The agreement means Abu Dhabi Finance will offer mortgages of up to 85% loan-to-value on apartments in Profile Group’s residential developments on Reem Island.
The agreement covers the 234 apartments in ‘Marina Heights I’ and 470 apartments in ‘Marina Heights II’, both within Marina Square. The two projects are amongst the most advanced on Reem Island, with completion expected by December 2009.
As a result, Profile Group Properties is in the unique position of having a significant number of near ‘ready to occupy’ apartments available to offer investors and homeowners alike.
Profile Group Properties, which began trading in 2005, was the first company to start selling real estate to all nationalities in Abu Dhabi, when it launched the first of its Marina Heights towers.
Raeid Al Yousif , Chairman of Profile Group Properties, said:
“We are delighted to be able to introduce our customers to Abu Dhabi Finance, which has quickly established itself as a pre-eminent provider of home financing options. Its dedication to delivering a quality service is second to none.”
“Both new and existing customers will be able to take advantage of 85% mortgages, with the wide range of customer-specified options that come from Abu Dhabi Finance,” Al Yousif added.
Philip Ward, Chief Executive Officer of Abu Dhabi Finance said, “Marina Heights is an excellent development, with some fantastic apartments coming onto the market by the end of this year. These apartments are perfectly suited to long term investors and owner occupiers alike. We are delighted to be able to partner with Profile Group Properties, extending our reach within Abu Dhabi.”
Abu Dhabi Finance formed and launched in 2008 with a capital of Dh500m, offers mortgages with a wide range of benefits, including loan-to-value ratios of up to 85%, loan terms of between three and thirty years, flexible repayment methods and debt service ratios of up to 55%.
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