Merchant Finance Pte Ltd has recently gained attention for its innovative approach to addressing the housing and land supply challenges in Fiji by launching new land and land subdivision lending products. CEO Veilawa Rereiwasaliwa emphasized that this strategy follows the establishment of Vanua Finance last July, and it is designed to meet the significant demand for land subdivision among iTaukei landowners, who constitute the majority in the nation.
Rereiwasaliwa pointed out that the initiative is intended not only to support individual landowners but also to alleviate the housing shortage by increasing the availability of lots for purchase. The new land subdivision financing product aims to streamline the funding process for land development, which has long been hindered by a lack of clear options from commercial banks.
The initiative is bolstered by government support, with a $10 million fund dedicated to assisting iTaukei landowners interested in land subdivision ventures. Merchant Finance has successfully approved an initial loan portfolio of $16 million for seven customers, with the ambitious goal of financing around 2,000 new lots over the next three years.
This financial support from Merchant Finance helps landowners enhance property values while fostering community development through the generation of job opportunities in sectors such as engineering and construction. Positive feedback from landowners reflects a growing optimism about the financial possibilities now available, which empowers them to seek guidance and access essential funding.
This initiative aligns with Merchant Finance’s previous efforts, such as the launch of the Land Loan, which aids families residing on unregistered land. By offering comprehensive solutions that lower barriers to land ownership, Merchant Finance is contributing to economic stability and empowerment, particularly within indigenous communities.
The introduction of these lending products represents a hopeful step forward, reinforcing Merchant Finance’s commitment to improving the quality of life for many Fijians while also fostering overall economic growth across the nation. This initiative not only reflects the organization’s innovative spirit but also demonstrates a responsive approach to the pressing needs of the community.
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