HISTORY OF THE BAHAMAS MORTGAGE CORPORATION
The Bahamas Mortgage Corporation was established by an Act of Parliament in August 1983 and services to the public commenced in October 1983. The Corporation provides personal mortgage loan financing to Bahamian citizens and residents. The BMC is also an approved lender of the Department of Housing and is authorized to book Government Guaranteed Loans under the provision of the Housing Act.
In carrying out its mandate to stimulate, encourage and promote affordable home ownership, the Corporation has enabled thousands of Bahamians to become homeowners. Financial funding to these individuals has facilitated:
- New home construction;
- New or existing home purchase – single and multi-family;
- Rehabilitation or enlargement of an existing structure.
While the Corporation may give priority to the government-initiated projects, it remains committed to providing funding to Bahamians who wish to purchase or construct their homes through private sector purchases.
OFFICES
The Corporation’s Head Office was originally located on the ground floor of the Boulevard Building, now the University of The Bahamas’ Bishop Michael Eldon Building. This office opened on October 10, 1983 with a staff complement was twenty-two (22) employees. After quickly outgrowing the premises of the Boulevard Building, the Corporation moved next door to the Russell Road (Oakes Field) location in February 1988. The Corporation occupied this space for thirty-two (32) years before relocating to its current East Hill Street location in September 2020.
In May 1984, the Corporation opened a sub-office in the Kipling Building, Freeport, Grand Bahama. It was later relocated to the International Building, Suite 4 and then in in November 2002, to the Government Complex. The office currently occupies space on the 2nd Floor of the Harold DeGregory Complex.
The Abaco satellite office opened in Dundas Town, Abaco in June 2000 with one employee to serve the growing needs of the residents of Abaco. The office is now located in the Tall Pines Plaza on Don McKay Boulevard.
The Corporation provides services to residents of other family islands through roving officers based out of Head Office.
STAFFING
The Corporation continues to grow with a staff complement more than sixty (60) employees across its three offices.
Mrs. Ruth Millar was the first Managing Director (1983 – 1993). Successive Managing Directors included Mr. E. Leslie Johnson (1993), Mr. Paul L. King (1993 – 1999), Mr. Jerome E. Godfrey (1999 – 2003; 2007 – 2010), Mr. Rory F. Higgs (2003 – 2007), and Mrs. Sandra King-Storr (2010 – 2017). The current Managing Director is Mr. Philip C. Haven.