Midas credit: Turning dreams to reality
By Olive Limited
Olive is now in a partnership with Midas Credit, a financial
institution based in Kenya. This agreement will help to ease the burden of
owning land.
The cooperation between the two companies comes in the wake of high appetite for land purchase, yet during tough economic times that have seen possible land buyers slow down on investments.
“Our desire to ensure that every one of our clients realizes their dream to own a piece of land is what has inspired us to get into this arrangement with Midas Credit. We have done thorough research and we are satisfied that through Midas Credit, all our clients can now achieve their dreams comfortably,” explains Peter Gitau, a Director at Olive.
This arrangement is designed in such a way that, an Olive client desiring to buy a piece of land is financed up to 70 per cent of the amount of money required. The repayment period is very flexible as it can be stretched to18 months, depending on the client’s financial muscles. The interest rate is at 1.25% per month.
“Midas Credit has made the financing process so simple yet very efficient. Once we receive the financing request from Olive, we subject the client to the necessary appraisal process, which is completed within 24 hours. After approval, Midas Credit sends a signal to Olive that now leads to documentations and commitment with the client. Through this plan, for as low as Ksh 30,000 per month, we turn a land-owning dream to reality,” guarantees Tabitha Mbuthia, Midas Credit Manager.
Among the requirements during the approval process is a six-month bank or mobile money statement and the credit reference bureau (CRB) ratings. Midas Credit has also custom-made one of their products to target investment groups commonly referred to as ‘chamas’.
The ‘chama’ product by Midas Credit comes in handy for Olive because “we (Olive) sell expansive parcels of land which are ideal for groups’ investments. Furthermore, our projects are in areas where clients can invest in retirement homes as well as other businesses that require vast land such as modern hotels,” reveals Gitau.
Olive’s projects are located about 20 Kilometres along Ngong-Suswa road in Kajiado County.
