This add appeared on the front page of the Barbados Nation News business section:
Apparently, judging from the ad above, CLICO Mortgage and Finance Corporation (CMFC) is offering 100% mortgages on raw land!
It is good to see that CMFC has money to lend. It is also reassuring to know that CMFC has great confidence in the long term value of Barbados real estate.
This Feb. 2009 article on BimChat, “Mia Mottley Cries Bloody Murder – $10M Taxpayers Monies Ought To Be Protected At Clico Disposal!” mentions “$10 million placed at the disposal of Clico Mortgage and Finance Company (CMFC), by the Central Bank”.
Could this be the reason CMFC has money to lend? Banks in the US do not like to lend money on land without a substantial downpayment. There are big risks involved when speculating with raw land.
Risky for the lender, CMFC, but great for the disciplined borrower!