Sakana's line of credit increases access to mortgage market

As the first mortgage finance of over a million Bahraini Dinars to be offered to the public from today, it is set to have a significant impact on the Kingdom's burgeoning property market by providing finance to a wider range of investors.

The new Sakana product will result in an additional injection of funds, fuelling further growth of the property market and the resulting investment promises to impact positively on Bahrain's economic outlook.

Sakana's innovative product allows customers to secure a substantial line of credit to finance larger property deals. In the past, only commercial loans were available on this scale, which limited the uptake to those investors with established and significant business assets. Now, more people than ever before will benefit from the investment potential that real estate ownership offers.

Sakana's CEO, Mr R. Lakshmanan, commented:

"Sakana is redefining the mortgage finance market in Bahrain through delivering on our remit to widen access to property ownership through the innovative development of investment finance. We are introducing this new mortgage facility in response to the increasing demand for finance being generated by the investment opportunities presented by Bahrain's existing and upcoming property developments - particularly high end developments. Our new line of credit allows high net worth investors to fully capitalize on existing assets as well as grow a substantial property portfolio."

"Sakana is aiming to open up the mortgage market by introducing products hitherto unavailable in Bahrain. We are offering real flexibility for investors who wish to structure their property portfolio to provide maximum returns by spreading investment over several properties or by the purchase of one large property."

The line of credit is available to use across as many mortgages as the customer wishes. Investors are not obliged to use the complete amount offered by line of credit immediately, and will have a grace period of three months during which to allocate the funds. Customers have to satisfy predefined criteria to qualify for the mortgage facility, which can be used to finance residential, commercial and investment properties.

Sakana is in the business of simplifying and extending the possibility of widespread home ownership with a variety of mortgage-related products. Facilities such as reduced down payments, long repayment terms and joint mortgage applications, are helping many more people to gain a foothold on the property ladder. Sakana mortgages are available to qualifying Bahraini nationals, expatriates and non-residents. Sakana also aims to unlock income potential by offering products which allow the borrower to capitalize on existing assets and income.