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MRI Construction / Misleeding information

1 Bulgaria Review updated:

Does anyone have any information on the progress of Silver Mountain, Bansko. We do not want to complete on our apartments as we have lost all trust in anything we are told from MRI. MRI say they have nearly finnished the complex but i have heard very diferent reports. We would like to get money back. Also we paid for rent abroad which is no more but MRI wont even comment on refunds. I am trying to to find out just how much of the development is finnished. Can anyone help


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  • Dp
      23rd of Jul, 2009
    0 Votes

    I visited the development in March and it was a shambles, even though MRI told us it was almost finished. We have paid for a furniture pack as we were 'not going to be able to let our apartment' if we didn't. Now they are demanding the rest of the money and trying to take us to court to keep the £20++ thousand we have paid. we said we would pay for our apartment if they could send us a couple of photos documenting the progress. What have we heard? Nothing but more threats from MRI.
    Get in contact if you want

  • Su
      15th of Aug, 2009
    0 Votes

    Please try to have nothing further to do with MRI we bought two studios from MRI have had nothing but trouble ever since. Plus I paid about 10, 000 euros over the price for the studios each than everyone else paid with other companies or direct from the developer.

    The recent disaster is that we paid for two furniture packages two years ago and then they asked for a further 20% vat last Feb 2009 and if we did not pay they would not refund the money we already paid. I paid the extra money and I still have no furniture that was 10 weeks ago. I have heard rumours that they have gone bankrupt and they are not answering my e-mails.

    they did install one furniutre package but is was the wrong furniture. We signed a contract on MRI advice that we must put the furniture in that the developer wanted in our studio so that we could get a years guaranteed rental. When I spoke to the Manager of the complex he said that the wrong furniutre was installed.

    It was suppose to be two single beds and a wardrobe and MRi installed a sofa bed and only three hooks to hang your clothes.

    Do you know anything more about MRI is they are still trading.

  • Li
      17th of Aug, 2009
    0 Votes

    I would be keen to speak to investors, particularly those in NI or those who have invested in the Aspen Developments. My telephone number is 07548 017 664. In particular Sun God, I see you are also based in NI, I have spoken to a few investors from NI and was wondering if we could possibly all get together, maybe contact someone like Stephen Nolan and see if he can get the word out and put us in touch with other investors. I am going out to Bulgaria in the next few weeks to see what is happening. I have also spoken to a lady in England who has invested in Aspen Heights, she has paid all her money etc but the complex is not operational yet. While we owe them money we have some strength and can maybe apply pressure to get them to complete the development. Once we pay they can do whatever they like, which will probably be nothing.

    I would urge other investors to contact me, I really do think this is the best course of action.

  • An
      21st of Aug, 2009
    0 Votes

    Absolutely agree with these complains re MRI.

    How do they get away with it?

    Myself and 3 other Northern Ireland based "small time property investors", back in early 2007, paid circa 100, 000 euro between us, as 50% deposit on 2 apartments in the Aspen Valley development in Bulgaria.

    The plan was that we would finance the other 50% from 70% mortgages raised in Bulgaria, mortgages which MRI assured us would be available "no problem"...we were going to use the remaining 20% to cover furniture, travel costs and other expenses.

    The reality was very different, in that the mortgage pre-requisites made it impossible for us to obtain hindsight, we are very glad that we did not enter into mortgages!

    However, at that time, we were naive and gullible enough to trust MRI, and we asked them if they would be prepared to allow us to buy one apartment rather than two i.e. using the 2 x 50% deposits to 100% fund one apartment. We never got a straight answer to that proposal...just reminders that we had to pay the outstanding 50% on both.

    At the request of MRI, we met with one of their directors in Belfast last week (12th August); we were hopeful that they were meeting with us to discuss and agree a mutually acceptable resolution...fat chance!...they had us and other investors there (they met us separately) to try to intimidate us into paying up the outstanding balance!! I do hope no-one did!

    The guy was an absolute chancer, coming up with some guff about them borrowing money to complete the development and the bank now "authorising MRI to chase after investors for the money"... sounds like a load of cobblers to me!...he did admit (or let it slip) along the way that MRI had taken our 50% and other investors deposits (I believe he said £40-odd million in total) and "used it for other things" and then went on to borrow more money to construct Aspen Valley !!!

    He gave us 3 options, one of which was for us to pay them 30% of the outstanding balances and "MRI will agree to tear up the contract, for your peace of mind"!! What that meant in our situation was...we had paid 100, 000 euro, and they wanted us to pay another 30, 000 euro i.e. 130, 000 total, and they would "tear up the contract" leaving us 130, 000 euro out of pocket and with absolutley nothing to show for it...not even one 100, 000 euro apartment...nothing!!

