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As a foreigner, you can pretty much put an "X" next to "getting a loan in Honduras". Reams of paperwork, ranging from when, how, why, what, where, who, ...... personal information that is irrelevant to anyone (except the loans officer across the desk), back or "stale-dated" document requirements, your father's political status, and your grandfather's social security number (they might even ask you what college and degree you expect your current 5 year old kindergarten child will have 15-20 years from now) are just a few of the hurdles one has had to deal with here if you want bucks.


Whatever happened to the simple approval system like we have in the US? What about the simple questions that modern lenders need satisfied? How much do you want? Can you pay it back? AND, most importantly, if you don't pay it back, is there sufficient collateral for the lending institution to foreclose on? ----that's what I miss.



Just this week one of my clients was jerked around by the local system. Applying for a loan more than 5 weeks ago and offering their $multi-million dive resort (free and clear) as collateral, they were told the sum of money they required "should not be a problem" as the value of their property (purchased more than a three years ago) would easily cover the LTV (loan to value) ratio the bank required (set by law).




Airlines - Aerolineas

Ceiba

Atlantic Airlines
Edif Plaza del Caribe
Ave. La República
Telefax. 440- 2343
Tel. 440 2347
Aeropuerto 440 1220

Isleña Airlines
Ave. San Isidro frente
al parque central
Tel. 4430179 Fax 443-2632
Aeropuerto Golosón
Tel. 441-2521/22/50

Fax: 441-2527

La Ceiba      

Sosa Airlines
Ave. San Isidro
Tel. 443-1399 /443-2519 Fax. 443-1894
Aeropuerto Golosón
Tel. 441-2512/13
Fax: 440-0692

Taca Airlines.
Ave. San Isidro frente al parque central
Tel.443-3720/1912/1915/1916
Fax: 443-1913
Apto. Fax. 441-2528
441-2534/36/37/19

Roatan    

Atlantic Airlines
Aeropuerto
Tel 4451179 / 0055

Aerolineas SOSA
Aeropuerto Roatán
Tel. 445-1154
Fax: 445-1658

Isleña Airlines
Aeropuerto:
Tel/fax 445-1550/1387/1918
Fax: 445-1825


As you 'pay to play' here in this country, the client paid all application/survey/loan document and appraisal fees up front and entered into a conditional sales agreement on another piece of property...believing the financing to be in the bag. Using an Appraiser from one of the big cities, San Pedro Sula, the bank began the tedious process of loan approval. This week, the Appraisal came in at less than ONE THIRD of what they paid for it, let alone today's value....meaning...there is no way in Hades that they are going to get even close to the required funding amount.
 


What the heck did the Appraiser use for comparables? Certainly, they did not access the MLS here for comparative data. Certainly they didn't pick up a Real Estate guide and see what property values are doing here in the Islands.... and certainly, this "appraiser" or "civil engineer” (civil engineers are the ONLY recognized and legal appraiser by law) does not possess the information, credentials, or mental capacity to professionally and accurately evaluate property.... anywhere! ---are you getting the picture yet?


San Pedro Sula

Aero Honduras
Hotel Holiday Inn
Boulevar Morazan,
Bo. Guamilito Tel. 550 6944
Fax: 550-6955
Apto: 668-8998 /99

American Airlines
Edificio Banco Ficosa,
Blvd Circunvalacion
Tel: 553 -3526, 553-3508
Aeropuerto: Fax:668-3259
Tel.: 668-3243 al 50

San Pedro Sula

Isleña Airlines
Edificio Trejo Merlo
Telefax :552-8322/8335
Apto: Telefax: 668-3333

Continental Airlines
Plaza Versalles, Ave. Circunvalación
Tel: 557-4141 al 45
Fax: 557-4146
Apto: Tel: 668-3208 al 12

Fax: 6683215

TACA
13 ave. Circunvalación,
Bo. Los Andes
Tel: 558-1604 /36/30,
Fax: 550-5269
Aeropuerto: Fax:668-3333
Tel: 668-3292 al 98. 

