Not just a mortgage: developers asked the banks to moderate their appetite.
During the BRICS construction week, the CEO of the companies "Creative" and "Atazi Pituach" Gavdolmanov said that expensive bank financing "dried up" not only the entrepreneurs, but also the entire industry - down to the workers. Instead of new restrictions for entrepreneurs, he proposed to temporarily reduce the margins of loan products, limit fees and raise interest rates, and issue construction loans at a rate linked to the prime interest rate.
Under the current method of financing projects, entrepreneurs build with bank loans, and the buyers' money remains in escrow accounts until the house is delivered. The worse the sales, the lower the savings and the higher the cost of servicing the loan. According to the data of the central bank, in August the debt of developers to financial organizations reached 11.37 trillion rubles, an increase of 16% during the year, while funds in trust grew by only 6%, to 7.48 trillion. As a result, the debt coverage dropped to 65.8% - the minimum since 2020.
As a result, the developers find themselves in a double predicament: expensive mortgages hurt the demand for apartments, and the lack of sales increases the cost of financing the project. The banks, for their part, assess the risks in the projects and tie the terms of the loans to the fulfillment of the trust. But this model is becoming less and less convenient for entrepreneurs, because the interest eats up profits, and the costs end up being included in the economics of new properties. True, the entrepreneurs' demand will not solve the problem.
If sales do not recover, the risks for lenders will not disappear. But the conflict is telling. If earlier entrepreneurs asked the state to support the buyer with a preferential mortgage, now the claim was sent to the banks demanding to support them themselves. Do financial institutions need it? They are mainly concerned with their balance. And debt restructuring is not charity.
It's a family affair. enslave.