Developers are looking for new ways of financing

28.12.2010 10:55
Articles about real estate | Developers are looking for new ways of financing Local authorities believe that up to 80% of the cost of any project should ensure that investors' funds, but really there to organize the financing of development projects on a massive scale?

This question was posed to participants of the summit Guild Christmas Governing Developers (SAD), which was held in Yekaterinburg.

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Today, Russia's real estate development is an urgent need for institutional investors, but no private companies or banks, rather actively finance this sector until 2008, have been slow to invest in projects. Reason overcautious - echoes of the crisis. Many regard the slight rise of the market as a temporary respite, remission. Do not forget that nearly 300 financial institutions is now saddled with a cargo of non-core assets and debts totaling about 2 trillion rubles. The real estate market they are interested not only in terms of investment, but in terms of marketing the property.

"Before the crisis, we have existed 500 so-called mortgage lenders, most of them focused on the Retail and Mortgage Lending - these are the real estate industry, banks are more or less understandable. And for a long time supplier of "long money" were foreign subsidiaries, but now in this sector interest in Russia had fallen. Today we have no more than 10 financial institutions that can borrow abroad, and 50, capable of working with projects worth more than a billion rubles. State - HMLA and EBV - are willing to invest, but the construction risks are entirely responsible for real estate developers ", - says Oleg Ivanov, vice president of the Association of Regional Banks of Russia.

According to Faith Setskaya, chairman of the expert council of the Guild of capitalization of assets of financial institutions, foreign investors are reluctant to regions, preferring to buy ready-made objects in Moscow and St. Petersburg. Russia is interested only in commercial and warehouse projects, and try every possible way to minimize risks. "It is true that loans are not given.

Yield, but on such conditions as the projects become unprofitable. To get the normal money at the normal rate, you need to put on the table not only a structured, well-designed project, but a lot of safeguards. Banks asked to submit preliminary agreements with potential tenants, professional management company, the end customer - is a specialized foreign fund, for example. On the one hand, it is less, on the other - plus, because we go to the quality of the market and cease to fund the trash "- she says.

According to Oleg Ivanov in the next 1,5 years the dollar and the euro will rise, inflation is likely to exceed 8%, which means that we can expect serious spending the federal budget. It is understandable that Russian banks are in such circumstances would be very cautious to take on the financing of long-term projects. Little hope for foreign investors, experts also do not assign: while the cost of capital is low, interest in the Russian market is unlikely to return. For venture capital funds and business angels Development maloprivlekatelen by virtue of its neunifitsirovannosti and financial capacity. Discourages investment and too much small-town: in almost every major city in Russia - its "cuisine" regarding the approvals for the construction and the cost per square meter.

Mr. Ivanov advises builders not to despair and to use a fashionable topic nowadays efficiency. With the help of local banks can raise funds overseas financial institutions for 5-7 years, and under the efficiency can be understood quite different in scope and cost of projects - from the installation of ventilation systems and heating systems prior to installation of meters.

Vera Setskaya believes that it would be nice to also create a virtual nation-wide platform for development projects. This would help to match supply and demand in the market, but also help the selection of investors.
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