TMRC is owned by 14 institutions namely CRDB, AZANIA, TIB, EXIM, NMB, DCB, NIC, ABC, NBC, PBZ, BOA, I&M, National Housing Corporation and Shelter Afrique.

TMRC will refinance portfolio of residential mortgage loans from member banks and non- member banks. The member banks are banks that are shareholders of TMRC.

All institutions that have interest in mortgages, housing financing are eligible to join and invest in TMRC.

TMRC will only refinance a portfolio of mortgage loans not individual loans. The following requirements must be met to qualify for refinancing:

• Must be a licensed financial services institution.
• To the best knowledge of the mortgage originators, the borrower is not deceased.
• The loan has been extended in local currency only.
• The borrower is a natural person.
• The mortgage loan payments are up to date at the point of refinance.
• The mortgage loans should at the time of refinance have a remaining life which expires on or after the review date.
• The mortgage loan will have performed for a minimum of 6 months prior to being used for refinancing.
• The mortgaged property is insured against fire.
• To the best of the knowledge of the mortgage originators, the borrower is not a discharged bankrupt or no ... bankruptcy proceedings have commenced against the borrower.
• Loans refinanced by TMRC should be fully disbursed and should be for the purchase, refinance, construction or renovation of a residential unit.
• TMRC will set a maximum price for the properties for which the loans are granted that could be eligible for ... refinancing.
• Loans refinanced with TMRC should have 25% over collateralization.
• TMRC will accept only first liens.

Initially, TMRC will refinance PML’s loans using the World Bank loan and shareholders’ equity. In subsequent years, TMRC will fund their operations utilizing a combination of the remaining balance of the World Bank loan and by issuing corporate bonds in the capital markets.

The following are some of the benefits of becoming a TMRC shareholder:

• Banks that become TMRC shareholders can get their mortgage loans refinanced at a reasonable interest rate and a longer term.
• TMRC can help PMLs to better match their assets and liabilities and thus avoiding maturity mismatch risk.
• TMRC will provide lower cost of funds to PMLs, which can lead to lower mortgage interest rates, thereby  improving affordability and extending the range of potential borrowers.

TMRC Loans are rollable where borrowing institution will only pay interest quarterly and then principal at maturity where can decide to pay back or rollover for additional term. Currently TMRC is doing 5 years terms on the rollover term but foresee going to 7 - 10 years in the future. The funds we are using currently from World Bank are 30 years with 10 years grace period.

The investment will pay dividend and off course share value appreciation but more importantly a line of credit of up to 20 times your investment amount.

Exit can be done by selling your shares to another investor.We are also planning an IPO in 2018 which should provide an exit opportunity.