San Pedro Sula

Atlantic Airlines
Plaza Monaco
Tel. 557-8088/ 557-3047
552-7270. Apto: 668 7310

Aerolineas Sosa
1a. Calle, 7 Y 8 Avenida S.O.Edif. Tel :550-6545
Telefax 550-6548
Aeropuerto:
Tels. 668-3223 / 668-3128




The banking system is only slightly ahead of the old IBM Select writers.... remember those? They still use them... typewriters... to update your bank book at many institutions in Honduras. How can they possibly be competitive in the loans business....? THEY CAN'T, but they have, or should I say HAD a monopoly here.


But alas, there is light at the end of the tunnel... or better yet, there appears to be a fly in this thick, slow moving ointment that may just "leaven" the entire loaf.... it's called HSBC... or Hong Kong Shanghais Banking Corporation and it's one of the largest financial institutions in the world!! Oh, and now they are here! They have bought out one of the local banks (BGA) and have now changed over to HSBC officially.
 

Tegucigalpa

American Airlines
Edificio Palmira, 1er piso,
Col. Palmira
Tel. 232-1414/1415
Fax. 232-1380
Apto. Toncontín
Tel. 233-9685/6848
Fax. 233-9678

Continental Airlines
Edif. Palic, Col. Palmira
Tel.220-0999/0983
Fax: 220-0990
Apto:Tel:233-7812
233-7676/7859
Fax: 233-7912

Copa Airlines
Aeropuerto Toncontin
Tel: 233-2672, 291-0099

Fax: 291-0091

Tegucigalpa

Varig
Edif. SEMPE
Blvd. Comunidad
Economica Europea
Tel:225-5102 AL 07
Fax:225-03-41

Alitalia
C
entro Comercial Unincentro
Tel. 239-4836, 235-6079,
232-3290 /fax: 239-0857
Email:
travel_service@multivisionhn.net

Atlantic Airlines
Apto Toncontin
Tel 234 9702 / 9701

Tegucigalpa

Sol Airlines
Edificio Corporativo
Hotel Clarion, Tegucigalpa
Tel. 220 6399; 6543

Air France
Centro Comercial Galeria
Ave. La Paz
Tel.2370229/0271/0216
Fax: 2370189

TACA
Edif. Interamericana,
Bulevar Morazán
Tel:2320915/7585/ 232-7552, 231-1156 fax: 2311517
Apto. Toncontín
Tel: 233-2192 Fax: 2338580

Tegucigalpa

KLM
Edif. Ciicsa, local 1
Ave. Chile, Col. Palmira
Tel:2326410/6414/3885

Fax 2323876

Isleña Airlines
Gal. La Paz Ave. La Paz
Tel:2373410/3450/3462
Tel/fax: 2373390

IBERIA
Edif. Palmira Planta Baja,
Col Palmira,local # 7
Tel: 232-77-66/77-60

Fax:239-1729

Tegucigalpa            

LUFTHANSA
Edif. Plaza del Sol
Ave.La Paz
Tel: 236-7560 /7564 /7568

F
ax: 236-7580

Aerolineas Sosa
Apto Toncontin
Tel: 233-7351
Tel/fax 234-0137

Japan Airlines
Galeria La Paz, 3 piso
local 312 Ave. La Paz
Tel: 238-0425
Fax: 237-9914




Will we now get more professional and accurate service? YES!! Is the resounding answer I am told by a well known international banker from the Caymans? With that said, you’ll see the entire banking system brought into the 21st century in a very short timeframe. HSBC does not mess around and they WILL reform the way present banking is done in Honduras.


So, there you have it. Within a short time we'll be able to walk into the bank with the appropriate documents, apply for a loan and get approved in a reasonable timeframe. Gone will be the days of Seller take back financing at high interest rates.... gone will be the days of 3-4 month approvals..... And gone will be the days of miss-appraisals and unprofessional service.





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