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Sberbank will help developers with escrow accounts - EastRussia | Far East

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Sberbank will help developers with escrow accounts

Due to the transition to a new model for financing equity construction, Sberbank created a special line of operational consulting assistance to developers. Now, by calling the single 8 800 707-88-57 or 0255 phone, construction companies will be able to get advice on bank financing of their projects, the process of working with escrow accounts.

According to the press service of the bank, customers will also be able to get acquainted with the personal manager and learn about other Sberbank products for real estate companies.

After changes in the Russian Federation, most developers have to switch to project financing and settlements with equity holders through special escrow accounts, on which money home buyers will be frozen for builders until the property is put into operation.

Developers will have to quickly change the usual business model and start working with attracting project financing of banks. Now in Russia there are more than five thousand developers working, the volume of investments in housing construction due to project loans of the bank in 2018 amounted to about 10%.