We recently posted an article on PMN in regards to mortgages, and it caused a bit of a debate so I thought I would transfer the comments here, and if anyone would like to add a comment here feel free!!

written by shawnb, June 09, 2008
Hello Enrique. My name is Shawn Bandick Owner of One Stop Real Estate here in Playa del Carmen. I don't usually comment on forums but your article requires a comment.
First you should refrain from implying that the real estate community is not professional enough to promote mortgages. Perhaps you should point out to the consumer how many hundreds of mortgage brokers have come before you and not been able to put money on the table and even charged upfront fees to fail. This has caused the consumer and Realtors to be very wary and burned out by the promises. I could tell you stories that would make your hair curl , but I wont because if you have been lending in Mexico you have heard them all.
Instead let's do this. Below you will see an inquiry I had today from a consumer looking for a mortgage to buy his dream home. You supply him with a written pre-approval and a time line to have money in his hands. That way he can make an offer without risk. I will help him find the property.

If for any reason he cannot get financing you can explain to the Realtors and the consumers what all the limitations are to getting financing. That way the consumer wont be miss led to believe he can get financing if he can't and he will know what he can get financing on. Also the Realtors will be knocking down your door to get loans for there clients.
The Balls in your court. Contact information for your client is below. I look forward to your success.
======================================================
Hi,

I was in Playa del Carmen last month on vacation and the place had a spell on me: therefore i am thinking of buying a house / flat there.

However I have been told it is going to be difficult for me as a foreigner due to recent loan legislation changes. I would be interested in the house mentioned in the reference and be aware I earn a monthly wage of some 5000 $.

Do I have any possibility?

Thanks in advance,
Matteo

written by Enrique (Henry) Saldana, June 10, 2008
Shawn: I believe we met a couple of years ago, have spoken with regards to mortgages twice thereafter and as I understand you correctly you are still not convinced that foreigners can get financing in Mexico. That in itself proves my theory. However, and based upon you comments let’s clarify a couple of things.

“Not Professional Enough” is not a term I have used. However, let’s define "Professional".

Dictionary.com defines “professional” as:
adj.
Of, relating to, engaged in, or suitable for a profession:
Conforming to the standards of a profession:
Engaging in a given activity as a source of livelihood or as a career:
n.
A person following a profession, especially a learned profession.
One who earns a living in a given or implied occupation:

A friend of mine tells me, “my employer defines professional as someone that keeps their desk clean, has nothing on the back of their chair (like a jacket) and is quiet. Hmmm....it seems dictionary.com got it wrong.”

So as far as any of the above definitions is concerned I don’t think, unless we use my friend’s employer definition, a Realtor in Playa del Carmen can consider himself a “Professional” Mortgage Broker, thus speaking with authority on the subject matter. Nor, do I expect them to be so.

“Have not YET learned” is the term I have used. Let’s defined “Learned”:

Learned, past tense of Learn \Learn\ (l[~e]rn), verb (used with an object), from a root meaning, to go, go over, and hence, to learn;
1. To gain knowledge or information of; to ascertain by inquiry, study, or investigation; to receive instruction concerning; to fix in the mind; to acquire understanding of, or skill; LET’S ADD, TO LEARN ABOUT MORTGAGES...

So, given the meaning of the words, I don’t think I have misled anybody.

But where do I come up with this theory. Well, let’s just say that I have walked up and down 5th and 10th and all of Playa del Carmen for the past 2 years and met with almost every developer and real estate agent and broker there is, some of them whom are no longer here, and therefore done my research on the subject matter.

Yes, I have heard all the stories, met some of the players, or NOT PLAYERS, I should say. That as they say in Mexico, “COYOTEAN”, pretend they can provide the service and are just fee skimmers, creating high expectations on people and not coming through.

However, and the fact that those pseudo mortgage brokers have come to town and taken people for a ride does not mean that the product doesn’t exist, nor that it is not feasible for foreigners to obtain mortgage financing in Mexico. I can attest to that, and I can give you proof of the same. We are closing a minimum of 2 mortgages a month at the present time through our lenders and USA affiliate. We have also approved and are waiting for developers to finish their Condo Regimes on a good number of others. SO IT IS POSSIBLE!!!

And by the way, we do have Realtors and developers knocking at our doors as it is already...not to say clients.

I have already contacted your client and initiated the process. And, provided he has all the proper documentation and can support the same, as well as the required credit scores, we might be able to do him. I will take the challenge once I have the proper info in place so as to make a determination.

John Griffin, Secretary of Natural Resources, State of Maryland, USA, once said...”If you always do what you’ve always done, you’ll always get what you’ve always gotten.” And you see that play out so much. People want change, but then no one wants to change the way they do business in order to effect a different outcome.

We are speaking with Scotia Bank to have a mortgage introduction seminar in town for everyone concerned; Realtors, developers, and clients in general. We would gladly accept any suggestions you might have with respect to that.

Looking forward to a good closing!!!

Best regards,

Enrique (Henry) Saldana

written by Michele, June 10, 2008
We are consistently getting a rate of 7.5% on a 25 year note through Bancomer for our Buyers from Canada and the United States. All of our customers have been thrilled with the rate and the customer service they have experienced. In all honesty, we were really surprised...pleasantly so. We have had some "not so pleasant" transactions in the past. Bravo Bancomer for realizing the specific needs of Real Estate professionals in Quintana Roo and their customers. Mortgages are finally here to stay!!

Michele Kinnon
BRIC International
www.BuyPlaya.com


written by Sandra-Lee Champagne, June 11, 2008
Very good reading on a rainy day...smilies/smiley.gif
Nice to know about Bancomer. How is the contact person there?
I would like to know if anyone has been working with Scotia Bank and if so how are they? Have your clients been happy with them?

I wish you all a great summer!

Sandra-Lee Champagne
Sales Manager
Playa Associates
www.playadelcarmenre.com

written by Janet, June 13, 2008
Interesting debate. We were approved by Scotia Bank in less than 2 weeks. We have a letter of approval and are now waiting for the developer to be ready. Good service, expeditious, and the Reps. both Mr. Hernandez and Mr. Saldana very professional.

written by Sandra-Lee Champagne, June 13, 2008
Thanks Janet for the info. I appreciate it!