Mortgage for a narrow circleStrangely enough, but the apartment in cost from $15 thousand for sq. m too can be bought on a mortgage. Many banks are ready to finance buyers of elite habitation on equal terms with usual borrowers. However in most cases the maximum sum of the credit does not suffice, therefore the client should or search for ways of individual crediting, or to bring the big initial payment.
banks not so willingly give out credits for the large sums for purchase of elite habitation. One of principal causes - rather low liquidity of such apartment. In case of a credit non-return expensive real estate will be more difficult for realising, than “ dvushku “ in dormitory area.
moreover, the large credit the bank cannot sekjuritizirovat at the western investors so, cannot involve under it money. “ interest at investors and banks to such credits while minimum, especially in a situation with insufficient fondirovaniem in the mortgage market. Today and in immediate prospects economically it is more expedient to give out 10 credits on $200 thousand everyone, than one credit for $2 million “ - the director of department of sales and development of Russian savings and loan association Alexey Dorosh speaks.
the Share of mortgage loans on purchase of elite real estate in a portfolio of the Russian banks while is insignificant. In Russian savings and loan association they make no more than 1 % of the general mortgage portfolio, in the National mortgage company - less than 0,5 %. Are in the lead VTB 24 and Svedbank - at them of 13 and 20 % accordingly. However demand for elite habitation is, and banks cannot ignore it.
in the beginning 1990 - h years elite habitation named “ stalinki “ (for example, a skyscraper on Kotelnichesky and houses on the Frunze quay), the Central Committee and Sovmina houses, the settled communal flats in the buildings constructed before revolution. Now the elite real estate is, as a rule, new habitation within the Garden ring - Ostozhenka, Arbat, the Patriarchal ponds, Plyuschikha, Zamoskvorechye - and the reconstructed pre-revolutionary houses. According to experts of company Penny Lane Realty, it is possible to name the house elite, only if it is in the historical centre of Moscow, in it there are more 30 apartments the area more than 100 sq. m, and height of ceilings not less than 3,20 m.
the cheapest offers in the market of elite real estate are apartments in the house which building only has begun. In that case the square metre in these areas will manage in $15 thousand However apartment cost will depend not only on a site, but also from workmanship of the project, “ level “ furnish, specific characteristics and etc.
Apartment with author`s furnish in an elite private residence “ the House with the French windows “ Around Ostozhenka which offers agency Penny Lane Realty, it is possible to buy on ˆ32 thousand for sq. m. “ Today buyers appreciate not only prestigiousness of area, but the uniform social environment which has developed in places of elite building, and also high level an infrastructure “ - the head of a direction of a mortgage of agency of elite real estate Penny Lane Realty Marina Melkonjan tells.
However the elite habitation is erected and outside of the centre. Behind the Garden ring elite complexes with a rich infrastructure are under construction. For example, in a housing estate “ Crimson sails “ in Strogine apartment cost averages $15 thousand for sq. m. a complex Arrangement allows to diversify an infrastructure considerably: here is yachts - club, a tennis court, an aquapark, a football ground. Though “ Crimson sails “ carry to the higher class of elite habitation, it is faster an exception, than a rule. Elite houses of a class And usually are in the centre. For comparison: for example, apartment in a complex “ the Patriarch “ around the Patriarchal ponds it is possible to get on $30 - 35 thousand for sq. m.
the Majority of the clients buying elite habitation, owners of business. And it is favourable to them to buy apartment on tick under 10 - 11 % and to extinguish it ahead of schedule. The sums which they will not take from the business, will bring it much more bolshy the income. As a rule, they extinguish credits a maximum for five years. However it is difficult to banks to estimate solvency of owners of business as frequently the companies are scattered on cities or even are abroad. Therefore, as a rule, such borrowers should show the big package of documents for acknowledgement of stability of business: data on actives of the companies, transactions, extracts from accounts and etc. “ Taking a mortgage, borrowers earn on a difference between profitableness of business and cost of the credit and optimise the financial streams, reduce debt loading as the mortgage loan has long term of repayment which is carried out by rather small monthly payments. If the businessman withdraws from a turn at once the large sum for habitation purchase this hole to it should be closed more expensive and inconvenient sources fondirovanija “ - the chief of department of regional development and partner programs of National mortgage company Naum Libkind explains.
Marina Melkonjan specifies that each decision on delivery of the credit for purchase of elite real estate demands an individual approach, and sometimes they should create literally precedents: “ the Client has business in the different countries. In Moscow it too has business, but the basic income it receives from the companies which are abroad. To banks it was difficult enough to estimate such activity, however the client has obtained the credit of $2 million on the security of available real estate on country house purchase. Now we work with the client who does consulting business. The companies are registered in offshore zones, there are representations and in Moscow, but their incomes on accounts of the western banks. It has met with approval of the credit at a rate of $5 million on ground area purchase “.
