In an effort to realize the secondary mortgage market, since 1993 the government began to implement the working group formed under the coordination of the Ministry of Finance.

The team is working on an ongoing basis until the first half of 2005. Finally by the Government Regulation No. 5 of 2005, dated February 7, 2005, regarding the Government of Republic Indonesia Capital Investment for Establishment of a Limited Liability Company (Persero) in the Field of Secondary Mortgage Market and also Presidential Decree Number 19 of 2005, dated February 7, 2005 Amendment with Presidential Decree No. 1 of 2008, dated January 28, 2008, regarding the Secondary Mortgage Finance, to established PT Sarana Multigriya Finansial (Persero) ("SMF") dated July 22, 2005 by Deed of Notary Imas Fatimah, SH No. 59.

The Company legalized by the Ministry of Justice and Human Rights of the Republic of Indonesia in decree number C.20694 HT01.01.TH.2005 dated July 26, 2005, and was published in the State Gazette of the Republic of Indonesia No. 69 dated August 30, 2005 Official Gazette number 9263. Articles of Association of the Company last amended by Deed number 114 dated August 13, 2008 were made by Notary Sutjipto SH and had been legalized by the Ministry of Justice and Human Rights of the Republic of Indonesia in decree number AHU-94053.AH.01.02 dated December 5, 2008.