Housing Finance offices at Rehani house in Nairobi. [Photo|The Star]A real estate developer has moved to the High Court seeking a refund from Housing Finance Company of Kenya (HFCK).The developer, Hadar Limited, alleges he has overpaid a loan by over Sh4 million and is urging the court to compel HFCK to release title documents for palatial houses it has developed on two parcels in Kiambu County.The case was filed under a certificate of urgency by lawyer Titus Koceyo. The court heard that HFCK had advanced a loan for construction of houses on the land owned by Hadar Limited. In the agreement signed between HFCK and Hadar Limited, the lender was to construct the houses then sell to recover its monies.HFCK was to develop 20 apartments of two bedrooms each and 18 apartments of three bedrooms each and sell them to recoup loan plus interest, reports the Star.“On August 19, 2013, the parties executed a letter of offer where HFCK approved a construction loan to Hadar of Sh113,000,000 towards the project,” Koceyo states.It was also agreed that Hadar would provide additional equity of Sh14.5 million either in kind or cash.Hadar submitted its title documents to HFCK for its two properties within Kikuyu in Kiambu as a gurantee for the development loan. He says the loan tenure was for 24 months and that the project was to cost Sh167,394,000.
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