Initial developments covered by the agreement include Marina Blue and Ocean Terrace in Marina Square on Al Reem Island.
Abu Dhabi Finance is already offering end-user finance on Sea Shore Villas. This development was handed over by Green Emirates Properties back in 2007 and consists of 236 villas/townhouses.
Highlights of the mortgages will include finance for up to 85% of the property value, a maximum tenure of 30 years up to an upper age limit of 70 at loan maturity, and a debt service ratio of 55%.
Abu Dhabi Finance also offers some of the most flexible mortgage repayment options in the industry which include Interest Roll Up, Interest-Only, Repayment and a combination of Repayment and Interest-Only Mortgage Loans (‘Part and Part’ Mortgages). Clients can also repay up to 10% of the outstanding loan amount per year free of repayment charges.
The two developments on Al Reem Island together account for 829 high quality apartments, and both are expected to be completed by the end of 2009 which means they present an attractive option for prospective owner-occupiers.
Mr Ibrahim Eskiocak, General Manager of Green Emirates Properties, said:
“Abu Dhabi Finance will offer our clients an exceptional mortgage option. Their client service has raised the bar in Abu Dhabi and the mortgages they offer will suit clients from a wide range of backgrounds. The mortgages themselves are innovatively designed with lots of options and flexibility offered as standard.”
“As our developments are nearing completion, many of our clients will be looking at the different financing options available, and we are delighted to be able to introduce them to Abu Dhabi Finance. I am confident it will be a popular choice,” he added.
Philip Ward, Chief Executive Officer of Abu Dhabi Finance said, “We continue to extend our reach in Abu Dhabi and we are delighted to announce our partnership with Green Emirates. Their developments will appeal to long term investors and owner occupiers from a diverse mix of income brackets, and we will be happy to provide flexible mortgages to suit every need. Partnering with a reputable developer of high quality properties such as Green Emirates allow us to offer our clients an even greater range of choice for every budget and taste.”
Abu Dhabi Finance, formed and launched in 2008, offers mortgages with a wide range of benefits, and it will offer any single client up to three mortgages. Developers covered include Aldar Properties, Sorouh Real Estate, The Tourism Development and Investment Company, Capitala, Profile Group Properties and Green Emirates Properties.
Wednesday, August 12- 2009 @ 14:21 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.