Dubai-based Cirrus Developments has received approval to offer end-user financing for its projects by both Badr Al Islami and Mashreq, the developer said in a statement.
Developers need to meet very stringent criteria to be able to offer end-user finance. The first project Cirrus will offer end-user financing is Celestial Heights in Downtown Jebel Ali, where both residential and commercial units are available.
Prospective customers will be able to borrow up to 70 per cent on commercial and 90 per cent on residential units.
Two schemes will be available – a conventional financing scheme via Mashreq and an Islamic Ijara-based financing scheme from Badr Al Islami.
Approval for end-user financing “is a major step in the development of our company and a real validation of our business”, Chairman and Chief Executive Behnam Eshragh said in a statement.
Cirrus offers end-user financing