Bank DOM.RF: "Project financing using escrow accounts is a priority"
This was said by representative of the credit organization Vladimir Zaitsev during a meeting with the participation of the deputy head of the Ministry of Construction of Tatarstan Ilshat Gimaev. “Project financing using escrow accounts is a priority for the bank. We see a high level of demand for our product, regional developers are ready to start working under the new rules. In our opinion, an early transition to escrow accounts will become a factor of competitive advantage for developers, as this mechanism ensures that real estate investors receive an apartment or a funds refund, which in turn will provide increased demand for the object from buyers, ” - said the Vice President of JSC "Bank DOM.RF" Vladimir Zaitsev.
A feature of the Bank DOM.RF product is a new loan application review process. It is based on the standardization of requirements for developers and projects, the algorithm for determining credit conditions and the digital format of interaction with the developer. Due to this, the deadline for making a credit decision can be only 20 working days instead of the traditional 40-60 for project financing: “The product is a mechanism that allows developers to manage the cost of debt financing themselves, changing the key parameters of the project,” - explained Vladimir Zaitsev. - The interest rate is constantly reduced, depending on the readiness of the object and the filling of the escrow accounts with funds of real estate investors. Capitalization of interest is also possible up to the moment the escrow account is disclosed”.