SHL News

SRC signs SAR1.5 billion agreement with SHL

08-Aug-2018

Riyadh, August 5th, 2018 – Today, Saudi Real Estate Refinancing Company (SRC) signed a SAR1.5 billion partnership agreement with Saudi Home Loans (SHL) to help provide consumers with more accessible home loans at better mortgage rates.

His Excellency Majed Al Hogail, Minister of Housing and Chairman of SRC sponsored the partnership along with Abdullatif Al-Shalash, Chairman of SHL. Fabrice Susini, Chief Executive, SRC, and Abdulelah Al-Shaikh, Chief Executive, SHL, signed the agreement.

“Our arrangement with SHL is the largest we signed so far, and the 6th of its kind” said Fabrice Susini, Chief Executive, SRC. “To date, we have added more than SAR4.9 billion to help increase mortgage finance liquidity and make it easier for Saudis to access affordable housing financing, build equity, and help fulfill Vision 2030’s housing goal.”

“This agreement reflects the depth of the working relationship we have with the Ministry of Housing and the Saudi Real Estate Refinancing Company,” said Abdulelah Al-Shaikh. “This will help SHL play a larger role in developing the housing market and provide sustainable solutions to make homeownership more accessible.”

The SAR1.5 billion agreement covers the purchase of a portion of SHL’s existing housing loan portfolio and provides an additional 18-month facility for short term financing.  It will help SHL provide more diverse home loan solutions and offer value added competitive products.

“Our products appeal to diverse segments of the community including retirees from both the public and the private sectors,” said Al-Shaikh. “This partnership will allow us to diversify our products even more to satisfy the needs our valued customers and enable more people to own homes.”

SRC plans of adding additional liquidity to fund mortgage portfolio acquisition and short-term warehousing deals thereby creating the market conditions that enable banks to offer more home loans.

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