Misawa Homes Holdings Inc. said Wednesday it has agreed with a finance unit of Toyota Motor Corp. to tie up in the home mortgage business as part of its revitalization plan supported by an alliance led by the automaker.
Their first linkup will allow customers of Misawa Homes to use loans by Toyota Finance Co. when purchasing houses that Misawa Homes' Tokyo unit will start selling next month, the home builder said.
Misawa Homes, undergoing a rehabilitation program sponsored by the Industrial Revitalization Corp. of Japan since December, has already entered a capital partnership with the alliance, also including Nomura Principal Finance Co. and Aioi Insurance Co., for a total investment of 25.8 billion yen in the company.
Misawa Homes will also cooperate with Toyota Housing Corp. to sell houses this fall in Moriya, Ibaraki Prefecture, along the Tsukuba Express railroad that opens Aug. 24.
Misawa Homes, set up in 1967, took on large financial burdens during the asset-inflated bubble era in the late 1980s and early 1990s by diversifying operations to include resort development and golf course management. Its mainstay housing business has also performed poorly.