Credit institution BBVA concluded with the “bad” bank of Spain (Sareb) agreement to provide funding to individuals for the purchase of the fund’s real estate. At the project will be allocated up to 1 billion euros.
Thus, potential buyers will receive an additional opportunity to purchase real estate assets of Sareb other than those offered by banks Santander, La Caixa, Banco Popular and Sabadell, who are shareholders Sareb.
This agreement will allow BBVA to issue mortgages secured by the purchased property. The bank will also be able to finance the purchase of the assets transferred by Sareb to other organizations such as the Foundation of bank assets (FAB).
Representatives of BBVA note that the conditions of issue of such mortgage loans are highly profitable, and customers will be able to enjoy a number of bonuses depending on of their relationships with the bank.
In the case of the acquisition of property for permanent residence credits will be issued for up to 30 years. Their size will be up to 80% of the appraised value of the property at a rate of Euribor +2,25%. For the holiday property the maximum amount of funding will not exceed 60% of the appraised value of up to 25 years at a rate of Euribor +3,25%.