Karen Harverson
Real estate company Seeff plans to launch its own bank within two years based on its latest venture, launched in Gauteng this week, to offer home loans through the company.
With Boland Bank as its partner and financial backer, Seeff offers a one-stop operation where customers can buy and sell property, register property, apply for loans and get the conveyancing of their property done, all in one building.
The main objective of the home loan division will be to generate a recurring or annuity income for Seeff which plans to increase its activities in the financial services markets.
National marketing and sales manager Rob McKee says the turnaround time on getting a loan approved through the company would be a maximum of 48 hours.
The scheme has been operating in Cape Town for the past three months and the company has processed home loans amounting to more than R60-million to date.
“Eventually we hope to offer other banking products, such as personal loans and vehicle finance,” adds McKee.