The Saudi Real Estate Refinance Company (SRC) – wholly owned by the Public Investment Fund – has signed a partnership agreement with Banque Saudi Fransi with the aim of Refinance part of the bank’s mortgage portfolioThe agreement arose as an extension of a previous agreement between the two parties to purchase a bank-owned real estate loan portfolio to provide long-term liquidity to the local real estate market as part of the company’s role in supporting lenders of the United for the development of a real estate financing market.
The agreement was signed by the CEO of Saudi Real Estate Refinance Company, Fabrice Sosini, and by the bank, the CEO of Banque Saudi Fransi, Ryan Mohamed Fayez, to stabilize the residential real estate financial market and allow Saudi families to obtain low-cost housing financing, which helps raise the residential ownership share to 70% by 2030 in agreement with the objectives of the Iskan Program – one of the Kingdom’s Vision 2030 programs -.
The CEO of the Saudi Real Estate Refinancing Company, Fabrice Sosini, explained that the agreement is the second for the purchase of part of the real estate financing portfolio of Banque Saudi Fransi and fits into in an important step to consolidate the model of business of Saudi Arabia. Real Estate Refinance Company and promote its growth, noting that the company works with real estate lenders in the Kingdom to highlight its vital role in developing the local real estate market through liquidity and risk management solutions.
He added: “Strengthening long-term partnerships with real estate lenders is a key pillar within the company’s strategy to build ongoing relationships with funding agencies to provide affordable housing and diversify financing options for families. Saudis, which helps to increase the percentage of home ownership in line with the company’s goal of building a strong secondary market in the kingdom.
In turn, Banque Saudi Fransi CEO and CEO Ryan Mohamed Fayez said, “As a leading real estate lender, it is our responsibility to provide affordable real estate financing to Saudi citizens with a distinct experience,” noting that this agreement will help the bank meet the needs of a broader segment of citizens and the Saudi Real Estate Refinancing Company has played an important role in achieving the goals of the housing program in the Kingdom Vision 2030 and, in turn, we expect to contribute effectively by supporting the company to provide the highest levels of quality to our customers, as this partnership is a convincing testimony of this ”.
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