Mortgage and vehicle loans fair

Individuals looking to purchase vehicles or mortgages got some much needed advice from CIBC FirstCaribbean International Bank today, as the institution teamed up with realty companies and car dealerships to host its mortgage and vehicle loan fair.

The event was held at the Warrens Banking Centre, Dome Mall.

Branch manager, Malcolm Martindale told Barbados TODAY despite the current economic challenges facing the country, people were still looking to make major investments such as houses and vehicles.

“A lot of people want vehicles now. As much as the market is supressed, we still have people coming in on a daily basis to get those vehicles, so we have partnered with Courtesy.

“Obviously you want to boost sales so with our land loan fair you’ll partner with the different developers and realtors, you’ll also partner with the different dealerships to boost those sales within the company. In general you do get people coming in. Everybody [will] not always qualify for the mortgage they want but you do have people that still want to own a piece of the rock,” he said.

Martindale explained that the bank usually assists customers to work within their budgets in order to realise their dream of property ownership.

“So some people come in with a specific mortgage that they want, or some people come in with their salary and ask what do they qualify for, and we work backwards with what you can actually afford to pay and we’ll tell you what size property will fall into that category,” he explained.

Leyann Browne, home consultant at the Villages at Coverley, told Barbados TODAY while there is a lot of interest in investing in the units, the biggest challenge for individuals was usually qualifying for a mortgage.

“Financing pretty much is one of the biggest hurdles for most. But we don’t specialise in lending for the purchase of any of the properties that we have to offer. But in most cases we usually ask if persons have between $15 000 and $30 000 in available cash, that usually combines their legal fees and the closing costs,” Browne said.

Massy Properties offered an incentive of $25 000 off selected lots for anyone who signed up today.

Lands Clerk Janet Savory said business has been encouraging since the company rebranded a few years ago.

“Because of the market I think a lot of people are cautious but . . . with the promotion that we’re giving I think people are showing interest because they’re getting $25,000 off and some are saying that is like legal fees,” she said.

When Barbados TODAY visited the fair, six people had signed on to the promotion so far.

“And in this field that’s not too bad because you’re talking about somebody looking to invest a minimum of $86 000 and a maximum of $120 000 so there are not a lot of people right now looking to spend money,” Marketing manager Ian Donovan said.

Meridian Caribbean Inc. Windows were also present, advising potential customers on the types of windows most suitable for their location as well as their budgets.

Sales executive Rommel Martin said many homeowners tend to overlook the fact that windows are also a significant investment. He added that the company is now producing units that will ensure added security as well as protection from the elements for beachfront properties.

“As you know in the Caribbean, sea salt destroys everything no matter what it is. The slider is a very low maintenance window, it has minimum hardware and will last longer. But if you don’t want to go with sliders, you could still go with the other windows but we would give you tips on how to preserve and lengthen the time of your windows,” Martin explained.

Several individuals were drawn to the new and used vehicles, much to the satisfaction of Courtesy Garage sales executive, Sean Prescod.

“I had several prospects that came through today and I invited them to Courtesy next week to do some test drives,” Prescod said. (MCW)

22 Responses to Mortgage and vehicle loans fair

  1. Richard Johnston April 9, 2017 at 6:16 am

    The last thing Barbados needs is more automobiles.

    Reply
  2. Frank White April 9, 2017 at 7:52 am

    These banksters are always quick to move like slim fast when it comes to morgue-gauges and vehicle loans but to get 2 cents to start a business, it’s a no no…

    Reply
    • VoR April 9, 2017 at 10:44 am

      It’s oubviously going to be more difficult to get money to start a business. If a client default’s on their mortgage or car payment the bank has an asset to sell to recover their losses. If a client starts a business that flops, how does the bank recover it’s money?

      Banks are not about charity or helping people. They are out to make money plain and simple. Anything that has the potential to lose them money won’t be approved.

      Reply
    • VoR April 9, 2017 at 10:45 am

      Correction: “obviously”

      Reply
    • VoR April 9, 2017 at 10:46 am

      Correction:”defaults”

      Reply
    • VoR April 9, 2017 at 10:47 am

      Correction:”its”

      Reply
  3. fedup April 9, 2017 at 8:06 am

    Richard Johnson do you have a vehicle? If nor, I’m not surprised at your comment…and by the way, islands or countries do not need vehicles..its the people. And another thing..its not YOUR money!!

