Wednesday, May 21, 2008
Construction in Mexico
Made a loan today to Teodora Bautista Cristóbal who wants to borrow money to build a house in Mexico. She's already started. Housing is so different in the developing countries, they tend to build houses themselves and pay for them in advance. We tend to move into ready builds and finance them for 30 years (or more). I couldn't imagine what it would be like to have to come up with the funds for a house before you move in. Many people can't even come up with 5 or 10 percent downpayment.
So I wish Teodora the best of luck and I hope she gets her loan funded.