Russians Offered Mortgage Lending in Spain
Costa Esperanza Consulting LS of Spain announced Monday the intention to credit at 5 percent the residents of Russia via a Russian bank for acquiring real estate in Spain. But here, the bankers are not very optimistic about this undertaking of the Spanish company.
A Russian bank will be an intermediary in the deal, said Alexander Vlasenko, general director at Costa Esperanza Consulting LS construction and realtor firm. It will consult a client, provide a package of documents to be filled in and ship it to the Spanish bank, which is a partner of realtor.
The actual decision on the credit facility will be taken in Spain by Caixa Catalunya, Caixa de Girona or Caja Madridone, which are Costa Esperanza's partners. Of interest is that the Russians will be able to raise funds under the Spanish rates, i.e. at 4.25 percent to 4.5 percent on year.
Incorporated in Spain, Costa Esperanza Consulting LS has branches in Moscow, St. Petersburg and Kiev. It is focused on constructing and selling apartments and office blocks in Spain, Andorra, Switzerland and France.
The number of clients will depend on promotion, which Costa Esperanza will launch as soon as it attracts one of the Russian banks. But in Russia, the bankers are not very optimistic about this undertaking of the Spanish company.
They say wealthy Russians will easily get mortgage loans in Spain even without it. Besides, they usually need no long-term mortgage loans at all to acquire real estate abroad. In the following five years, only the growth in revenues of the middle class could awake some interest towards the service, forecasted Ilya Zibarev, Alfa Bank’s director for mortgage lending development.
www.kommersant.com
All the Article in Russian as of Oct. 17, 2006
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