OREANDA-NEWS. June 25, 2012. TMM Company and JSC "Oschadbank" have signed a general cooperation agreement offering a mortgage program for buyers of uncompleted properties in the 2nd and 3rd phases of TMM's Sonyachna brama residential complex in Kyiv – a 20-year 12% rate mortgage in local currency, collateralized with property rights for a future apartment. Around 500 apartments in the 2nd and 3rd phases of the complex are offered within the program.

Alexey Govorun, Deputy CEO, Head of Sales: "On the primary real estate market, around 25% of purchases are made using installment plans and around 15% - using bank loans. The downside of the majority of bank loan programs for buyers of apartments in uncompleted projects is the additional collateral requirement and high interest rates. Installment plans are usually offered for a short period.

The program offered by TMM and Oschadbank comprises the advantages of these instruments – absence of additional collateral requirement, a low interest rate and a long term of loan. We expect this offer to be popular on the market and stimulate the sales in the 2nd phase of Sonyachna brama project, which is now at the advanced stage of construction".

Parameters of JSC "Oschadbank" mortgage program for buyers of apartments in 2nd and 3rd stages of TMM's Sonyachna brama project:

Interest rate: 12% in national currency in case of "classical" repayment scheme and 12.5%  in case of annuity scheme;

Collateral: property rights for a future apartment, no additional collateral required;

Down payment: from 30% of the total value of property;

Term of loan: up to 20 years.

Sonyachna brama business-class residential complex (73-79 Lomonosova Str., Kyiv) is TMM's largest project under construction. The complex with the total area of 234,000 sq m comprises 1187 apartments and is divided into four phases of construction. The 1st phase was put into operation in December 2010. Commissioning of the whole complex is planned for the 2nd quarter of 2014. Currently sales are underway in the 1st and 2nd phases of the project.

Around 330 workers are currently engaged in construction of the 2nd phase of Sonyachna brama. The completion of the 2nd phase is scheduled for the 4th quarter of 2012.