Egyptian developers Sixth of October Development and Investment Co. – SODIC (OCDI.CA) and Tameer Mortgage Company – Al Oula signed today a cooperation protocol on the sidelines of the Cityscape Real Estate Summit.
The protocol entailed the financing of up to 80% of built residential, commercial and retail units, where Al Oula would provide clients with loans to finance their properties. The mortgage loan would cover remaining payments on clients’ units including delivery payments, with the option of lending the cost of finishing core and shell units as well. Payment terms could be extended up to ten years.
The protocol comes with multiple benefits for all parties; facilitating clients’ access to financing, shortening the cash collection cycle for the developer and boosting the mortgage finance market which is largely underutilised.
Egypt’s largest real estate exhibition Cityscape Egypt, held on 9-12 April in Cairo, has kicked off on Monday under the auspices of Minister of Housing, Utilities and Urban Development Mostafa Madbouly and Dr. Khaled Hanafy, Minister of Supply and Internal Trade, Sherif Samy, Chairman of the Egyptian Financial Supervisory Authority and more than 200 leading investment and financial institutions.