Ather Mobeen

SRC

Who we are: The Saudi Real Estate Refinance Company (SRC) was established in 2017 with the purpose of developing the housing finance market in the Kingdom of Saudi Arabia. Owned by the Public Investment Fund and licenced to operate in the secondary real estate market by the Saudi Arabian Monetary Authority, SRC plays an important role in delivering the Vision 2030 housing sector goal of increasing the number of citizens owning their own homes to 60% by 2020. With a world-class management team following international best practice, SRC is uniquely positioned to become the partner of choice for lenders helping them finance the primary mortgage market that is forecast to grow from SAR290 Bn to SAR500 Bn by 2020 and to SAR800 Bn over the next 10 years. What we do: While SRC does not offer home loans direct to home buyers, it does provide funding to lenders (banks and finance companies) to enable them to offer more accessible housing finance solutions. By offering lenders funding in the form of short or long-term loans or portfolio acquisitions, SRC provides the necessary liquidity and capital to facilitate the housing mortgage market's development. After aggregating and packaging portfolios of loans into mortgage backed securities, SRC sells them to investors and reinvests the funds into future loans to lenders. This facilitates housing market growth and enables more Saudis to own their own homes.