MALAY MAIL: MHub and NewParadigm ink agreement to help low-income home buyers
KUALA LUMPUR, Feb 14 — A new collaborative agreement has been signed between end-to-end property marketplace platform MHub and corporate finance advisory firm NewParadigm Capital Markets, aimed at assisting B40 or lower-income groups in buying homes.
The agreement is also in step with MHub’s commitment to enable home buyers in using its intelligent matching platform to guide them on the best ways of procuring funds to purchase their desired properties.
TRB Ventures Sdn Bhd chief executive officer Quek Wee Siong, whose company wholly owns MHub, said the agreement would go a long way to address the issue of financing woes faced by more than 50 per cent of would-be home buyers due to poor credit scores and ignorance of options available to them.
“We are confident that MHub’s collaboration with NewParadigm Capital Markets could help at least 40 to 50 per cent of rejected homebuyers overcome the hurdle of securing funding by utilising our intelligent data-driven platform,” he said during the signing ceremony yesterday at MHub’s headquarters in Glenmarie, Shah Alam.
Adding that Mhub is aware of the RM30 billion or more acute property overhang in the market, Quek said this is a tremendous burden to the government and other stakeholders, which he believes Mhub’s intelligent data-driven solutions can solve some of its pain points.
MHub captured 28,000 bookings and transacted more than 14,000 sales of new property launches representing 26 per cent of all new launches in the country in 2019, making it one of the fastest growing proptech platforms in Malaysia.
To support its ecosystem, MHub will also collaborate with Cagamas SRP Berhad to assist first time home buyers to obtain up to 110 per cent financing to purchase their first home.
NewParadigm Capital Markets has a unique solution to help home buyers obtain financing beyond just banks, by creating special Rent-To-Own schemes to help buyers who do not qualify for conventional loans. It has advised and supported some top property developers to raise funds, with one of its most recent efforts being the successful launch of an RM3 billion Sukuk fund.