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HF puts Sh2bn customer houses up for auction - Kenyans247 / General - Kenyans247

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HF puts Sh2bn customer houses up for auction
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HF puts Sh2bn customer houses up for auction by Kenyans247(m): Tue Aug 2019 01:39pm
Listed mortgage lender Housing Finance (HF) has put on sale customer houses worth an estimated Sh2 billion, pointing to widespread distress in the real estate sector.

The lender has signed up auctioneers to sell off the houses and commercial buildings, in a move aimed at trimming its non-performing loans portfolio.

Majority of the 54 properties that are on sale in Nairobi and its environs are standalone houses and apartments whose reserve prices range from Sh3.4 million to Sh300 million.

The sales are a reflection of the struggles that mortgage holders are going through as thousands have lost jobs across different sectors of the economy.

HF is selling 11 of the properties on behalf of customers in what is known as private treaty, which allows for disposal at market prices and the owner keeps the difference after offsetting the loan balance.

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“We have clients who ask us to help sell their properties, and some properties we auction as part of normal (debt) collection process,” said HF chief executive officer Robert Kibaara in an interview.

“We, and most banks, maintain a list of properties on sale that we keep updating…not all the properties on sale are NPLs, some are sold through private treaty based on client wishes.”

Priciest property

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