JM Financial to finance real estate ventures via AIF, syndicates

05 Jun 2024 CW Team

JM Financial Group has announced its decision to support real estate projects through the alternative investment fund (AIF) route and syndications, shifting away from its previous on-balance business model.

During an investor call, Vishal Kampani, the non-executive vice chairman of JM Financial, revealed that the group plans to establish a strategic AIF dedicated to land and approval financing. He mentioned that they will utilise their client relationships to facilitate funding through this channel.

Kampani further stated that the group will transition towards a distribution and syndication business led by investment banking. He pointed out that real estate developers are finding it more convenient to secure early-stage financing from AIFs rather than non-banking financial companies (NBFCs).

Kampani explained, during the call that conducting real estate financing through an AIF platform is preferable due to various factors, including pricing, regulatory considerations, and the availability of longer-term capital with relaxed interest servicing terms.

The group intends to realign its wholesale credit businesses, encompassing real estate, bespoke, distressed credit, and financial institutions financing. The wholesale lending book decreased to Rs 49.17 billion by March 31, marking a 42% decline from Rs 84.45 billion the previous year.

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