Permanent employees of Kingston Wharves Limited (KWL) will now be able to access home loans of up to $7.5 million at a specially reduced mortgage rate, through a new partnership with VM Building Society (VMBS) aimed at making homeownership more affordable.
On Tuesday (March 25), Kingston Wharves signed a contract with VM Building Society (VMBS) for the provision of a guaranteed reduced mortgage rate to its employees through the Home Ownership Assistance Programme (HOAP). The signing took place at the Kingston Wharves Total Logistics Facility between KWL CEO Mark Williams and Paul Elliott, CEO of VM Building Society. The programme will be officially launched on April 1, 2025.
The arrangement also permits employees to pool the $7.5 million benefit under the VMBS Scheme with other sources of funding such as those available through the main state mortgage agency.
Speaking at the signing, KWL’s CEO Mark Williams explained that the partnership with VMBS, a subsidiary of VM Group Limited, was an important development for the well-being of its team, given the need for affordable housing solutions. “Owning a home is a basic aspiration of every person and to help facilitate that goal for our employees is a huge step for us,” the CEO said.
“This year is our 80th Anniversary and we are using the opportunity to give back to our employees who have served us well. We approached the VM Group with the idea for the mortgage programme and they agreed to come on board with us on this very important venture,” the CEO stated.
Noting that the loan programme was also part of the company’s employee retention strategy,” Mr. Williams said: “We work in an industry that requires specialised technical skills that are in high demand. It is therefore important that we provide the necessary incentives that will ensure that our team members remain invested in the company and continue to deliver with excellence.”
“This is a wonderful opportunity to partner with a company like VM that we can trust; VMBS has been in the business of providing mortgages at reasonable rates for many years, Mr. Williams said.
Paul Elliott, CEO of VM Building Society, expressed his enthusiasm for the partnership with Kingston Wharves, noting that it aligns with VM’s mission to support Jamaicans on their journey to homeownership.
“We are proud to collaborate with Kingston Wharves on this initiative that will make homeownership more attainable for their team members,” Elliott said. “At VM, we believe that financial empowerment begins with access, and this partnership is a meaningful way to open doors—literally and figuratively—for hard-working Jamaicans.”
He added that VMBS is establishing a dedicated relationship management framework to support Kingston Wharves employees, ensuring they receive personalised guidance and expedited service throughout the mortgage process. This move also forms part of VM’s broader strategy to grow its suite of business and corporate banking solutions.
Kingston Wharves Limited (KWL) CEO Mark Williams (left) and CEO of VMBS Paul Elliott sign a contract to provide reduced mortgage rates to Kingston Wharves Group employees. Under the programme, permanent KWL Group employees can access up to $7.5 million in mortgage loans, which they can also pool with funding from the government mortgage lending agency. Sharing in the moment are (L-R) KWL Group Chief Financial Officer Clover Moodie and Group HR and Administration Manager Denise Walcott Samuel, Latoya Williams, VM’s Assistant Vice President of Lending Solutions and Business Services and Robert Foster, VMBS’ Senior Manager for Business Development.
