I&M Bank and Tatu City enter into property financing pact
MoU between the two companies will make it easier for buyers to access financing for purchasing land and constructing homes and businesses.
Tatu City and I&M Bank have signed a Memorandum of Understanding to facilitate access to credit for buyers of property within the 5,000-acre development.
As part of the agreement, I&M Bank will provide a dedicated relationship management team to service Tatu City clients who are buying serviced land or financing construction and offer repayment periods of up to 20 years at interest rates not exceeding 12.5% per annum to eligible buyers.
Speaking during the signing of the agreement, Chris Barron, Kenya Country Head for Rendeavour, Tatu City’s owner and developer, said the companies share a vision to provide financial products that will benefit current and future clients. “We are working hard to make the dream of home ownership for Kenyans come true, and the agreement with I&M Bank underpins our commitment. With this partnership, we are targeting not only home buyers, but also industrial and commercial business owners. I&M Bank has already financed a number of industrial buyers who have chosen Tatu Industrial Park for their businesses,” said Mr. Barron.
I&M Bank CEO Kihara Maina noted the importance of partnerships between developers and financial institutions. “At I&M Bank, we are consistently working towards providing market driven financial solutions. Our products are informed by the needs of our customers and those of the economy. Our partnership with Tatu City will allow more Kenyans the opportunity to own a home and become a part of the community at Tatu City. We are committed to creating long term relationships that are beneficial to all parties involved,” said Mr. Maina.
I&M Bank has a robust Mortgage Financing offering designed to meet a wide range of needs such as purchase of property, undeveloped plots, construction, renovations. The Mortgage Financing solution offers a wide range of products that caters to customers’ needs in terms of amount, loan purpose and repayment flexibility.
Tatu City already has two schools open which are educating 1,500 students daily, an operational industrial park with more than 50 businesses, thousands of homes under development, and world-class infrastructure to serve the needs of 150,000 residents and more than 30,000 daily visitors.
When complete, Tatu City will feature a fully operational central business district, more than 30,000 homes to suit all income brackets, parks and green spaces, leisure and entertainment facilities and medical centres.
About I&M Bank (www.imbank.com )
I&M Bank is a leading commercial bank headquartered in Kenya, with a growing regional presence currently extending to Mauritius, Tanzania and Rwanda. Since its inception in 1974, the Bank has evolved from a community financial institution to a publicly listed Kenyan-based regional commercial bank offering a full range of Corporate, Business, Premium Client and Personal banking services.
I&M Bank is wholly owned by I&M Holdings PLC which is listed on the Nairobi Stock Exchange. CDC Group PLC owns approximately 10.68% of I&M Holdings PLC. I&M prides itself on its strong values and key strengths of innovative service and strong customer relationships and through these pillars, I&M Bank aspires to be the banking powerhouse in East Africa for middle to large and premium clients through provision of innovative and market driven banking solutions for its target segments.
For more information visit www.imbank.com.