Mashreqbank, Cluttons tie up

Published June 30th, 2005 - 06:42 GMT

Mashreqbank has introduced Market Value Funding (MVF) for completed properties, allowing customers to avail finance on secondary purchase for completed properties.


For expert valuations, Mashreqbank has tied-up with one of the oldest and most respected property surveyors in the UK, Cluttons, which has three decades of experience in the UAE real estate market.


“A fair market appraisal is essential for potential purchasers as it means that buyers get exactly what they require without any hidden surprises. Our partnership with Cluttons in offering evaluations for Market Value Funding will enable us to provide our customers with the widest variety of property finance solutions in the UAE,” said Atif Bajwa, Head of Retail Banking group, Mashreqbank.


To date, over 10,000 housing units have been delivered to customers and many more thousands currently under construction and are due for completion in the coming years.


In addition to the three keyt developers Emaar, Jumeira Beach Residence and Al Nakheel, Mashreqbank also offers mortgages for developments by private developers such as ETA Star, GIGA, Hircon, Trident International, IFA hotels & resorts, Deeyar and others.


“Property is a cornerstone of a diversified economy and we expect to see continuing dynamic growth in the UAE real estate sector for a long time. We plan to continue expanding the network of property developers we work with in order to continue adding value to the real estate supply chain,” said Atif Bajwa.


Mashreqbank was the first commercial bank to launch mortgage products in the UAE and has the widest variety of realty finance products to support the country’s real estate boom, with some estimates that it will become a US$200 billion a year industry by 2010.


MashreqBank is also the only bank to have established a dedicated mortgage centre, at its Jumeirah Road branch, as well as special realty consultants at all its main branches who can offer advice on the wide variety of financial options available.

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