- 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 www.clayton.com.
SOURCE Clayton Holdings, Inc.
