000TL. Nine villas for 104,000TL each works out at 11,556TL per villa so they can afford to spend a lot of money on each villa and still come out making a healthy profit; if they can sell them that is. These villas will always carry a stigma to those who know the story.

Allegedly the British owners of the tenth villa have made a deal with Akfinans Bank Limited. Akan Kursat allegedly said that the first of us to approach the Bank would get the best deal. So let us assume, and I must point out this is just that, an assumption, that the tenth couple bought their villa back at say £40,000 instead of the £55,000 plus figure mentioned to me at a meeting with Akan Kursat on the 23rd July 2010. This means that the Bank have already had most of the money back that Abdurrahman Guney and Yuksel YIlmaz borrowed in March and November of 2005.

In fairness to the couple who allegedly have settled with Akfinans Bank Limited are much younger than the rest of the owners, clearly in a far better position financially to have afforded to settle. Is it a wise thing to have done purely from an investment point of view? Time will tell.

For the rest of us, buying back villas we had already paid for, in most cases before the mortgage was taken, was not an option. Most could not afford this extra unbudgeted expense. The deal allegedly on offer of £55,000 per villa in a depreciating market, even if the money had been available, would have been foolish in the extreme.

The Akfinans Bank mortgage on offer, although an interest rate was never mentioned, would also have been far beyond the means of most, even if the interest had been reasonable. We are talking about a bank that charged the fraudsters 80% per quarter compound, what would have been the likelihood of a reasonable interest rate for the K5 purchasers?

I have made a very rough calculation of a mortgage of £55,000 mortgage at say 5% (I know – dreaming) over say 10 years. The Bank would obviously receive all their capital, i.e. £55,000 x 9 = £495,000 (almost half a million??) then interest 9 x£15,000 = £135,000 giving a total of £630,000. Add that the money they may have received from couple number 10 and they will have received £670,000.

This of course is not what will happen, If they, as they allegedly plan, sell 9 villas at between £100,000 and £110,000 each, plus the one villa owned by the landowner, plus the £40,000 allegedly paid by the tenth British couple, well you do the maths.

So, what of the two remaining houses at present inhabited by the family of the landowner, which was also taken as security by the Bank in the fraudulent deal made by Abdurrahman Guney and Yuksel Yilmaz (landowner)? Are they to be evicted? There certainly is no evidence of an impending eviction. They seem very settled and just look on as the British ex-pat pensioners are bullied, intimidated and treated in an inhumane fashion. Why aren’t they worried? Could it be that the price of Yuksel Yilmaz’s silence is those two houses? I leave you to decide that.

An outlay of 104,000TL, about £41,600, yielding a return of £1,000,000+, this is a very nice deal if you can get it. This is certainly not a sum of money that the bank will let slip through their fingers without a fight which reflects the enormous gain they expect to receive. So where will this money come from? Yes, you’ve got it, the K5 purchasers’ lifetime of work! How much work have Akfinans Bank had to do to take it from them? Certainly not the accumulated hundreds of years it took the pensioners to save it.

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