Victoria Mutual Building Society (VMBS) is set on growing its market share this year through special mortgages for first-time homeowners with discounted bundled services along with a commercial mortgage product for small businesses intent of buying real estate for expansion.
In addition, VMBS has resumed the offering of construction mortgages, which it discontinued offering some years ago.
Victoria Mutual Group President Courtney Campbell, who made the revelations in an interview at a recent Jamaica Observer Business Forum last week, said the special packages have been bundled with the services offered at discounted rates to first-time homeowners.
According to Campbell, “We have first-time packages for first-time homeowners, in terms of interest rates and the fees that are applicable. We have bundled discounts on valuation services cost of insurance and so on; all of these is the best deal for first-time homeowners.”
VMBS RESUMES OFFERING CONSTRUCTION LOANS
In addition, VMBS have resumed offering construction loans. This loan facility was discontinued some years ago but is being brought back to the market given that the prevailing conditions are now right for this type of mortgage facility to take off.
Campbell was meticulous to emphasise that these loans are not development loans and wanted to make that distinction with VMBS construction loan facility. He explained that the VMBS construction loan facility is suited for individuals or businesses which own land and intend to develop it or those individuals who have purchased serviced lots and are ready to construct on the property.
He pointed out that the building society have put in place some protocols for helping customers in accessing this facility which he believes will be successful in the months and years to come. Under this loan facility, VMBS is offering upwards of 90 per cent of the cost of construction.
NEW OFFER ON COMMERCIAL MORTGAGES
Campbell predicted that VMBS’s new commercial mortgage will do well in the marketplace. This loan facility is designed for small businesses and their principals, who are desirous at expanding their business and operational facilities.
“For a small business that wishes to purchase a store or factory or even a warehouse then we are here for you. Repayment is say 10-15 years or whatever works for your cash flow,” Campbell said. There is no ceiling on the loan facility, which is based on ability to repay the loan.