to Leave money in a company turn not a unique argument for a mortgage for owners of business. “ also it definitely legalisation of the money enclosed in habitation. The person gets apartment on a mortgage, without showing that owns serious enough means. It has an initial payment with which he can confirm, and the basic money is a credit “ - Marina Melkonjan tells. Besides the majority of banks has a top lath of the size of the credit, and they offer borrowers the sums insufficient for purchase of elite real estate. For example, “ Deltakredit “ and bank “ ZHilfinans “ can offer the borrowers only $500 thousand to Receive a great sum in “ ZHilfinanse “ probably, but only on individual conditions. The maximum sum in HKF - bank - $1 million, in the National mortgage company - $1,5 million, and investment bank “ the WHALE of Finans “ will give out $2 million Meanwhile for $1,5 million borrower can get only apartment the area no more than 100 sq. m in the elite under construction house.
however there is a number of banks in which there is no accurately outlined maximum sum of the credit, for example MDM - bank, VTB 24, BSZHV, Svedbank, Junikreditbank. The size of the credit will depend only on the income, which borrower can confirm. After all if the client takes the credit for $500 thousand Its monthly income should be not less $9 thousand “ the Sums about $1 million for our clients not a rarity. The sum of the maximum given out mortgage loan from the beginning of 2008 - $1 million 750 thousand “ - the chief of department of development of business of the Center of mortgage lending BSZHV Ekaterina Zabelin speaks.
also there are cases when to the client approve delivery enough the impressive sums. “ the VIP - clients makes the average size of the credit about $3 million We do not establish artificial restrictions on the maximum sum of the credit, all depends on solvency of the client and cost of the object chosen by it. Last year the maximum sum of the mortgage loan given VTB 24, has made $19 million “ - the head of department of working out of credit products and partner programs of department of mortgage lending of bank VTB 24 George Ter - Aristokesjants tells.
it is necessary to consider that the credit sum depends on estimated cost of real estate. If at an estimation the real project cost appears is underestimated, the borrower will obtain the credit much more smaller, than it is necessary for it for habitation purchase. “ in the estimation market now there is a serious deficiency of experts which are able to work with elite real estate. We spend a lot of time and forces for work with the estimated company that the price specified in an estimated album, has coincided with a real market project cost. If the client buys object in cost of $3 million, and the estimated company has written that it costs $800 thousand also the borrower will receive the credit at a rate of 80 - 90 % from $800 thousand “ - Marina Melkonjan marks.
on elite habitation while it is a little Separate programs, but nevertheless they already start to appear. So, Svedbank offers the crediting program “ Elite habitation “ in which frameworks the size of the credit is not limited. Under this program it is possible to buy on a mortgage apartment or a country house in the secondary market of habitation. The interest rate will be individually established and will make 9,5 - 10 % annual in dollars, and to pay off with the credit it is necessary for 25 years. However if the borrower wants to extinguish the credit ahead of schedule, he should pay in the first year the commission at a rate of 1 % of the sum of preschedule entering. Specially for the VIP - clients of Svedbank offers credits for habitation purchase abroad. In this case the available real estate in Russia will be maintenance under the credit. To issue foreign real estate on credit it is possible under 10 % annual in dollars.
the Moscow credit bank offers the program “ the VIP - the client “. For preschedule repayment the bank does not take the commission, however the maximum sum of the credit will be $3 million, and to return it it is necessary a maximum for 3 years. And the interest rate a little above usual for a mortgage - 14 % annual irrespective of currency.
If in bank there is no special program, crediting for the large sums within the limits of standard programs is possible. The interest rate will depend on term of the credit and an initial payment. The bolshy crediting term is chosen by the borrower, the above there will be a rate; and on the contrary, the more an initial payment, the the rate more low. “ the elite real estate means by itself the certain unique offer possessing a set of certain properties that naturally affects its cost. And already making a start from cost and characteristics of liquidity of object, the bank makes the decision on credit conditions of concrete object “ - the head of department of sales and development of business of bank " speaks; ZHilfinans “ Sergey Suetin.
Bankers assure what to raise interest rates counting on a great sum they not begin, no less than to lower. Concessionary terms can be received, if the client has come from partners of bank, realtor agencies and etc. For example, Penny Lane Realty to the clients gives a discount 0,5 - 1,5 % on the interest rate and 20 % on insurance services.
though the majority of banks also do not offer special programs for elite borrowers, worthy level of service is provided by it practically in each bank. In banks which constantly work with large borrowers, special divisions for these purposes are created. VTB 24 plans to start a separate network on work with large borrowers. The department of individual service, for example, is in Svedbanke. “ the Transaction is completely spent at bank office, in separate trunk-call where full confidentiality and safety of the client and the transaction " is provided; - the chief of department of individual bank service Svedbanka Natalia Serebryakov tells.
In most cases the VIP - clients will be engaged the personal manager who will try to release the client from participation in mortgage registration as much as possible. The notary and the representative of the insurance company leave in bank for the transaction conclusion. “ we are ready to relieve the client of all superfluous trips to bank, time of meetings will be appointed proceeding from inquiries of clients, and the necessary information will be given in the convenient form. Interaction with the insurance company and the company making an estimation of habitation, bank takes completely on itself “ - Sergey Suetin speaks.
Though credits for elite real estate are considered vysokoriskovannymi, banks recognise that most likely this segment will grow together with the market. So, there will be the programs calculated on elite borrowers.