View United secures SAR 33.2M credit facilities from Bank Albilad

13/02/2024 Argaam

View United secures SAR 33.2M credit facilities from Bank Albilad

Logo of View United Real Estate Development Co.

View United Real Estate Development Co. signed a Shariah-compliant credit facility agreement worth SAR 33.17 million with Bank Albilad to finance 80% of purchasing land in Al Narjis, Riyadh.

 

The 36-month facility’s guarantees include mortgaging the financed property in favor of Bank Albilad with a coverage ratio of not less than 125% of the total facilities, in addition to a promissory note issued by the company for the value of the facilities in favor of the bank.

 

Guarantees also involve joint guarantees from Chairman Ahmed Al Harbi and Vice Chairman Mohammed Al Dawood for all facilities.

 

There are no related parties to this agreement, the company added, aiming to enhance its real estate development projects.

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