BBK, Orchid Developers announce mortgage deal

BBK announced yesterday the signing a Memorandum of Understanding (MOU) with Orchid Developers to provide mortgage financing to the customers of “Spiral Orchid Residence”. Under the terms of the agreement, customers of the Spiral Orchid Residence who require funding in the form of mortgage loans will be advised to consider BBK being the end user funding partner.

The deal is yet another strategic partnership agreement with Orchid Developers, a Real-Estate and Development Company. Orchid is one of the first in Bahrain to offer freehold commercial and residential projects with more than 175 units of residential and commercial properties already delivered to its customers in addition to the residential units at the Orchid Plaza project.

Announcing the deal, Reyadh Sater, BBK’s Chief Executive, said: “We are pleased to enter into another strategic partnership with Orchid Developers, an esteemed real estate company that has been offering modern residential solutions which customers from all nationalities residing in the GCC can benefit from. In return, BBK offers excellent interest rates and loan terms to customers who wish to own a property in the Spiral Orchid Residence.

Dr Bashar Ahmadi, Orchid Developer’s Managing Director, said: “We are delighted to enter yet another partnership agreement with BBK which paves the way towards a future of convenience for our customers in the field of purchasing properties all the while strengthening our relationship with the Bank.”