Date: 8 months ago   Category: Economy

VTB has issued for "New Don" a loan for 2 billion rub with calculations through escrow accounts - RIA Novosti, 9/26/2018


MOSCOW, 26 Sep — RIA Novosti. The VTB bank has provided to Novy Don Group 2 billion rubles on construction of the fifth turn of ZhK "Falcon" for a period of five years; the credit agreement is concluded with use of the scheme of payment under contracts of individual share through escrow accounts within changes in 214-FZ, the press service of RIA Novosti bank.© RIA Novosti Utkin reports to Pass into an image bank of VTB Factoring is again recognized by "The leader of the market" according to "Expert RA" Since July of this year developers, raising funds of shareholders, can use the scheme with escrow accounts — the special bank accounts available to the builder only after completion of construction of the house. According to changes in the legislation on shared-equity construction, since July 1, 2019 there will be a scheme with use of escrow accounts. As have noted in the press service of bank, financing of construction projects with use of escrow accounts allows to increase, on the one hand, availability of borrowed funds to developers, and with another — to protect shareholders as money is transferred to the builder only when an object is actually completed. If the house isn't completed in time, means come back to shareholders. "VTB quickly reacts to changes of the legislation. The pilot project with Novy Don group of companies is the first business deal realized in bank with use of the scheme of calculations through escrow accounts" — have cited words of the deputy president-chairman of the board of VTB Denis Bortnikov in the press service.

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