PanAmerican BanCorp (PABN) Message Board

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Microcap & Penny Stocks : PanAmerican BanCorp (PABN)

PABN 0.00001000

0.0%

Mar 7 3:00 PM EST

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To: jhild who wrote (12794)	8/28/1998 12:32:00 PM
From: barbara sperino	Read Replies (1) of 43774

Affordable Housing is a WHOLLY owned subsidiary of PRWT. You might want to read over this again. International Mortgage Banking Through a wholly owned subsidiary, Affordable Housing Group. Ltd., PanAmerican BanCorp is the first foreign company to be licensed to conduct mortgage banking in the country of Belize. There is currently a need to finance 6,000 new homes in Belize of which PRWT has agreed to commit to an initial subdivision of 1,800 homes. Mortgage financing rates in Belize are currently 18% with a 50% down payment requirement. Under the PRWT program in Belize, homes will be financed at GNMA rates plus 5 1/2% or 11 1/4% with a 20% down payment. Loans approximate $33,000 each and the initial 500 loans will be primarily to Belize citizens living in the U.S. and purchasing retirement homes. This makes underwriting simple. Pan American Mortgage will receive fees approximating 5% and an annual 2% servicing fee on the mortgage portfolio balance. The total project in Belize will ultimately involve 6,000 homes. The company is examining establishing similar programs in other Central American and Caribbean countries.

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