– New Venture to Provide Access to Financing for Saudi Home Buyers –
By Clayton Holdings, Inc.
Frank Filipps, CEO of Clayton Holdings Rings the Closing Bell
|Frank Filipps, CEO of Clayton Holdings,
Rings The NASDAQ Stock Market Closing Bell
Friday, March 24, 2006
SHELTON, Conn., July 21 —
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.
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 www.clayton.com.
SOURCE Clayton Holdings, Inc.