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Promotor Loan
We support you during all phases of your real estate project. The Préstamo Promotor1 helps you finance your construction, rehabilitation and property sales project.
Financing for your real estate project
If your activity is property development, through the Préstamo Promotor, we at Banco Santander can offer you a whole range of products aimed at financing the construction or rehabilitation of homes for sale. With the possibility that the buyers being subrogated in any of the Mortgage Loan formats that the Bank offers.
We support you during all phases of your real estate project. Our commitment to society and the environment leads us to bet on projects of high energy efficiency and sustainability. Practically all the developments in which we participate have high standards of sustainability, offering the maximum guarantees to both the developer and the final buyer of the homes.
What does it allow me to do?
The Santander Préstamo Promotor:
- allows you to finance the construction or rehabilitation of houses, granting the developer a grace period during the works phase, during which they only pay the interest accrued on the part drawn down of the loan.
- offers comprehensive management during each phase of the project, advising you on the best collection and payment solutions during the construction and sale processes:
- allows you to open of a separate special account2 in which to pay the payments on account of the buyers to the promoter.
- allows you to establish a Confirming limit to channel payments to suppliers.
- establishes a guarantee limit to guarantee the payments on account of buyers.
- facilitates the sale of the houses once built, with the possibility of the subrogation of the buyers in any of the formats of our loans under beneficial conditions.
How to arrange it
If you want to arrange a Préstamo Promotor, go to your closest Santander branch.
Operation subject to prior approval by the Bank.
Advantages of arranging a Préstamo Promotor
By contracting the Banco Santander Préstamo Promotor, you will be able to have financing as the work progresses, paying interest only on the amounts drawn down during the construction phase and amortising the loan with the subrogation of the end buyers of the homes.
In addition, the Préstamo Promotor includes a series of complementary products and services associated with this type of real estate projects:
- Developer Mortgage Loan.
- Special buyers account.
- Line of technical guarantees before the Public Administrations involved.
- Reserve line of guarantees.
- Line of guarantees Law 38/1999 on Building Standards.
- Developer Confirming.
- Management of receipts for payments of the buyers.
- Mortgage subrogation.
Conditions
These are the requirements for arranging the Banco Santander Préstamo Promotor:
- Amount: up to 80% of the RRP and/or appraisal value of the project.
- Term: up to 36 months grace period to complete the work and up to 360 months financing for the buyer.
- Costs: arrangement/subrogation commission (% of the transaction limit), spread (referenced to the Euribor + spread) and other necessary administration costs.
- Frequency of settlements and amortisations: monthly or quarterly.
- Guarantee: mortgage of the project being financed and potentially other types of guarantees if necessary.
- Formalisation: mortgage deed executed before a notary public detailing the conditions of the product and the associated costs.
How to arrange it
If you want to arrange a Préstamo Promotor, go to your closest Santander branch.
Operation subject to prior approval by the Bank.
1. Mortgage. Lender: Banco Santander, S.A . Financing subject to approval by Banco Santander.
2. The development of a real estate development implies, in accordance with Law 38/99 on Building Standards, the need for the developer to enter the amounts that the buyers are contributing to the work in a special account separate from the rest of their assets and guarantee their reimbursement through bank guarantees or individual surety insurance, therefore they need a financial institution or an insurance company to grant them a line of guarantees or the individual insurance they require for this purpose.
The aforementioned Law also foresees that the amounts entered in the separate account are exclusively destined to meet the expenses directly related to the development, therefore the Bank must check the commercial evolution of the development and monitor expenses related to the construction. Municipal Housing Society Developments exempt from providing guarantees according to their regional regulations are excluded.
Préstamo promotor
- Financing of the construction or house rehabilitation.
- Comprehensive management in each phase of the project.
- It facilitates the sale of homes once they are built.