Botín launches a mortgage to finance properties from Sareb.

Santander has just launched a specific financing line of up to 1000 million Euros to facilitate the acquisition of properties and other assets from the bad bank, Sareb.

For this reason it launches its Supermortgage-Sareb Santander, which will be commercialized in the network of the bank and that will finance the principal home in up to 30 years, for a maximum of 80% of its valuation and at a minimum price of Euribor+2,25%. For second residences, the maximum financing is of 60% of the value, with datelines of more than 25 years, from Euribor+ 3%.

Apart from the homes, Santander will finance the acquisition of non residential real estate assets in the hands of Sareb, such as industrial units, trade premises, or hotels.

This agreement – signed until 2014, but extendable- will allow potential buyers to have an additional source of financing in “favorable” conditions that will make it easier to buy any of the 55.700 properties in the hands of the “bad bank”.

The properties´ company had recently announced that it wanted to reach financing agreements with financial institutions, and this would be the first one with a bank that has not transferred assets. It has already signed such agreements which those institutions that transferred assets.

Sareb, which has a portfolio of 55.700 homes and other properties, is negotiating similar agreements. They are a key element in its sales policy.

Source: Expansión