EFG Hermes E: Bedaya Mortgage Finance Co. Launches First Non-Bank Mortgage Financing Mobile Application in Egypt

Bedaya Mortgage Finance Co. Launches First Non-Bank Mortgage Financing Mobile App in Egypt

June 20, 2021

Bedaya Mortgage Finance Co., Egypt’s leading non-bank online mortgage provider, today announced the launch of Egypt’s first online non-bank mortgage financing mobile application and platform, which will allow users to apply for one of Bedaya’s many mortgage financing offers seamlessly and quickly.

Through the app, users can calculate the expected cost of their mortgage, upload documents and pay fees. The app also includes a list of approved real estate projects from which clients can choose properties without having to provide supporting documents related to the project. The same interface is also available on the company’s website. It is designed to be native on all devices to ensure accessibility through desktops, tablets or mobile phones.

“At Bedaya, we pride ourselves on having the fastest turnaround in the industry, so I couldn’t be more proud of the fact that from the start we have been working on the architecture and construction of a seamless experience through an innovative app that gives clients instant access to facilitate their mortgage financing needs, “said CEO and Managing Director of Bedaya, Tarek Abou Gendia.” The Egyptian mortgage market is currently both underserved and underpenetrated. Our ultimate goal with this launch is to expand accessibility to mortgage finance, which is often a long and tedious process. This key access to finance should also be chosen by the secondary market, as it is currently a buyer’s market and likely will remain so for the foreseeable future. The market has lacked the availability of affordable financing solutions such as mortgage financing, which are t a natural means of financing as seen in overseas markets.

Bedaya, a joint venture launched in 2019 by EFG Hermes, Talaat Moustafa Group and GB Capital (the NBFI branch of GB Auto), offers various mortgage financing solutions over 10-year repayment periods at competitive interest rates, enabling customers to purchase housing, commercial and administrative properties in Egypt. It finances up to 90% of the current value of the property for residential units and 80% for commercial units, capped at EGP 25 million and EGP 50 million, respectively. Likewise, clients can renovate their properties through its Ijarah program.

“Bedaya’s innovative online and mobile platforms are an integral part of our strategy to offer a comprehensive and diverse range of non-bank financial services that meet the unmet needs of consumers,” said Walid Hassouna, CEO of the platform. -forms non-bank financial institutions (NBFI) to EFG Hermès. “In its first two years of operation, Bedaya increased its portfolio to EGP 300 million, demonstrating the strength of its service offering and the real demand for its long-term and competitive mortgage financing programs. Its unique value proposition, coupled with our NBFI companies ‘track record of fintech solutions, gives me confidence that we have the tools in place to firmly establish ourselves in the market.’

A vital sector of the economy, real estate continues to be viewed by investors as a safe haven as Egypt’s population grows sharply and household formation continues to provide stable and sustained demand for residential and commercial real estate assets. . Enhanced financial solutions, including developers offering long-term financing programs that meet the needs of clients seeking both off-plan and secondary market transactions.

-Ends-

About Bedaya

Bedaya Mortgage Finance Company (Bedaya) is Egypt’s first non-bank mortgage provider to offer digital mortgage finance facilities. It offers transparent mortgage financing solutions to clients looking to purchase residential and commercial properties in Egypt or obtain financing using a used personal or business asset as collateral. With the fastest turnaround time on the market and a seamless digital mortgage platform, Bedaya works with its clients as true partners to deliver bespoke mortgage solutions to its growing customer base. Bedaya was founded in 2019 as a joint venture between EFG Hermes, GB Capital and Talaat Moustafa Group.

For more information about Bedaya, please visit https://www.bedayamortgage.com/

For more information, please contact:

EFG Hermès Media

[email protected]

Mai El Gammal

Group Marketing & Communication Manager

[email protected]

Note on forward-looking statements

In this press release, Bedaya may make forward-looking statements, including, for example, statements about management’s expectations, strategic objectives, growth opportunities and business prospects. These forward-looking statements are not historical facts but represent only Bedaya’s belief regarding future events, many of which, by their nature, are inherently uncertain and beyond the control of management and include, among others, the volatility of the financial markets. ; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, current and future laws, regulations and regulatory measures. Therefore, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.

Warning

EFG Hermes Holdings SAE published this content on June 20, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 20 Jun 2021 12:14:04 PM UTC.

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