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Mexican non-bank mortgage and construction lender Hipotecaria Vértice is joining forces with investment fund brokerage Allianz Fóndika to offer mortgage savings accounts to citizens working in the informal sector.
Under the agreement, Vértice customers who have no formal source of income and need a mortgage can open a mortgage savings account. Vértice steps in to do a credit check and offer the mortgage once the customers have made regular deposits to the account for six months to prove their income.
According to a press release from Vértice, the savings accounts can also be used to save for down payments.
The alliance is the second Vértice has made to reactivate its business following the liquidity crisis and recession of 2009.
In August, private equity group Darby Overseas took a large minority stake in the lender in an agreement that included a line of financing from government mortgage corporation SHF worth 1.5bn pesos (US$114mn).
Mexico's non-bank mortgage lenders have been a key part in the government's strategy to get home loans to the large segment of the population that works in the informal sector and does not have access to banks.