Project description
and objectives:
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The proposed project consist of two facilities:
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a senior syndicated loan of USD 30 million with an A/B structure, B loan to be
syndicated, to DeltaCredit Bank (DCB), the first specialised residential
mortgage bank in Russia, for financing its mortgage portfolio. The loan will
diversify DCB's funding base and leverage its capital.
-
a senior loan of RUB 300 million to DCB. The loan will allow DCB to launch
local currency mortgage loans in Russia.
Please refer also to project 36313
.
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Transition impact:
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The Bank’s second round of financing will be a logical continuation of the
first round by supporting the Company in mobilising commercial financing for
Russian mortgage market and add local currency mortgages to its product
portfolio.
The syndicated loan will introduce commercial lenders to the secured loan
structure and to the Company in general. This will demonstrate that commercial
financing of mortgage receivables is achievable in the Russian market. The
rouble loan will enable DCB to launch rouble-denominated mortgage offering.
Rouble mortgages of DCB would be the first significant private sector offering
of local currency residential mortgage funding in Russia.
The mortgage market is still at an early stage of its development in Russia.
DCB is playing a pioneering role in the development of the sector and is
introducing best practice standards for the industry. The proposed
transactions allows DCB to continue focusing on expansion of its portfolio and
through this make mortgage financing available to more Russians.
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The client:
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DeltaCredit Bank is the leading mortgage provider in Russia, established by
The US-Russia Investment Fund (TUSRIF) in 1999.
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EBRD finance:
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Syndicated loan: senior term loan of up to USD 30 million, with an A/B
structure, B loan to be syndicated.
Rouble loan: senior term loan of RUB 300 million (EUR 8.1 million)
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Total project cost:
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USD 40 million.
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Environmental impact:
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The project has been classified as a financial intermediary (FI). The
environmental risks associated with the operation and the potential portfolio
are low. DCB will need to comply with EBRD’s Environmental Procedures for the
Residential Mortgage Lending.
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Technical
cooperation:
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None.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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Serge Ozerov, CFO
e-mail: sozerov@deltacredit.ru
Tel: +7 095 960 3161
Fax: +7 095 960 3162
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EBRD contact:
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Tatiana Moiseeva, Operation Leader: moiseevt@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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