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Costantini and Elsztain launch 30-year mortgage loans to buy apartments in the future Meatpacking in Buenos Aires - La Nacion Propiedades
Source:
https://www.lanacion.com.ar/propied...mprar-departamentos-en-el-futuro-nid14082024/
August 14, 2024
Apply to buy apartments in the tower that Consultatio is developing on Avenida Huergo 475 in Bajo Porteño, steps away from Puerto Madero, in one of the areas that will appreciate the most in the coming years; the requirements and how to access financing
By Candle Contreras
The area promises to become the porteño meadpacking: in the image how the building will look like where the apartments are sold to be paid for in 30 years
Just three months ago, the return of mortgage credit in Argentina not only surprised the demand for homeowners, but also the real estate market itself. However, to qualify for loans, properties must meet a series of requirements , such as: the title deed , since the bank needs the property as collateral. This point, which may not seem to be an aggravating factor, ends up being one, since the lines are generally intended for the purchase of used apartments .
Brand new units , unless they are ready to be registered, cannot be purchased with a mortgage loan, as well as those in a construction pit . It must be taken into account that new apartments, from the time they are finished being built until they are registered, go through a process that takes between six months and a year in CABA, and a year and a half to two in the province of Buenos Aires.
In this context, as Eduardo Costantini exclusively revealed at the Real Estate event organized by LA NACION at the beginning of August, his developer was negotiating with a bank the possibility of selling the apartments in the building he is building on Avenida Huergo on a financing basis. This advance is now a reality: thanks to an agreement with Banco Hipotecario, the units in this project can be acquired with a UVA mortgage loan. The news is a milestone for a real estate market that, until now, did not have the option of acquiring apartments under construction financed in the long term .
In the image, how the tower will look located in one of the areas where the properties will be revalued
“It is a very important alliance and we have been analyzing it since the launch of the loans ,” José Ignacio Viñas, commercial director of Consultatio, told LA NACION. “ One of the biggest problems we had was implementing it in the middle of the building’s construction , but we found a way to make it possible and with financing for up to 30 years ,” he added.
The mortgage loan for apartments under construction is available , in this first stage, for the development that is being carried out on Huergo Avenue 475 , and that will be finished in less than a year. “The idea is to be able to implement it later in other developments,” says Manuel Puelles, manager of the bank, and affirms that, unlike other loans (for the purchase of registered units), “ this product is faster and easier to get , because the property is already appraised and has pre-approvals, unlike used units that require a longer process, a step that can take longer than expected.”
The project establishes the concept of amenities at height
One thing to keep in mind is that the process is done online and the interested party can now request it on the bank's website, from which they can simulate the loan, find out the requirements and carry out the pre-approval.
In concrete terms, studio apartments , with surfaces ranging from 35 to 42 square meters, have prices starting at US$173,000 , with 43 units available.
The one-bedroom apartments , with surfaces ranging from 44 to 57 m2, are sold from US$199,000 , with 41 units on offer.
Finally, the two-bedroom properties , with a surface area of 71 m2, have an initial value of US$378,000 and there are only 5 units available. In addition, the garages are sold separately at US$38,000 each.
The new loans can be used for the 38-story tower located at Huergo 400
The key fact about this project, developed by Consultatio and built by Criba, is that it has 1,500 m2 of common spaces , organized into five sectors, along with 2,800 m2 of open spaces that offer a spacious and accessible environment. In addition, it includes two restaurants and an artistic proposal that contributes to the atmosphere of the place. “Many of the buyers are investors who choose to allocate the units to traditional rental or managed rental , while the end users are usually young people whom we call 'digital nomads' , who seek flexibility and modernity in their lifestyles,” explains Viñas.
In other words, they democratized the use of high-rise buildings because from those "special" places where their inhabitants will be, it will be possible to enjoy all the views of the city at the same time. Therefore, whoever buys - for example - a unit on the 3rd floor, will be able to go for a run on the terrace on the 6th floor, study on the 11th floor, share lunch or dinner on the 36th or take a swim and sunbathe in the pool on the 38th. In this way, the experience that height provides is something that belongs to all inhabitants equally.
The amenities will be meeting spaces
On the other hand, the neighborhood promises to become one of the most aspirational in the city: it will go from being a place of passage to a place of permanence. Just as it happened with the Meatpacking District in New York, an area that was destined for meat packing plants and was transformed into one of the most iconic residential areas of the Big Apple in recent times. In fact, other top projects are also being built in the area, such as the Quartier del Bajo and Grand Atlántida in the old building where the publishing house that published Gente magazine used to operate.
The area with greenery and water concentrates two of the most important projects that the city has under construction
In this way, two of the main players in the real estate market have made a move. “We decided to create this alliance because Consultatio is, together with IRSA, the most important real estate development companies in the country and we believe, together, that these loans are a pending demand,” says the manager of Banco Hipotecario, who was also a pioneer when he launched the lines for second-hand loans in April when nobody expected them.
