Sberbank launches a new product for financing of the project developers

a New credit product of the savings Bank for developers “2-in-1” includes a master agreement in two tranches for the purchase of land and construction of houses there.

the Deal is at the time of the acquisition of land. At this stage, the developer must obtain development plan of land plot on the basis of which will be settled on the terms of the loan. The Bank may Finance up to 50% of the cost for the purchase of land and registration of initial permits, including the development of the project.

After processing of initial permits and in case of confirmation of the main prerequisites of the project, which was founded with the approval of the transaction, the Bank will begin funding the second phase of the project — construction of a house. The source of repayment will be the proceeds from the sale of apartments.

Sergei Bessonov, Vice President, Director of the division of “Credit products and processes” of the savings Bank: “We offer the same product for developers with extensive experience implementing profitable projects, which significantly reduces time to money — time from applying to receiving the money. The experience of such companies allows with sufficient accuracy to predict future cash flows on the project were already at the entrance of the deal. This will help eliminate the reconsideration step of the transaction upon receipt of initial permits. In our opinion, the main advantage of such deals — the opportunity to reduce the interest rate on the tranche is not only on project financing but also in the tranche for the purchase of land at the expense of savings accounts escrow”.

the savings Bank continues to Fund real estate developers. The credit portfolio of housing developers in the Bank with the beginning of the year increased by 24% and reached 547 billion (according to 01.06.2020). With the beginning of the year as 22.06.2020 the year, the Bank approved more than 330 project Finance transactions with escrow amounting to more than 470 billion roubles.

the General license of Bank of Russia for banking operations №1481.

Official sites Bank (the website of Sberbank group),