CaixaBank will finance the sale of properties from Sareb with 1000 million Euros.

CaixaBank will finance the purchase of homes from the bad bank (Sareb). The Catalan institution has joined Santander and has launched a line of finance of up to 1000 million Euros in order to facilitate the purchase of homes from Sareb.

The agreement between CaixaBank and Sareb, which was closed yesterday, will come into force by the end of 2014 and it leaves the door open for the financing of the acquisition of properties included in funds of banking assets or rental companies.

CaixaBank is the third main shareholder of Sareb, behind Frob and Santander, after an investment of around 600 million Euros.

The institution will offer the Subsidized Mortgage Sareb-CaixaBank, which will allow the financing of up to 80% of the valuation of a principal residence to a maximum of 30 years and at a price of Euribor plus three percentage points. For secondary residences, the maximum financing is of 60%, with deadlines of up to 25 years and at Euribor plus 4 percentage points.

Meanwhile, Belén Romana, president of Sareb, declared yesterday that there are some “erroneous” ideas about this institution, which “is not a bank, nor is it the biggest real estate company in Europe”. The bad bank, she added, has been created to manage and sell the assets and credits to developers awarded to those refinanced institutions”, and insisted that the objective of Sareb is to liquidate its assets and disappear.

Source: Expansión