AMIC and PrimeCapital offer unique possibility of solving dwelling problem

The Chisinau Municipal Mortgage Agency (AMIC) in partnership with PrimeCapital Company are launching an exclusive project aimed at solving the dwelling problem in a reduced period of time, at a reasonable price and in safe conditions, Info-Prim Neo reports, quoting specialists of the two companies. According to Nicolae Rusu, the head of the sales department of AMIC, this is a mortgage project that offers the potential buyers apartments and the necessary amount of money in the form of a loan at an interest rate lower than the average rate on the market. AMIC offers the apartments, while PrimeCapital – loans at very advantageous conditions most of which have not been offered until present on the housing market. Nicolae Rusu said that the project is attractive also because it offers the buyers enough guarantees for the invested money. The apartments offered are ready or at the final construction stage so that the people are not afraid that the block in which the apartment is located will not be finished for certain reasons. “Everybody speaks about the financial crisis, but even if there is a crisis one should live, build a home, raise the children in normal conditions and our companies have adapted to this more difficult situation, said the representative of the Chisinau Municipal Mortgage Agency. The apartments are located in finished blocks or that are to be put in commission. In fact, all the blocks are provided with everything needed like the luxury ones. Nicolae Rusu said that they put up for sale apartments situated in practically all the districts of Chisinau. One square meter costs 486 to 750 euros. At the initial stage of the project, the buyers will be offered discounts. Further details are available on the company’s websites www.ipoteca.md and www.primecapital.md The buyers can move to the new apartments in several months or even days because the lending mechanism used by PrimeCapital for this project is advantageous, fast and non-bureaucratized and offers a much wider ranger of opportunities for those that want to purchase apartments by mortgage. Sorin Jora, sales and marketing manager at PrimeCapital, said that the loans vary from $5,000 to $250,000, but are not larger than 65-70% of the value of the transaction. The loans are repayable in up to 10 years. The interest rate for the first 5 years is 15% (by 5-6% lower than the average rate in banks), while for the next years - plus 0.25% a year. “We do not impose special restrictions when releasing a loan. The buyers should only prove that they have a permanent source of income and can pay the loan and interest. Certainly, the size of the loans will depend on the incomes. But, unlike the banks, PrimeCapital will take into account all the sources of income of the client, not only the salary. The client may have an inherited plot of land that yields a certain profit, is engaged in projects or partnerships, earns income from leasing out property, receives dividends from securities or can confirm that is paid a certain sum of money by a relative from abroad under contract signed with the given person or at least can confirm that the relatives make regular transfers through banks. The pledge is not a problem because the pledge is the apartment bough. If the client has another apartment, that apartment can be pledged too. Other property can be also pledged. The loan is released in only three days, while the package of documents needed by the clients is minimal,” Sorin Jora said. [Info-Prim Neo note: AMIC] has worked on the housing market in Moldova for 10 years. Since 1999, it has built 37 buildings with 2,270 apartments, including for teachers, doctors and other groups of people on low or average incomes. The credit portfolio of [PrimeCapital] in 2008 was $30.70 million, up 2.2 times from 2007. The number of clients rose to 850 at the end of 2008. Last year, PrimeCapital granted loans worth $23.64 million. 64% of the loans are designed for building dwellings. It has launched a number of house building projects, including the present one with AMIC.