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VTB became a partner of DOM.RF in the launch of guaranteeing loans to developers - EastRussia | Far East

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VTB has become a partner of DOM.RF in the launch of guaranteeing loans to developers

VTB Bank and DOM.RF JSC signed a cooperation agreement in the framework of launching a guarantee mechanism for target loans to developers. The first pilot deals are planned for the first half of 2019.

According to the press service of the bank, VTB will be a partner of JSC “DOM.RF” in developing a program to encourage lending to the construction industry, which provides for the provision of targeted loans to developers with a guarantee of a single development institution in the housing sector.

“The agreement between VTB and DOM.RF is intended to contribute to the formation of an effective mechanism of state support for developers, which will reduce the risks of creditors and at the same time be a convenient tool for developers. We hope that the joint work with DOM.RF will create just such a workable mechanism, ”said Denis Bortnikov, Vice President and Chairman of the Board of VTB Bank.

According to the Deputy General Director of the House of the Russian Federation, Artem Fedorko, the working group for the launch of the mechanism for guaranteeing loans to developers includes banks, which account for more than 50% of housing construction loans. Cooperation in the framework of the implementation of the mechanism with one of the market leaders - VTB Bank - once again underlines the interest of the banking system as a whole to increase the amount of financing for developers.

“The expected demand for guarantees on the horizon of 2019-2021, according to our estimates, exceeds two trillion rubles, and timely scaling of the mechanism will make it possible to successfully transition to a new model of financing the industry,” said Artyom Fedorko.