S&L increases lending limit to Ksh250 million

KCB mortgage arm, S&L has increased its lending limit from KShs100 million to Kshs250 million significantly boosting development efforts and at the same time reducing financial burden of many property developers. At the same time, time the company has further increased the ratio of mortgage finance by 10%.  Developers will now be financed up 85% of construction costs up from 70% previously met by S&L. 

“This, we believe, will accelerate   property development in the country and improve the level of housing for our people,” said KCB Group Chief Executive Martin Oduor-Otieno at the launch of S&L Developers Club; a platform that will give partners in the real estate sector an opportunity to network and influence policies in the sector.

The Chief Executive said that as Kenya’s premier mortgage financier, S&L recognized the need to create lasting partnerships with key players in the construction sector hence the need to create the Developers Club.

“This forum targets all professionals involved in the building industry and provides the opportunity for them to share ideas, exchange experiences and gain insights into the dynamics of their work with a view to achieving excellent standards,” he said. 

As members of the new S&L Developers Club, members will enjoy end to end support which means apart from receiving finance for construction, S&L will play a significant role in the sale and marketing of their developed units. Members will also benefit from free internet links to S&L website which is accessible to Kenyans in Diaspora hence boosting their Diaspora marketing. Members will also have access to holders of Tuungane Account, the bank’s offering to investment groups.

Other benefits that members will enjoy include access to KCB Group’s banking products such as KCB Visa Card, KCB Advantage Banking and KCB Biashara Club. They will also be have access to banking facilities for other business needs, their properties will be circulated to interested buyers in an S&L property bulletin, they will also have opportunity to advertise their properties on the KCB Group website, enjoy regional/international business trips, and join in discussion forums for real estate players.

Members will enjoy end to end support, meaning that apart from receiving finance for construction, S&L will play a significant role in the sale and marketing of developed units. S&L also plans to continue to push through special home ownership schemes to employees of various organizations which will in turn increase the market for members’ products.

“Many organizations such as the Civil Service, the Kenya Revenue Authority, Higher Education Loans Board and Capital Markets Authority have supported their employees to buy affordable homes through our exciting schemes. We will continue to avail other regular products and services to members of the S&L Developers Club to complement our   unique mortgage offerings and add value to your activities,” he added.  

Regional markets

Meanwhile, S&L has challenged Kenyan property developers to venture into the regional market. The firm plans to launch turnkey product in Southern Sudan and move into the region in the next one or two years.

“We are an ideal partner for businesses not only due to our large branch network hence increased access to financial services but also because of our regional reach. We are operating in five markets namely Kenya, Uganda, Tanzania, Sudan and Rwanda and  have plans  to introduce mortgage products under the parent brand, KCB in order to capitalize on existing business opportunities.  This should encourage many people wishing to venture into property development across the borders to get their plans,” said Oduor-Otieno.