Sodic, Al Oula sign co-operation protocol
Cairo, April 7, 2014
Egypt-based Sixth of October Development and Investment Co (Sodic) and Tameer Mortgage Company (Al Oula) have signed a co-operation protocol at the ongoing Cityscape Real Estate Summit in Cairo.
The protocol entailed the financing of up to 80 per cent of built residential, commercial and retail units, where Al Oula would provide clients with loans to finance their properties, said a statement.
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, it said.
The payment terms could be extended up to ten years, said the statement.
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, it added. - TradeArabia News Service
