February 17, 2017, Moscow - Sberbank has launched a new lending product for developers that build residential property: loans with areas in ready residential housing as collateral.

The mortgage size is calculated based on the market price and liquidity of areas and may stand at up to 60% of their estimated value. The lending term is from 3 to 5 years depending on the scale of the project, which will allow the owner of the ready flats to get the maximum profit from selling areas.

Sberbank's clients may receive financing for any purposes, stipulated in the Charter of the Bank, including for buying land, project works, refinancing of loans issued both by Sberbank and other banks.

'We are confident that advantages of the product will contribute to high demand for it among developers,' said Anatoly Popov, Senior Vice-President of Sberbank. 'One of its main advantages is the possibility to use the loan to form own participation while financing of new projects by Sberbank.'

Sberbank published this content on 17 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 20 February 2017 16:07:06 UTC.

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