Оne of VTB’s most important business lines is supporting residential and commercial real estate development. This sector makes up more than 15% of the overall loan portfolio. Established in 2009, the Department of Construction Projects manages this business line.
The DCP is responsible for financing the following real estate segments:
- residential real estate (mass-market affordable housing, upscale and elite residential projects);
- commercial real estate (offices, retail, hotels, warehouses).
The DCP comprises of two subdivisions:
- Project Finance Division responsible for interaction with clients while preparing the bank’s product and subsequently providing support and relevant services;
- Service for the Coordination of Construction Projects responsible for pre-loan project analysis. It checks that the project has the required permits and that project revenues have been estimated correctly. It studies the project budget, funding, taxes, etc. The service also monitors the project after the loan has been issued to ensure that the sales and construction schedule is being followed and the budget limits observed.