Banks are expanding lending for the purchase of non-residential premises in residential buildings and complexes
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Banks are expanding lending for the purchase of non-residential premises in residential buildings and complexes. If previously most of these loans were issued as mortgages, with insurance and collateral, now banks are moving to issuing POS loans for the purchase of parking spaces, storage rooms and other utility rooms. Their registration is simpler, but the rates are higher than mortgage rates.
Post Bank has launched a POS lending program for parking spaces and storage rooms, the credit institution told Kommersant. “Such a loan can be obtained from two of the bank’s partners—GK A101 and Samolet,” they clarified. In the future, other development companies will join the program. According to the forecasts of the commercial director of the Samolet group, Kirill Khrapov, every second transaction (for the sale of parking spaces and storage rooms – Kommersant) can be made using POS lending. In the next two years, about 20% of parking spaces and storage rooms will be purchased using a POS loan, and the volume of such loans will exceed 30 billion rubles, the bank expects. According to Pochta Bank, the average loan amount for a parking space is 1 million rubles, for a storage room – 350 thousand rubles. According to the vice-president of Pochta Bank Andrey Pavlov, a POS loan is faster and more convenient than a mortgage (no collateral), and cheaper than a regular non-targeted loan: the rate is from 11.5% per annum versus 20–25%.
In Russia, the demand for parking spaces and storage facilities in new buildings is growing. According to developers, about 70% of new residential complexes are currently equipped with storage rooms. From year to year, the average area of apartments in the mass segment and business class is decreasing, and a number of developers are also abandoning balconies. This forces owners to look for alternative storage locations. According to the managing director of the NRA rating service, Sergei Grishunin, since 2021, the number of new buildings in Moscow in which storage rooms can be purchased has increased almost fourfold. The demand for parking and storage facilities will grow in the medium term by 10–15%, and in the long term – up to 20%, the NRA estimates.
At the same time, the risks for POS loans are lower than for consumer loans, since they are targeted. In particular, according to expert estimates, the level of delinquency on POS loans is 1.5 times lower than on non-targeted loans. “POS loans in the work of collectors within the framework of an assignment agreement account for about 5% of debts in monetary terms, cash loans – almost 60%,” estimates the National Association of Professional Collection Agencies.
“Currently, approximately 20% of parking spaces and storage rooms are purchased using a mortgage, the rest is paid from our own funds or with the help of consumer loans,” notes Rustam Azizov, director of mortgage sales and implementation of financial instruments of A101 Group of Companies. However, in the case of POS lending, the borrower “does not need to insure the collateral, and after repaying the loan, remove the encumbrance from the object,” he notes.
Tekta Group, without involving banks, provides buyers with interest-free installments for parking spaces, storage rooms and storage spaces for small vehicles (SMV) in its projects. The head of the mortgage lending department of the Granel Group of Companies, Tatyana Boeva, notes that the vast majority of buyers purchase parking spaces at 100% payment, but a number of clients use mortgage programs, a loan can be taken from 14.2%, and the largest banks are partners.
Some banks confirm the use of mortgage programs for lending for the purchase of non-residential ancillary premises in apartment buildings. At VTB, clients can receive funds for the purchase of parking spaces and storage rooms as part of a cash loan or a special mortgage program. “Given the rather high cost of parking spaces, there is little potential for POS loans,” notes Denis Kovalev, director of the retail lending business department at Rosbank.
“POS loans will face fierce competition from mortgage lending,” Sergei Grishunin is sure. “After all, Sberbank, VTB and other large banks have programs for mortgage loans for storage rooms and parking spaces.” Such loans will be popular with buyers only if the amount of overpayment on them is less than on mortgage programs, he adds. “The absence of the need for collateral and, accordingly, additional insurance, as well as the simplicity of the lending procedure and rates, which are closer to mortgage rates than to rates for non-targeted loans, all this cannot but arouse interest in POS loans from potential car buyers. places and storage rooms,” independent expert Olga Magilina disagrees.
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