shak wrote:The Liquidity crises has also hit Morocco and my information is that the Moroccan Banks have pulled back in their lending. I suggest that you speak to the developers and use their contacts. Further if you are buying more than one property & needs to obtain a mortgage, please be aware that it is illegal for non residents to have more than one mortgage.
You, should be on your guard as the so called brokers will charge an up front fee whether you get a mortgage offer or not. In the present climate if you are being promised a mortgage by a broker, insist that you will pay his fee once the mortgage has been drawn down.
Good luck & a happy new year. I am now expecting abuse from mortgage brokers .
Hi Shak,
You are right. One of the reasons big time developers are pulling out across the country is the lack of finance from Banks.
As we say in Spain... we are not going to re-invent the wheel, the great investment opportunities a la Costa del Sol of the fifties Morocco has to offer is offset dramatically by the lack of bussiness sense.
This is the price we have to pay and judging by how hard it is to achieve things conventionally, quite literally too.
Would not bother with mortgage brokers, waste of up front money. Go directly to the bank, take three tons of paperwork (have you not fished out your grandma's birth certificate yet?) and have lot ans lots of patience, that is, don't be surprised if eight months down the line your file is still on top of somebody's desk in Casablanca and still be declined without a word.
In a nutshell, the number of non-resident mortgages I have seen in my five years in Morocco I can count with the fingers of one hand for all the vision 2010 they care to boast about.
Happy New Year and keep hoping. How long those days of begging Fadesa for apartment allocations now feel. This must go down in calibre with the guy who sold the Eiffel Tower in 1925 as creative salesmanship at best or one of the scams of the century at worst.
Pepe
Posted: Fri Jun 06, 2008 1:39 pm