Wafi, Albilad Bank Co-ink Agreement Facilitating Financing Realtors

The off-plan sale or lease program “Wafi” announced that it had signed a joint cooperation agreement with Albilad Bank, with the aim of facilitating financing and enabling off-plan real estate projects.

That shall be by reducing risks for financing agencies, raising the efficiency of financing for emerging and off-plan real estate projects and appointing Albilad bank as an account trustee and financier for the project, in addition to be the main financier for buyers, in the same project.

The agreement aims to enhance investment in the real estate sector by enabling the financing of real estate developers, and providing appropriate financial solutions to increase sales, in projects by providing financing with competitive advantages to the beneficiaries and preserving the rights of the beneficiaries, the head of the “Wafi” committee Eng. Abdulaziz bin Muhammad Al-Muhaimid explained, adding that all related parties are engaged, according to the schedule of payments, completion rates and governance of disbursement from the escrow account.

The agreement with Albilad Bank depends on the financing of the project, in full, which reduces the risks of the project’s incompleteness or faltering due to the insufficiency of the funds obtained from the sales operations, in the project, while facilitating the financing process by simply mortgaging the project’s land, to secure financing instead of marginalizing the instrument with its commitment he buyer, upon completion of the financing.

Albilad is the first bank to sign such an agreement in order to stimulate investment in off-plan sales projects and increase the number of buyers, whether they are residential, industrial, hotel, office or other units.

For his part, Executive Vice President of Corporate Banking, at Albilad Bank Jamil Al-Hamdan confirmed that this agreement is within the framework of Albilad’s contribution to supporting the real estate sector in the Kingdom, through its ambitious Vision 2030 and meeting the diverse real estate needs of citizens.

It is noteworthy that “Wafi” seeks to create a stimulating real estate environment for the private sector, which contributes to raising the capabilities and efficiency of real estate developers, raising the percentage of ownership and quality of life, in accordance with the objectives of Vision 2030, including off-plan raw lands development license, through the “third track” to stimulates landowners to invest, the master developer’s and sub-developer’s license, the off-plan lease license, in addition to the real estate broker’s license to market small and medium-sized off-plan projects, among others.