Domenia Credit

Creating Romania's first dedicated mortgage finance company




USAID assisted Romania from 1997-2007 to strengthen its financial sector and accelerate economic growth.


Form an independent mortgage finance company in Romania and lay the groundwork for establishing a secondary mortgage market.



In collaboration with the Romanian-American Enterprise Fund (RAEF), Enclude established the country’s first dedicated housing finance company, known as Domenia Credit.

“Blazed a trail for creation of a retail mortgage market and the institutions and structures necessary to support it,” according to USAID’s assessment.

Disbursed 2.8 million USD in residential mortgages to 196 borrowers during the project’s 18 month start-up period.

Secured 30 million USD in additional debt and equity financing from a group of international finance institutions to expand the loan pool.


Domenia Credit demonstrated the strength of the mortgage market and established an infrastructure to effectively meet the market demand, which attracted additional capital to provide loans for acquiring and improving primary residences.


Developed the original business plan, including the market analysis, financial projections, product design and rollout. The loan standards were designed to allow the loans to later be packaged into mortgage-backed securities.

Leveraged a 7 million USD loan from Raiffeisen Bank using Romanian-American Enterprise Fund’s Development Credit Authority guarantee.

Recruited and trained local staff, and managed the fund for its first 18 months.

Assisted in securing over $30 million more to expand the institution.


This project created synergy amongst USAID-funded activities that support financial market development, mortgage lending, and lending to micro, small and medium size enterprises. Housing and housing finance in particular were viewed by the mission as potential engines for growth the local economies.

Enclude provided the critical advice necessary to meet USAID/Romania’s strategic objective (SO) 1.3.: “Accelerate private sector growth by supporting a market driven environment.” As a result of the best practice mortgage lending approaches, Domenia, which was acquired by GE Money in 2006 and subsequently sold to Garanti, maintains a solid presence on the Romanian mortgage market as Garanti Credite Ipotecare.