    I have been in contact with "Linda from Belfast" and I would encorage other "MRI victims" to do the same; I am particularly interested in getting in touch with other N.Ireland-based investors...we can probably move quickly to do something local, before going UK&Ireland wide...I think Linda's suggestion re approaching Stephen Nolan is an excellent one, and I applaud her for being proactive and taking up the challenge.

    If you have invested with MRI...please contact us...if enough of us get together, we can get the backing of the media, and take them on.


  • Sa
      24th of Aug, 2009
    0 Votes
    MRI Construction - MRI Support Group

    For all those people affected. There is a support group looking for justice. If you log on to: you will see there are 100's of people affected like yourselves.

  • Gt
      27th of Aug, 2009
    0 Votes


    I live in Bansko, and was in near to the Silver Mountain (lack) of development today.

    I am quite happy to give you updates on the construction, and even photos if you require.


    Duncan Monro

  • Sa
      9th of Sep, 2009
    0 Votes

    If you contact you will find there are 100's of people in the same position. They are going to take class action against MRI etc and need as many people on board.

  • Jo
      12th of Oct, 2009
    0 Votes


    We too are based in NI and were swindled into buying two properties in Bulgaria. We were also told by MRI that we would have no difficulty in getting mortgages for the appartments. In fact, we were laughed at by both the MRI and the CFP representatives when we asked what would happen if we didn't get the mortgage. They said that the banks were falling over themselves to lend the money because the property values were rising so quickly - the reality was that the banks, as far back as 2006, were not giving mortgages to investers. Both MRI and CFP must have known this but didn't tell us.

    Looking back at our experience (hind sight and all that), we realise that the whole episode was an elaborate fraud to get as much money from us as they could.

    We were told of how our appartment in Aspen Valley would have access to the new golf course, and were led to believe that it was all being developed by MRI for their resort. The truth is that it belongs to another developer for the exclusive use of their resort, although I believe that MRI 'victims' now have access, but must pay for it. We were also told of the new airport that was being built, which still hasn't been started, and now their line is one of that it was 'their understanding' that this would happen. Funny how their position keeps changing!!

    Like many others, we went to buy one appartment, but were talked into buying two with what turned out to be lies. We were told of how we could get a 70% mortgage, based on the completed build price, which would be much higher than the off-plan price, which we could use to clear off the remaining 70% we owed MRI and then have a surplus to fund furniture packs, etc. When we were finally offered our first mortgage, it fell way short of what we were left owing and had no option but to pull out as we had no additional funds. We have lost around 35k and were also 'invited' to a meeting with them in Belfast in August. I say 'invited' in a very sarcastic way - the e-mail/phone call made it clear that they would be threartening legal action if we did not attend.

    I can't write here what we think of MRI - needless to say, if anyone is thinking about investing in property AVOID MRI AT ALL COSTS!!!

  • Pa
      4th of Jan, 2010
    0 Votes

    Hi we have also invested in silver mountain and as it stands have paid MRI over 50k euros. We have tried to contact them but all telephone lines are now unavailable???????Do not invest with this company!!! Is there anybody out there who can shed some light ? Paul 07956263144 many thanks...

  • Ki
      13th of Jan, 2010
    0 Votes

    Hi I have paid in full all my fees for an Apartment at Silver Mountain in Razlog but still no sign of ACT 16 or title deeds. Is anyone else in a similar position and I would welcome any feedback!

    Thank you in advance!

    PS I would be interested in taking a group action against Legal Independance and MRI.


    Jason King
    Mob: 07969 458 669

  • Na
      30th of Mar, 2010
    0 Votes

    Hello, you can contact bresserslaw office, probably they can help you.

  • Mo
      1st of Nov, 2011
    0 Votes

    Hi there I also paid for silva mount 30 percent, and also paid so mortgage arrangement and solicitor then after years I was told the bank refused...then after long time they meet me and said now the bank allowed our Aspen heights for mortgage and they transfers my agreement from silva mount to Aspen heights and I paid them to complete the deal about 6000 euros, then they disappear again, now Bulgaria solicitor contacted me to offer mortgage, and I said that is good, now a guy contacted me saying he is liaison between myself and bank, as MRI assets is being taken by the bank and now the bank is contacting the owners, and they now nothing about my 30 percent, they only know the last 6000 euros...please let me know if you have any information about this..Mohammed 07868651912 thanks

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