Three of Egypt’s leading firms - EFG Hermes, Talaat Mostafa Group and GB Capital - has launched a real estate finance company.
The new partnership will offer long-term and competitive mortgages for new move-in homes, increasing affordability and supply to better serve Egypt’s growing population of homebuyers, said a statement from Talaat Mostafa Group (TMG) Holding.
The joint venture, whose brand name will be revealed at a later date, will have an initial paid-in capital of $8.69 million and is expected to be increased to $14.460 million as the business grows.
It will offer mortgage finance to all consumers looking to buy move-in homes across TMG’s existing projects and potential developments. The partners will appoint a chief executive officer to lead the new venture, which will be staffed by an independent management team.
The joint venture, which is targeting to fund a portfolio of units worth E£450 million in its first 12 months of operations, will offer unrivalled mortgage solutions with the fastest turnaround time over 10-year tenures available to Egyptian clients at competitive interest rates in the market. It will also introduce new, variable-rate financing solutions.
TMG Holding CEO and Managing Director Hisham Taalat Moustafa said: “The new joint venture will capitalise on TMG’s four decades of experience in real estate development and over 100,000 units across the group’s multiple projects."
"Our aim is to bring to the market real estate units with long-term and competitive financing solutions that would increase affordability and better align housing supply with Egypt’s large, growing population of homebuyers," he noted.
"I am particularly pleased to note that the joint venture will be offering finance solutions for move-in new homes in the existing projects as well as potential developments in TMG’s pipeline. EFG Hermes and GB Capital are longstanding partners with whom we look forward to doing business for years to come,” he added.
GB Auto Chairman and CEO Dr Raouf Ghabbour,said: “We know that several years of high inflation have eroded consumer purchasing power. And as Egyptians, we also know homeownership remains a cornerstone of society."
"We are bringing to the market a portfolio of easy-to-access financing solutions that will feature the fastest decision-making time in the industry,” he added.–TradeArabia News Service