In Russia, the requirements for issuing preferential mortgages with state support are being tightened. If the mortgage transaction does not meet the new criteria, the bank will not be able to issue a preferential mortgage loan.
As reported by Izvestia, if, when selling real estate at the construction stage, the developer applied a scheme with the assignment of rights under equity participation agreements.
The scheme consists in the fact that the developer bypasses the requirement to place the amount received under the equity participation agreement (DDA) on a special escrow account. This mechanism was introduced in 2019 in order to protect people from losing money when paying for housing under construction. Funds are frozen on escrow accounts, and the developer receives them only after the object is handed over and transferred to the shareholder. At the same time, loans can be obtained under the so-called project financing for these dormant resources.
However, in recent years, developers are increasingly experiencing a shortage of funds and have come up with a scheme for how to use the money of shareholders, which must be deposited before the end of construction.
“For example, the developer sells an apartment worth 10 million rubles to a legal entity associated with him at a significantly reduced price, for example, 2 million rubles — only this money is placed on the escrow account. But then this company, the “gasket”, sells the apartment to the final buyer, but at market value. In this case, 8 million rubles of the difference go to the developer directly, bypassing the escrow account, which had 2 million rubles left,” said Alexander Danilov.
He explained that this creates risks for people.
Earlier it became known that Sberbank raised market mortgage rates from August 6, now they will start from 20%.
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