    Reply
  4. Bradg April 9, 2017 at 9:30 am

    Always wondered why legal fees are so high. Attorneys use the same “template” for each applicant. The most intensive work is to conduct the “search” which they use someone else to do. Why isnit so damn high!!??

    Reply
  5. Alex Alleyne April 9, 2017 at 10:03 am

    Most youngsters see a car as “opportunity comes on wheels”. Barbados is still a place where young people stay at home for quite sometime so as to invest in a vehicle and have some fun. The price of real estate is quickly moving out of the reach of young Black persons , so most of them look forward to “items” from parents. THE SYSTEM IS CAREFULLY PLANNED AND CARRY OUT to make sure it stay this way.
    Someone I knew told me of a friend who wanted a loan to start a pig farm and was told “we got too many of them on this little Island” and was turned down.

    Reply
    • VoR April 9, 2017 at 10:49 am

      It’s nothing personal. If that money for the pig farm was lent and the pig farm flopped, how would the bank recover its money?

      Reply
    • Jennifer April 9, 2017 at 11:17 am

      @Alex – well said. It all has to do with mind conditioning and prioritizing. Mind you there is nothing wrong with staying at home and seeking your home IF YOU ARE SERIOUS. Not to mention that THIS PEOPLE will sell their land at the drop of a hat and then………………………….. The SYSTEM is the same EAGLE (LARGE bird of prey) – watch the eagle in its habitat how it operates. Watch the head and eye in that robotic state watching it’s prey from ON HIGH. Then the WINGS SPAN is VERY WIDE especially as he goes in for the kill of the PREY. Mind you it will always have a NEST >>>>>>>>>>>>>>>>> SOMEWHERE. PIG FARM you got that correct too, too many of them.

      Reply
  6. Alex Alleyne April 9, 2017 at 1:54 pm

    @VoR, the guy about the pigs own 15 acres of land and a house (wall) done paid for.
    That is what he was putting up.

    Reply
  7. Alex Alleyne April 9, 2017 at 1:58 pm

    THE BIGGEST ERROR BLACK PEOPLE MAKE IS SELLING THEIR LAND. ONCE IT IS GONE YOU WILL NEVER GET IT BACK. ALL OVER THE WORLD WHERE THERE IS FIGHTING YOU CAN CLEARLY SEE IT’S ALL ABOUT LAND, LAND, LAND. Forget about the religion , the bottom line is LAND.

    Reply
  8. Milli Watt April 9, 2017 at 2:42 pm

    when are we going to see a small business fair:…….please teacher I know why. tell us little johnny: because these parasites for banks we got bout here would have to get up and do some work on the sectors suited for loans, their potential for creating employment and earning foreign exchange and because that is to much work and we don’t want the son’s and daughters of slaves to become independent after all they will be owning banks next and we certainly don’t want that.

    Reply
    • Jennifer April 9, 2017 at 2:49 pm

      @Milli Watt – Hahahahahahahaha – you catching on aren’t ya. It’s all about keeping that bottom heavy approach to things, you know. Mind you the 95% at the bottom and MUST stay there, keeping the SCALES firmly imbalance. And you can leave Massah where he is >>>>>>>>>>>>>>>>STILL at the helm of everything. Whooooo forget about the fish, the scales are falling.

      Reply
      • Reg April 9, 2017 at 8:53 pm

        “One way for the 95% at the bottom”, to get ahead is to pool their resources and form a Co-operative.

        Reply
  9. HardBall April 10, 2017 at 7:06 am

    @ Reg
    April 9, 2017 at 8:53 pm
    “One way for the 95% at the bottom”, to get ahead is to pool their resources and form a Co-operative.

    You have Jokes that will never happen.
    The conditioning of black people by the whites is to have the black people fight against each other, (greed and envy).
    I have been saying for years, if we would come together as a people, we would be a force to be reckoned with.
    We spend our money with the white man and get nothing in return, however if we buy from a black man and two months later see the black man driving a nice car, we hear, “oh that’s what he is taking my money and doing with it.” Moreover, they would stop frequenting that business, while the white man has nice house (s) and Car (s), but they would continue to shop with him.
    However, having said that, some black business treat their customers like crap, so they should not be mad when they stop coming.
    For those who lives in the US (NY), when you see a Chinese restaurant being built, who are the workers, when the build out is completed, who are the suppliers and who are the workers? All Chinese. They keep their money in their community, but sell their food to the blacks.
    We need to stop watching what others are doing, stop being jealous and envious and do for ourselves.

