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)