FORWARD: National Bank to Refinance Mortgage Loans from other Banks Print E-mail
( 3 Votes )
Written by Shane D. Williams   
Thursday, 19 December 2013 00:00

The National Bank of Belize opened its doors on Monday, September 2nd, and is getting ready to expand its loan portfolio to include mortgage refinancing for individuals with loans at other commercial banks. Prime Minister made the announcement at the House of Representatives meeting on Thursday, December 12th.

In just three months the bank has already disbursed over $2.6 million in mortgage loans to public officers and middle income earners for construction of their first home. According to PM Barrow there is also over $4 million set for disbursement to first time home owners. As promised at the opening when he said, “I suspect that the demand will be over the top and let me signal from now that I expect to come back to the National Assembly before Christmas with another motion to put some additional equity into the National Bank,” PM Barrow announced at the House on Thursday that within the next couple weeks the bank expects to receive its first commercial deposit to the tune of $5 million from Belize Telemedia Limited for three years. Deposits may also be received from the Social Security Board and other corporate organizations.

The mortgage ceiling has also been raised from $100,000 to $175,000. The Board of Directors also plans to start lending to small businesses in the near future and open branches in other parts of the country. Jose Karim Marin, Managing Director of the National Bank, says, “in less than three years we should be countrywide.”