Wednesday, May 5 2010 11:05
First Mortgage Company attracts $2.5 mln credit from OPIC
ArmInfo. First mortgage Company Universal Credit Company (FMC UCC) received the second tranche of credit at the rate of $2.5 mln from the American Overseas Private Investment Corporation (OPIC)), FMC Director General David Atanesyan told ArmInfo. The mortgage lending programme jointly with OPIC aimed at activation of mortgage lending. Credits within the frames of this programme will be extended for purchase of real estate, repair, building-up and refinancing on the following terms: amount of credit - from $10,000 to $120,000, term of credit - to 15 years, credit interest rate - from 12% per annum, prepayment - 25% of the credit amount.
According to D. Atanesyan, FMC UCC operates on all the mortgage lending programmes, functioning in the financial market. The First mortgage enters the three of leaders on three of these programmes, in particular, on development of stable housing financing market of KfW German Bank, available housing to young families and on the volume of credit investments within the frames of refinancing of credits of the National Mortgage Company. Credit portfolio on these three programmes by April 30, 2010, made up 665 mln, 70 mln and 415 mln drams, respectively. The Company's credit portfolio on the rest two programmes, being implemented jointly with OPIC and Habitat for Humanity International, made up $2.7 mln and $330,000, respectively.
FMC UCC increased the volume of its assets in April, 2010, by 1 bln drams to 4.2 bln drams and assured almost twofold growth per year.
To recall, OPIC is a specialized state agency, engaged in insurance of investors' property interests from political risks. OPIC's activity covers American investments in 140 developing countries and in the countries with developing market economies.
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