Mortgage Consultancy Rises to Serve the Diaspora

A company aiming to provide consultancy services solely to the diaspora in Ethiopia has opened its doors. Addis Landmark Group Plc (ALG) provides services related to bank loans, property management, commercial and residential housing, construction management and business management.

Founded by Mistere Sisay, who has worked in the US banking industry for the last 15 years, the company will also provide mortgage consultancy service and mortgage document processing.

ALG’s primary focus is to generate mortgage loans in foreign currency by marketing loan packages to the diaspora. The average price of the services ALG offers is 250 dollars.

"Our business plan not only will generate substantial mortgage loans for the Ethiopian banking industry and increase real estate sales and investment in Ethiopia, but it will also address several issues banks and future clients face,” she added.

The company, established with capital of five million Br, received a business license from the Addis Abeba Trade & Industry Bureau last year. The company has been conducting research for the past two years on Ethiopia’s loan procedures.

The Group also approached Awash, United and Dashen banks and the Commercial Bank of Ethiopia, which are offering diaspora mortgage loans for the past year to inquire about the issues they face and to identify ways the firm can address problems related to lack of clients, submission of incomplete documents and direct communication with clients. Currently, ALG has partners in Virginia, Maryland, Dallas, Boston, LA, Seattle and Dubai.