Abu Dhabi Finance extends loan facility to buyers at RAK Tower

Abu Dhabi: Home finance provider Abu Dhabi Finance on Sunday entered into an agreement with RAK Properties to offer mortgages for all units in RAK Tower, one of the developer's flagship projects in Marina Square, Reem Island.

This agreement further expands the mortgage lender's reach across Abu Dhabi, and specifically in Marina Square, which is one of the first neighbourhoods to be delivered on Reem Island.

As part of the agreement, Abu Dhabi Finance will provide mortgages of up to 85 per cent loan-to-value on the 212 elegant apartments within the 43-storey residential tower.

Situated on the edge of Marina Square, RAK Tower offers a range of one- , two-, three- and five-bedroom duplex apartments with views of either the marina or the park in Marina Square.

The tower will house comprehensive leisure facilities such as swimming pools, gyms, children's playrooms, and landscaped gardens.

RAK Tower is one of 13 residential towers located in the Marina Square community on Reem Island. It is scheduled for completion in mid-2010, ahead of many other projects within Abu Dhabi.

"RAK Tower promises to be one of the landmark developments in Marina Square on Reem Island. The fact that this exciting project is ... nearing completion ..., home owners and investors alike are really excited about it," said Philip Ward, Chief Executive Officer of Abu Dhabi Finance.