CAPE TOWN (August 07) – Residential and commercial property developer, Asrin Property Developers, has launched a mortgage origination company, Asrin Mortgage Originators (AMO).
The new subsidiary, which went into operation in May this year, is under the leadership of Asrin’s MD, Nizaam Essa, with facilitation assistance from Asrin’s Marketing Manager, Shiraaz Hassan. The Origination Department Manager is Garrick Johnson.
Within their first 75 days’ trading, says Essa, AMO secured some R50 million worth of business. “Our target,” he adds, “is to achieve R400 to R500 million worth of registered business per annum before 2010.
On the current performance Hassan says the target figure could be achieved as early as mid-2008.
“The big challenge right now is the limitations imposed by the new National Credit Act, but our team has the expertise necessary to cope and we are currently trading well above target levels.”
Hassan said the service is not limited to Asrin’s customers – AMO intend to generate business from estate agents, other developers and the public.
Johnson said that first time homebuyers, have figured prominently among their customers and despite the low credit ratings of some clientele, AMO has managed to secure competitive rates, often 1,5% below prime. A large percentage (95%) of applicants, he said, have been granted 100% bonds.