    Reply
  10. HardBall April 10, 2017 at 7:11 am

    “Branch manager, Malcolm Martindale told Barbados TODAY despite the current economic challenges facing the country, people were still looking to make major investments such as houses and vehicles.”

    Ammm, how is a vehicle (for personal use) an investment??

    Vehicles depreciated as soon as you drive them off the lot, then you have gas, insurance and maintenance to deal with.

    Reply
    • Jennifer April 10, 2017 at 7:52 am

      @Hardball – Well you said a lot. Well done to you too. Reg thinking alone or should I say lack of thinking is sheer evidence of a lack of understanding as to what was done to this people. We are not only spending our money with them, SOME ARE ALSO GIVING THEIR HEART AND SOUL to stay in the same boat. WE as a COLLECTIVE PEOPLE are giants in the earth but like the elephant is now being held by the cotton on the neck. Mind you the white man and the Indians too are advancing to form CORPORATIONS. This is what happens when you have been stripped as a people like a banana, and given a new name, identity, new country, culture, and belief system. Then they will hate or go against the ones on the islands too, not understanding that they are also part of the now broken up puzzel as a VERY, VERY, LARGE NATION. Mind you that Identity CRISIS is a very serious issue, producing hoes, criminals, skin color issues, hair issues, etc. And if you think there is no identity issues think again. You mentioned about the black business treating their people like crap also ties in with identity issues, check the lot on broad street and see how they fly to ki$$ a$$ to get a smile and a little commission and leave their own un-serve. Within every school teachers should be trained to observe for identity and potential child mental issues = antisocial behavior. One effective way this can be picked up is via child drawings. You would be surprised at what they find. We CANNOT THRIVE AS A PEOPLE HOOKED TO ANOTHER PEOPLES. This crisis goes very deep, it was CREATED IN YEARS AND WILL NEVER BE REMOVED BY MAN MADE MEANS IT NOW NEEDS DIVINE INTERVENTION. WE CAN ONLY STOP WATCHING OTHER AND DO FOR OURSELVES IF WE REMOVE THE BLINDFOLDS. The politicians, historians, clergy, educators etc are all part of the blind brigade keeping this people ON LOCK DOWN.

      Reply
      • Jennifer April 10, 2017 at 8:17 am

        @HardBall
        April 10, 2017 at 7:11 am
        That is how they think of us as a people and also how we think of ourselves as only wanting a car and a house and we have made it. This SLAVE THING is so deep that people do not even know anymore what slavery really means. As long as they getting some money, no chain on my neck or feet etc. Check this out – WHO OWNS and brings in the FOOD, plantations, hotels, gas stations, fast food joints, BLACK HAIR stores, banks, fun cruises, NBA, NFL, FIFA, DRUG COMPANIES, in other words every thing you need to survive. WHO devised the EDUCATION SYSTEM, CHURCHES – (money making lying holidays), POLITICS????? And if you say blacks, think again, you have to line up on THEIR STAGE. The more educated you become the more of a SLAVE YOU BECOME, as you fit into one of those positions. Mind you we there bleating and hollering and dressing sharp and competing to get a spot on that ladder to work 9-5 etc. What is even more fascinating is that all of this is written right there in the good old bible that no one reads.

        Reply
  11. HardBall April 10, 2017 at 1:42 pm

    @Jennifer
    They took away the chains and replaced them with economic bondage.

    Reply
    • Jennifer April 10, 2017 at 1:58 pm

      @Hardball – Well Spotted – Mind you to have any GLOBAL or MAJOR change to this situation it will require a moral conscience, but if the perpetrators do not have a conscience or any morals then a moral conscience will be non existent. The education, police, and church systems has made this people a MANUFACTURED INTELLECTUALLY RETARDED PEOPLE. Jumping from BBBBBB to DDDDDDDD and them nailing the people to the cross too. While our people awash with Misnomers = black, African, Barbadian, Jamaican, Afro American, Trinidadian, white, indian, St Lucian etc.

      Reply

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