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    SBER   RU0009029540

PJSC SBERBANK

(SBER)
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Sberbank : Sber now applying escrow mechanism to IHC deals

06/21/2021 | 11:57am EDT

Sber and construction company INPK Investment have concluded a pilot lending transaction to finance the construction of a cottage compound in Rostov Region using escrow accounts. A distinguishing feature of the deal is the use of a financing scheme previously applied to construction of multistory residential buildings for individual housing construction. Escrow accounts and their release after the transfer of the title to a built project strengthens the security of the deal for the client.

The loan amount of RUB 289 mn is being provided for a period of two years. The loan will cover the construction of 51 cottages with a total surface area of 6,700 m2. The developer will be accredited once the plots have been surveyed for building, which will enable Sberbank to provide mortgages at the construction stage. Sales are set to open in July 2021.

People buying cottages in the compound will benefit from significant advantages. There are protection mechanisms in place for shareholders. The basic interest rates and mortgage conditions will be similar to those for people buying new housing in apartment buildings, with mortgage rates for buyers starting at 8.3%. Discounts are also possible: up to 1.4 percentage points for comprehensive offers for cottage developers and buyers and a maximum discount of up to 3.7 percentage points for additional application of DOM.RF's subsidized mortgage program for IHC.

According to the Russian Government's roadmap, streamlining IHC construction, including using escrow accounts in such deals, is scheduled for late 2021. We have decided not to wait for legislative change. Sber is already piloting IHC project financing using escrow accounts. A distinctive feature of the agreement with INPK Investment is that cottage sales are not based on equity participation contracts, but on contracts of sale for a future property, including all the benefits of escrow. Our goal is to understand how protection in the form of escrow and preferential mortgage programs stimulate individual demand and increase the appeal of IHC projects for developers.

In this case, we have the opportunity to use several programs that allow us to reduce the mortgage rate for housing buyers. The project financing from Sber, the comprehensive offer, and the choice of mortgage programs should collectively bring results. We plan to keep implementing pilot projects. This will enable us to introduce mass products for developers and buyers quickly once all the measures for IHC being considered have been included in the legislation.

Sergei Bessonov

Vice President, Director of Lending Products and Processes, Sberbank

Donskoi Cottage Compound is located in the village of Koysug, 18 km from Rostov-on-Don. The project comprises 257 cottages and 30 townhouses, of which 118 cottages have already been completed. Construction began in 2014.

Disclaimer

Sberbank of Russia published this content on 21 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 June 2021 15:56:02 UTC.


© Publicnow 2021
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Net income 2021 1 176 B 16 083 M 16 083 M
Net Debt 2021 - - -
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Yield 2021 8,89%
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