Property developer WestProp Holdings Limited is set to launch a dedicated mortgage bank next year to help home seekers access long-term financing, with the company already finalising preparations and recruiting a chief executive officer to run the institution.
The mortgage bank, West Cap Mortgage, has been established under the Victoria Falls International Financial Centre (VFIFC) and is targeting a US$1 billion fund to finance home purchases over periods of 10, 20 and 30 years.
Speaking at the ZimReal Conference 2026, WestProp chief executive officer Ken Sharpe said preparations for the bank’s launch were at an advanced stage.
“We’re proud to say we’ve opened West Cap Mortgage on the Victoria Falls International Financial Centre. We’re employing a CEO to run the bank, and we’ll be operational by next year,” Sharpe said.
“We want to bring in a billion-dollar fund next year to this platform, and we want to offer mortgages not only for WestProp to grow, but for the entire sector to grow.”
Zimbabwe’s property market has largely relied on cash purchases and investment by high-net-worth individuals and corporates, amid limited availability of long-term, patient capital.
Sharpe said the mortgage bank would help unlock significant value held in residential properties by giving homeowners access to financing against their assets.
“We have US$100 billion of homes in Zimbabwe and yet there are no mortgages on those homes,” he said.
Sharpe said the absence of mortgage financing meant much of the value held in properties remained underutilised, limiting the ability of homeowners to use their assets to finance businesses and other productive activities.
“We’re paper rich, but very poor in the pocket,” he said.
He cited Switzerland as an example of a market where mortgage financing enables homeowners to leverage property assets and access capital for other economic activities.
The launch of West Cap Mortgage is expected to broaden access to home finance by offering longer repayment periods and providing an alternative source of funding for home seekers. The initiative is also expected to provide much-needed long-term financing, helping to address Zimbabwe’s housing deficit and limited access to mortgage credit while stimulating growth in the property sector.
