TANZANIA MORTAGE REFINANCE COMPANY LTD(TMRC)
Tanzania Mortgage Refinance Company Limited (TMRC) is a private sector financial institution with a sole purpose of supporting banks to do mortgage lending by refinancing banks' mortgage portfolios.
Vision: To become the preferred secondary market intermediate for mortgage financing in Tanzania.
Mission: To expand home ownership in Tanzania by providing long term financing to primary mortgage lenders.
- Passion and
TMRC is a specialized financial institution that provides long-term funding to banks. Initially TMRC started lending to Primary Mortgage Lenders (PML) utilizing a $30 Million loan from the World Bank.
TMRC is a wholesale secondary market institution (refinancing mortgage loan portfolios rather than individual mortgage loans and catering to banks rather than individual borrowers) and is owned by its users i.e. members. It neither takes deposits nor lend directly to individuals. It operates on commercial principles and its narrow and specialized mission will strengthen the credit quality of the bonds it will be issuing and its transparency and simplicity will reduce the regulatory burden.
To this end, the mission of TMRC shall be “To source funds in Tanzanian financial market as efficient as possible and channel the same to member banks at competitive rate which will facilitate access to housing by Tanzanian population while contributing to the development of capital markets”.