Developers will simplify receipt of project finance
The Ministry of Construction prepared a package of amendments to the law on shared construction, which is designed to simplify the receipt of project financing by developers who switched to work with escrow accounts.
The document, proposed for consideration by the State Duma, “is needed by banks for more efficient consideration of applications, issuing opinions and positive decisions,” said Nikita Stasishin, deputy head of the Russian Ministry of Construction.
He added that the average time for banks to consider applications for project financing is being reduced (currently it is 45 days).
Earlier, the ministry announced plans to reduce administrative barriers for developers who switched to project financing.
“The further path that the ministry is going to move is to reduce administrative barriers to those construction organizations that are switching to a new financing scheme”, said Olga Kornienko, director of the department of housing policy.