SRC acquires 3rd mortgage portfolio from BSF

Saudi Real Estate Refinance Co. (SRC), a unit of the Public Investment Fund (PIF), signed an agreement to acquire a residential mortgage portfolio from Banque Saudi Fransi, which is the third deal of its kind between the two parties.

The agreement builds on the cooperation between the company and the bank in the residential mortgage market by providing liquidity to financing entities and enhancing their ability to continue offering financing solutions. It also aims to develop the secondary mortgage market and expand residential financing options, in line with the targets of the Housing Program and Saudi Vision 2030, Saudi Press Agency (SPA) reported.

SRC CEO Majeed Abduljabbar said the continued cooperation with financing entities helps enable them to expand the scope of residential mortgage financing and enhance market efficiency and sustainability through the development of refinancing solutions.

Established by the PIF in 2017, SRC is licensed by the Saudi Central Bank (SAMA) to operate in real estate refinancing. The company plays a central role in developing the Kingdom’s mortgage market by providing liquidity to financiers, enabling them to offer affordable home financing solutions, and working closely with stakeholders to support the housing ecosystem.