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The Saudi Real Estate Refinance Company (SRC), a wholly owned subsidiary of the sovereign-backed Public Investment Fund (PIF), has extended its refinancing agreement with arab national bank (anb) for an additional 500 million riyals ($133.3 million).
This is the second refinancing agreement between the mortgage finance giant and the bank, which aims to support the kingdom’s home financing market by expanding mortgage refinance, said SRC.
“Through this partnership, we will further increase market liquidity that will enable the origination of new home financing portfolios,” said Majeed Fahad Alabduljabbar, CEO of SRC.
In June 2021, SRC signed a partnership agreement with anb to buy its housing finance portfolio.
SRC said it has signed a series of refinancing deals with banks and mortgage finance companies in Saudi, providing liquidity, capital management and balance sheet de-risking solutions.
(Writing by Bindu Rai, editing by Seban Scaria)
