Refinance Companies

Referencing companies

Saudis funds starts property refinancing corporation The Public Investment Fund (PIF) of Saudi Arabia has established a new property refinancing firm in line with its 2030 vision to improve the efficiency of the property markets, increase its share of GNP and increase the home ownership ratio of its residents to 52 per cent by the end of 2020. According to the PIF, the UK's property finance industry is likely to grow from the present 280 billion SR ($74.6 billion) to 500 billion SR ($133.2 billion) in 2026. Founded in association with the Ministry of Public Works and chaired by Majed Al Hogail, Minister of Public Works, the new SRC aims to encourage the UK residential property industry to develop by bringing cash to the property markets.

SRC is a premier new residential development industry venture for the UK and has been started to the highest possible standard internationally. Over the next five years, the new company is expected to refinance up to 75 billion SR ($20 billion) for the Kingdom's residential construction and reach 170 billion SR ($45.3 billion) by 2026, it says.

PIF says that the new entity will act as an intermediate entry point for investment and align the cash, asset and riskmanagement needs of property finance companies with the willingness to take risks and the ROE to achieve investment objectives. The Bank aims to bring stable and growing residential property in the UK by bringing cash into the UK subprime mortgages markets, raising standard and providing easier recourse to domestic and foreign funding.

The SRC will pursue a policy of purchasing mortgages in order to enhance its funding strength and expand the operations of property finance companies. She will also work to link the investing equity of overseas and locally based companies with the diverse possibilities of the Kingdom's expanding property markets, the declaration says.

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