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VTB will provide financing for the construction project of the New Don Group using escrow accounts - EastRussia | Far East

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VTB will provide financing for the construction project of the GC "New Don" using escrow accounts

VTB Bank and New Don Group entered into a loan agreement using the settlement scheme under equity agreements through escrow accounts as part of the changes to the 214-FZ. The bank provides the group with two billion rubles for the construction of the fifth stage of the LCD "Sokol" for a period of five years.

The residential complex is located in the Oktyabrsky district of Samara. On its territory there is a kindergarten, a school, parking lots, a sports and health complex, a sports ground. As the press service of the bank reports, financing of construction projects using escrow accounts allows to increase the availability of borrowed funds for construction companies. At the same time, the use of escrow accounts for settlements under equity agreements protects individuals who are participants in shared construction, since money is transferred to the developer only when he actually completes the object. Until the building is put into operation, the developer does not have the right to use the money placed on the escrow accounts. If the house is not completed on time, the funds are returned to the co-investors.

Deputy Chairman and CEO of VTB Denis Bortnikov noted that VTB responds promptly to changes in legislation and provides new financial instruments. The pilot project with the group of companies "New Don" is the first credit transaction implemented in the bank using the escrow account settlement scheme.

General Director of the New Don Group, Anatoly Davidyuk, said that VTB's partner support will help realize the company's plans for the construction and sale of LCD Sokol, and financing the project using escrow accounts in such a reliable bank will make a significant contribution to attracting equity holders.

Anatoly Pechatnikov, Deputy President and Chairman of the Board of VTB, explained that the bank has developed a convenient process for the client: to open an escrow account, you need to have only a passport and an equity agreement with you. The account will be opened in the presence of the client within a few minutes.