Thacher Proffitt Represented Broad Cove Partners and Ghana Home Loans' in New Mortgage Financing Facility Deal in Ghana

NEW YORK, Dec. 11 /PRNewswire/ -- Thacher Proffitt & Wood LLP, a 158-year- old law firm, represented both Broad Cove Partners, Inc. and Ghana Home Loans (GHL) in their deal to develop a US$30 million dollar full-service financial institution with the Overseas Private Investment Corporation (OPIC) to help ease the affordable housing and mortgage finance shortages in Ghana in West Africa.

A near absence of mortgage finance institutions has historically made it difficult for middle class families to own homes in Ghana. This 18-year facility will originate U.S.-like residential mortgages through GHL for up to 425 single-family residences in the greater Accra region, the capital of Ghana. An average four-person family lives on approximately $2,000 a year and in a country of 20 million people, only an estimated 5,000 hold mortgages. This deal will enable the purchase of a house with a 15-year term, 25% down- payment mortgage.

Kofi Appenteng, of Ghanaian origin and a partner in the Corporate and Financial Institutions Practice Group, and Bob McCarthy, a partner in the Structured Finance Practice Group of Thacher Proffitt & Wood, both based in New York, advised both Broad Cove Partners, Inc. and GHL. "We are pleased to be part of this initiative to assist families in becoming first-time homeowners, and thereby modernizing the housing industry in Ghana by supporting its financial infrastructure," Mr. Appenteng stated. "This transaction is an example of what can be accomplished when a far-sighted and creative government agency supports US investors and African entrepreneurs to meet demand in underserved markets. A win for all participants!"

The Overseas Private Investment Corporation (OPIC) is a U.S. agency that helps U.S. businesses invest overseas, stimulating economic development in new and emerging markets while supporting U.S. foreign policy. Broad Cove Partners is the manager of GHL-USA, and was the technical advisor to Ghana Home Loans in structuring the transaction and in raising capital from U.S. investors.

The signing of the deal was attended by U.S. Secretary of Housing and Urban Development, Alphonso Jackson, Ghana's Minister of Housing, Hackman Owusu Agyeman, the US Ambassador to Ghana, Pamela Bridgewater, as well as OPIC's Executive Vice President, John Simon.

About Thacher Proffitt & Wood LLP

A law firm that focuses on the capital markets and financial services industries, Thacher Proffitt advises domestic and global clients in a wide range of areas, including corporate and financial institutions law, securities, structured finance, international trade matters, investment funds, swaps and derivatives, cross-border transactions, real estate, commercial lending, insurance, admiralty and ship finance, litigation and dispute resolution, technology and intellectual property, executive compensation and employee benefits, taxation, trusts and estates, bankruptcy, reorganizations and restructurings. The Firm has over 300 lawyers with five offices located in New York City, NY, Washington, DC, White Plains, NY, Summit, NJ and Mexico City, Mexico. The Firm was named "Best Legal Advisor for North America" by Global Finance magazine, and was ranked #1 for "Top 10 Growth Leaders" by The National Law Journal. It was named top issuers' counsel and #1 for securitizations (Thomson Financial, year-end 2005 rankings), and #1 in asset- backed securities for both issuer's and underwriter's counsel by The New York Law Journal. Thacher Proffitt is on the Web at http://www.tpw.com/.