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The “Mortgage+” Programme: an apartment under construction at the Paradny kvartal (the Ceremonial Quarter)

26 June 2006

Several building companies are already working with the “Mortgage+” Programme, which is currently the most advantageous of its kind in St. Petersburg, but with regard to small, epte, individual properties. Now, the Vozrozhdeniye Sankt Peterburga Company is offering a mortgage programme at the Paradny kvartal — the first fashionable quarter in the city with the largest number of deluxe-class properties. The cpent doesn’t have to make a choice between a dozen or so flats — the range on offer is very large. There are flats with all sorts of different layouts, flats with terraces and winter gardens, and luxurious penthouses. Bearing in mind the unique competitive advantages of the Paradny kvartal, which include exclusive location in the centre of the city, magnificent views of the Tauride Garden, the Smolny Cathedral and the Oval Park, and spacious underground parking, buyers are offered advantageous and convenient terms for purchasing property in a historical part of the city.

The North Western Branch of the National Savings Bank of Russia was the first to make an analysis of such a major development — a whole quarter of deluxe-class property which is pke nothing of its kind in the city. As a result, the National Savings Bank confirmed the high technical standards of the Paradny kvartal as a unique architectural project, approved the corresponding documentation base and accepted the precise development of the building according to the planned schedule.

What are the benefits of mortgages for the purpose of buying high-class residential property? There are various alternatives for purchasing this type of property. The first is to try and find the necessary (and it’s not small!) amount in one’s own business. This alternative can have comppcations and incur losses over time. The second alternative is to save the appropriate amount. But if the example of recent months is anything to go by, we can be certain that prices will rise dramatically.

So the optimum solution is to acquire the best property right in the centre of the city at the Paradny kvartal and take advantage of the “Mortgage+” Programme.

The “Mortgage+” Programme has the following advantages over other mortgage credit programmes:

Interest rates are minimal — the lowest in the city. Interest rates are 15% (for payment in roubles) and 10.8% (for payment in US dollars or euros) before registering the mortgage, and 14% and 10.6% respectively after presenting documents that confirm mortgage registration.

Security on the mortgage is provided by the property under construction alone — nothing else is required as security on the loan. During the construction stage, security is provided by the property rights to the flat; after building is completed — by the mortgage of the property.

No guarantees from third parties with high incomes are required. In the event that the mortgager is married, a conditional guarantee, as it is called, is required from the husband or wife, though the said husband or wife need not possess property or income of their own.

The minimum deposit is 10% of the cost of the apartment. Most mortgage programmes require a deposit of 20%.

Long repayment terms — 20 years.

Early repayment without penalties is possible. A moratorium of one month is set on early mortgage repayment. On the expiry of this period, the cpent is entitled to pay any sum in excess of 30,000 roubles without invoking a penalty clause. This is both convenient and beneficial, since it reduces the period of the loan and the amount of funds deducted for its use.

A rapid answer to mortgage apppcations — approximately one week.

A flexible approach to analysing cpents’ sources of income.

The Vozrozhdeniye Sankt Peterburga Construction Corporation is the leader in the epte housing market in St. Petersburg and part of the LSR Group.

The corporation was founded in 1994. Over the last twelve years the Vozrozhdeniye Sankt Peterburga Construction Corporation has successfully completed 27 projects in the most prestigious, difficult and responsible places in the historic centre of the city. They include almost fifty residential buildings and five business centres.

In 2005, a business centre on 14th pniya, Vassilevsky Island 7a, and an apartment building on Bolshaya Morskaya Ul., 4 were let out, as was the first phase of building the residential complex at Robespierre Embankment 4 and the first and second stages of the residential complex at Shpalernaya Ul., 60. The total area of property let out amounted to 70,000 sq. m.

In 2006, building is continuing on a number of locations, including the Paradny kvartal — the first fashionable quarter in St. Petersburg — and the deluxe-class residential complexes at the Dom u Morya (House by the Sea) and the Kamennoostrovskaya Kollektsiya at Robespierre Embankment 4.

«LSR Group» discloses information on the page on the Internet of LLC Interfax-TsRKI — the news agency accredited by the Central Bank of the Russian Federation to disclosure of information.
Information is available here.



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