Country real estate to the development of mortgage

27.01.2011 09:31
Country real estate to the development of mortgage Suburban residential real estate market out of the post-crisis stagnation: in 2011, experts predict continued growth in demand for suburban economy-class facilities and sites without a contract.

To implement the residential estates and other objects of low-rise real estate developers, among other measures offer potential consumer participation in the mortgage programs that are specially designed in conjunction with the bank. Such programs, experts say, really contribute to sales growth of 15 to 50%.

"Having a partnership agreement generally means that the bank had reviewed all documents related to the development of land, which will be a gated development. This means that the specialists of the bank indirectly confirm the existence of the necessary initial permits and favorable situation on the draft, if signed a similar agreement with the developer and offer to take a mortgage loan secured by land in a village, or the security of property rights if we are talking about contract, on which the future shall be subject to completion.

Naturally, if the bank does not believe that the developer is able to designated project documentation deadlines to fulfill their commitment to building infrastructure and houses, he will not take as security for part of such settlement, "- said Valery Mishchenko, Chairman of the Board of Directors Kaskad Family.

Dubovenko Alexander, development director of Good Wood, adds: "From my own experience I can say that the mortgage is always a positive impact on the project. Thus, when a joint with the developer of banking software sales can increase by 2 times. According to the St. Paul Golovach, chief financial officer of the Criminal Code "Ekodole" when the object is accredited sales usually increases by 40-50%.

Nevertheless, compared with urban mortgage suburban real estate is still little in demand by buyers. "If, before the crisis, the proportion of mortgage deals was up 60% of the total number of transactions that take place in the market. Today, this proportion decreased significantly, less than 10% ", - says Valery Mishchenko (Kaskad Family).

"This is due primarily to the fact that people after the crisis, kind to the credit obligations, try to save more money. But it all the time until the price of suburban real estate market did not grow up with more dynamics that we project should have already happened, starting with the III quarter of next year "- he adds.

It should be noted also that in the organization of mutually beneficial alliance developers as in the past faced many banking requirements and restrictions that slow down their work together. Yet some company-builders are optimistic. In Kaskad Family hopes that in the next year banks' claims on the part of the accreditation projects in suburban real estate market will decline.

"Accreditation of the project will take less time, and the internal mechanism of the banks will allow customers to carry out fairly quickly through the process of scoring and processing of transactions on sale of immovable property", - underlines Valery Mishchenko, Chairman of the Board of Directors.

He believes that the partnership will be most effective "when the banks are having some experience of working with the developer, and having adequate financial resources will be willing to lend to developers at the earliest stages of construction, as well as to give low rates of mortgage loans, even when not yet registered ownership of a reproducible housing project. "

"We also look forward to what will actually work standards for low-rise construction agencies on mortgage and housing loans, allowing banks to sell mortgages to obtain additional liquidity and to take additional volumes" - adds a representative of Kaskad Family.

The main reason for the slow development of mortgage programs at the suburban housing market, according to Paul Golovach, chief financial officer of the Criminal Code "Ekodole" should be regarded as "the absence of collateral tool in the construction phase (similar to equity participation agreement)." Among positive factors, the expert notes the adoption by the Agency for Housing Mortgage Lending (HMLA) product "Low-rise housing", developed jointly with the UK "Ekodole and successfully implemented by the company in Orenburg.

Paul Golovach (MC Ekodole ") also recognizes that" the current moment of the big banks that do not sell a product HMLA "Low-rise housing, there are no mortgage programs for low-rise housing on the stage of construction, development and implementation of which is particularly important for the development market.

Alexander Dubovenko (Good Wood) explains the difficulties of interaction with banks often lack professional management. "Reluctance of banks to understand the product, in the financing scheme - here with what we have to constantly face. Unfortunately, it is necessary to spend a lot of time and effort before you can launch joint projects.

For example, there is 100% risk-free scheme for banks. Credit for homeownership under construction for 1 year. In this arrangement, the amount of funds that actually runs the risk of an alliance (bank + builder) is zero, since at any given time actually invested only the money that comes in the form of monthly payments. But the bank does not want to understand.

There are rules: do not lend to the construction site, and all here. Another moment. There are two fundamentally different in terms of the bank's product: Standard low-rise housing, which has high liquidity and can be quickly implemented if there are problems with the borrower, and individual housing with high risk and unclear pricing. The Bank does not want to distinguish one from another. The third point: there is a builder who is willing to act as a guarantor in case of problems with the borrowers to redeem their own accommodation at the bank. This version of the bank is not willing to consider. "
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