July 22, 2003	Tuesday	Jumadi-ul-Awwal 21, 1424

KARACHI, July 21: International Housing Finance Limited (IHFL) has announced the successful subscription of its bridge finance offering amounting to Rs150 million, a press release issued by Orix Investment Bank Pakistan Limited on Monday said.

The funds raised through this syndicated bridge finance offering are to be utilized for the purchase of commercial building property in Lahore. The transaction has been phased on bridging mechanism where the company will be swapping this bridge facility with mortgage backed tradable instruments to be issued via the mode of securitization through Special Purpose Vehicle (SPV).

The press release stated that the IHFL’s plan to swap this bridge facility by Mortgage Backed Securities would be the first such initiative in the real estate sector and fell well within the objectives of the government to promote house financing to achieve sustained economic growth and the overall development of capital markets by introduction of new financial instruments.

The press statement said IHFL, which is majority owned by Crescent Leasing Limited, was advised jointly by ORIX Investment Bank Pakistan and First Standard Investment Bank and participants in the bridge finance facility included First Women Bank; Bank of Khyber; Bank of Punjab; Soneri Bank; Escorts Investment Bank and ORIX Investment Bank.