PROVEN Properties has secured a US$20 million loan facility from Victoria Mutual Building Society (VMBS), deepening a long-standing partnership and reinforcing the development of high-quality residential communities, including its latest Bahari project in Runaway Bay, St Ann.

“This facility represents more than just financing, it signals a shared belief in our ability to deliver,” said Tricia Tucker, senior manager – Finance and Compliance at PROVEN Properties. “Our financial partners trust our expertise, and they know we’ll get the job done. That kind of confidence doesn’t happen overnight – it’s the result of years of consistency, credibility, and collaboration.”

This strategic financing arrangement builds on the trusted relationship between PROVEN and VMBS, which began in 2019 with the VIA at Braemar development.

“The relationship with PROVEN started in 2019 when we were approached to do the VIA at Braemar real estate development,” noted Paul Elliot, CEO of VMBS. “We got the deal done after many weeks of negotiations. For us, it was a good project – good execution, good partnership, great synergies. We’ve built up a lot of friendships and a lot of comfort with the PROVEN team, so this was natural for us. It feels really, good to be doing another deal with PROVEN Properties.”

Bahari, a joint venture project between SKILLEX Development Ltd and PROVEN Properties Ltd is an aspirational gated community offering a mix of villas, townhouses, and condominiums, all thoughtfully designed with modern amenities such as a resort-style swimming pool, gym, jogging trails, Clubhouse with an on-site medic station, and smart, eco-friendly home features. 

Latoya Williams, AVP of lending solutions and business services at VMBS, explained what made PROVEN a standout development partner.

“For VMBS, this represents an opportunity to deepen a relationship that started so many years ago. It’s an opportunity to show our commitment to providing financing for housing solutions across the island. When we looked at this facility, one of the things we considered was the fact that PROVEN has simply demonstrated over the years that they are, indeed, proven.”

“When I did a walkthrough at Bahari, I was so impressed with the quality, detail, and craftsmanship,” she added. “It was something that VMBS definitely wanted to be a part of. PROVEN has shown they can deliver on time and with exceptional finishes. So if you’re looking for your next investment home, and you choose one of PROVEN’s products, you can be guaranteed that they will deliver.”

The loan arrangement also reflects VMBS’s confidence in PROVEN’s ability to navigate the many risks that come with real estate development, from construction and market fluctuations to supply chain uncertainties.

“Real estate is an interesting business to get into; there are a lot of risks,” said Elliot. “You have the real estate construction risk and market risk; can you sell what you build? During construction, there are a lot of things you may not see. You have market price movements; you may have issues with finding appropriate labour, sourcing raw materials, supply chain disruptions – many things can go wrong. So, we’re interested in what we think is fit-for-purpose… meaning, can you sell the development on paper? And a lot of the times, PROVEN has been able to do that – probably better than some in the market. They’ve been able to sell prior to completion, which speaks to the quality of the products they do.”

“An assessment of market conditions is crucial for any real estate developer – and for us as financiers,” Elliott continued. “Once we are convinced that the market conditions are OK, you are able to sell the units, you are able to repay your debt, you are able to make money for yourself — then naturally, we are going to be interested in a deal.”

As Bahari continues to take shape, this financing support positions PROVEN Properties to maintain momentum, deliver on quality, and meet buyer expectations.

“Given the size of the facility, it’s never easy,” Tucker added, “but our track record and strong relationship with VMBS made it possible to close the deal in a timely way.”