Clayton Named Lead Consultant on New Saudi Arabian Mortgage Bank
21 Juillet 2008 - 4:00PM
PR Newswire (US)
- New Venture to Provide Access to Financing for Saudi Home Buyers
- SHELTON, Conn., July 21 /PRNewswire-FirstCall/ -- Clayton
Holdings, Inc., a leading due diligence, surveillance, and
specialty consulting provider, announced today that the company has
been engaged as the lead consultant in the formation of the Real
Estate Financing Company (REFC), a new residential mortgage company
based in Riyadh, Saudi Arabia. (Logo:
http://www.newscom.com/cgi-bin/prnh/20070509/CLAYTONLOGO ) REFC,
which is expected to launch operations in 2009, will provide
Sharia-compliant, third-party financing for home purchase in Saudi
Arabia. Future plans call for additional branches in Saudi Arabia
as well as on-line development. Currently, there is little
third-party residential financing available in Saudi Arabia. The
founding investor group of REFC has experience in the Saudi housing
industry, having led construction projects in that market and sees
synergies between their construction businesses and potential
growth with the inauguration of a third-party, home-finance
institution. Clayton's responsibilities will include: sizing the
Saudi housing market, creating the strategic business plan,
business requirements and implementation plans, conducting an
IT/vendor systems assessment, creating necessary operational
documentation and performing ongoing implementation assistance. In
addition, Clayton will work with the institution to create exit
strategies for the loans, including securitization in a
Sharia-compliant environment. Bruce Legan, President of Clayton
Consulting, said, "Knowing the broad benefits of home ownership and
being part of making it more accessible to a whole new market makes
this project very exciting. The challenge is to balance the
efficiencies of proven best practices with the strictures of Sharia
and the cultural nuances of the modern Saudi life." About Clayton
Holdings, Inc. Clayton Holdings, Inc., headquartered in Shelton,
Connecticut, is an information and analytics company serving
leading capital markets firms, lending institutions, fixed income
investors and loan servicers with a full suite of information-based
analytics, specialty consulting and outsourced services. Clayton's
services include due diligence analytics, conduit support services,
professional staffing, compliance products and services, credit
risk management and surveillance and specialized loan servicing
services. Additional information is available at
http://www.clayton.com/. DATASOURCE: Clayton Holdings, Inc.
CONTACT: William Campbell, or Chris Cosentino, both of Campbell
Lewis Communications for Clayton Holdings, Inc., +1-212-995-8057
Web site: http://www.clayton.com/
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