Friday, November 28, 2008

Major Abu Dhabi firms join together to launch new mortgage finance provider

Major investment, real estate and finance companies in Abu Dhabi have joined together to announce the launch of Abu Dhabi Finance, a new entity formed to serve the real estate market of the emirate, and to serve the demand for mortgage finance by consumers.

The Abu Dhabi Commercial Bank, Mubadala Development Company, Aldar, Tourism Development and Investment Company (TDIC) and Sorouh Real Estate PJSC are the shareholders of the new finance company, which will initially offer mortgages to
buyers in the emirate.
The companies are estimated to represent about more than two-thirds of the new units under-construction in Abu Dhabi.

With a capital of Dh.500million, the objective of the company is to help Abu Dhabi meet its long-term strategies of sustainable economic growth by financing the growing demand for real estate.

Following one year of planning, Abu Dhabi Finance has been launched with a complete range of mortgage products to appeal to a wide range of borrowers.

The Chairman of Abu Dhabi Finance, Ali Eid Al Mehairi, said "The huge demand for real estate in Abu Dhabi implies that there would be greater demand for mortgage financing. Our team has been working towards creating attractive, innovative mortgage products to meet requirements of all types of homeowners."

Abu Dhabi Finance plan to offer mortgages with a range of benefits, including loan-to-value ratios of up to 85 percent, flexible payment methods, loan terms between three and thirty years, and debt service ratios of up to 55 percent.

The Chief Executive of Abu Dhabi Finance, Philip Ward, said "We are aiming to become the leading supplier of mortgage products. We have invested heavily in developing our products and in training our Mortgage Advisors, so that clients can rest assured about getting the right mortgage for them."

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