I got a call from Paul McBride, the CEO of Prima Panama, this morning because I have been having problems downloading the 2 hour audio of their Panama real estate investing symposium from their website. During the call he mentioned that he and Sam Talliaferro visited Red Frog along with some banking officials from Florida (who have been providing financing for Panamanians buying real estate in Florida) who are considering offering mortgages for property in Panama. This would only apply to US citizens (at least at this time) and would be more traditional loans to what we have in this country.
There were other positive news items which might signal we are close to the end of the strike and some insight as to why it has lasted so long in the first place.
I don't think I am revealing anything that he wouldn't want me to in saying that our developers have been naïve in how that have approached doing business in Panama (like we didn't know this?!!) . Now that RFB has teamed up with this developers group, I think they are making some great progress and help them to not fall into mistakes they have made in the past; like taking the US construction model and trying to implement it in another country!
One of my main questions, "Why has the strike lasted 8 months?" was explained that, in Panama, the model is the general contractor hires sub-contractors (which Red Frog did not do) and then when the union causes problems, the general fires the sub and hires a new one.
All in all, the conversation was a positive one, and our patience will be rewarded shortly.
Mick @ Lot 83
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