The development has one, one and two-bedroom units.
www.buysellba.com
Source:
https://www.lanacion.com.ar/propied...mprar-departamentos-en-el-futuro-nid14082024/
August 14, 2024
Apply to buy apartments in the tower that Consultatio is developing on Avenida Huergo 475 in Bajo Porteño, steps away from Puerto Madero, in one of the areas that will appreciate the most in the coming years; the requirements and how to access financing
By Candle Contreras
The area promises to become the porteño meadpacking: in the image how the building will look like where the apartments are sold to be paid for in 30 years
Just three months ago, the return of mortgage credit in Argentina not only surprised the demand for homeowners, but also the real estate market itself. However, to qualify for loans, properties must meet a series of requirements , such as: the title deed , since the bank needs the property as collateral. This point, which may not seem to be an aggravating factor, ends up being one, since the lines are generally intended for the purchase of used apartments .
Brand new units , unless they are ready to be registered, cannot be purchased with a mortgage loan, as well as those in a construction pit . It must be taken into account that new apartments, from the time they are finished being built until they are registered, go through a process that takes between six months and a year in CABA, and a year and a half to two in the province of Buenos Aires.
In this context, as Eduardo Costantini exclusively revealed at the Real Estate event organized by LA NACION at the beginning of August, his developer was negotiating with a bank the possibility of selling the apartments in the building he is building on Avenida Huergo on a financing basis. This advance is now a reality: thanks to an agreement with Banco Hipotecario, the units in this project can be acquired with a UVA mortgage loan. The news is a milestone for a real estate market that, until now, did not have the option of acquiring apartments under construction financed in the long term .
In the image, how the tower will look located in one of the areas where the properties will be revalued
“It is a very important alliance and we have been analyzing it since the launch of the loans ,” José Ignacio Viñas, commercial director of Consultatio, told LA NACION. “ One of the biggest problems we had was implementing it in the middle of the building’s construction , but we found a way to make it possible and with financing for up to 30 years ,” he added.
The mortgage loan for apartments under construction is available , in this first stage, for the development that is being carried out on Huergo Avenue 475 , and that will be finished in less than a year. “The idea is to be able to implement it later in other developments,” says Manuel Puelles, manager of the bank, and affirms that, unlike other loans (for the purchase of registered units), “ this product is faster and easier to get , because the property is already appraised and has pre-approvals, unlike used units that require a longer process, a step that can take longer than expected.”
The project establishes the concept of amenities at height
One thing to keep in mind is that the process is done online and the interested party can now request it on the bank's website, from which they can simulate the loan, find out the requirements and carry out the pre-approval.
What is the project like where you can buy apartments?
The 38-story tower located on Huergo Avenue at 400, is a few steps from Puerto Madero, a neighborhood that boasts the highest sales prices in the city, and has 507 studio-, one-, and two-bedroom apartments, of which 89 remain to be sold with prices starting at US$4,300 per m2 .In concrete terms, studio apartments , with surfaces ranging from 35 to 42 square meters, have prices starting at US$173,000 , with 43 units available.
The one-bedroom apartments , with surfaces ranging from 44 to 57 m2, are sold from US$199,000 , with 41 units on offer.
Finally, the two-bedroom properties , with a surface area of 71 m2, have an initial value of US$378,000 and there are only 5 units available. In addition, the garages are sold separately at US$38,000 each.
The new loans can be used for the 38-story tower located at Huergo 400
The key fact about this project, developed by Consultatio and built by Criba, is that it has 1,500 m2 of common spaces , organized into five sectors, along with 2,800 m2 of open spaces that offer a spacious and accessible environment. In addition, it includes two restaurants and an artistic proposal that contributes to the atmosphere of the place. “Many of the buyers are investors who choose to allocate the units to traditional rental or managed rental , while the end users are usually young people whom we call 'digital nomads' , who seek flexibility and modernity in their lifestyles,” explains Viñas.
In other words, they democratized the use of high-rise buildings because from those "special" places where their inhabitants will be, it will be possible to enjoy all the views of the city at the same time. Therefore, whoever buys - for example - a unit on the 3rd floor, will be able to go for a run on the terrace on the 6th floor, study on the 11th floor, share lunch or dinner on the 36th or take a swim and sunbathe in the pool on the 38th. In this way, the experience that height provides is something that belongs to all inhabitants equally.
The amenities will be meeting spaces
On the other hand, the neighborhood promises to become one of the most aspirational in the city: it will go from being a place of passage to a place of permanence. Just as it happened with the Meatpacking District in New York, an area that was destined for meat packing plants and was transformed into one of the most iconic residential areas of the Big Apple in recent times. In fact, other top projects are also being built in the area, such as the Quartier del Bajo and Grand Atlántida in the old building where the publishing house that published Gente magazine used to operate.
The area with greenery and water concentrates two of the most important projects that the city has under construction
In this way, two of the main players in the real estate market have made a move. “We decided to create this alliance because Consultatio is, together with IRSA, the most important real estate development companies in the country and we believe, together, that these loans are a pending demand,” says the manager of Banco Hipotecario, who was also a pioneer when he launched the lines for second-hand loans in April when nobody expected them.
The development has one, one and two-bedroom units.
Requirements to access mortgage credit
The requirements and conditions that the Mortgage Bank sets as a condition for purchasing a unit under development are the following:- The credit is unlimited in amount
- Financing is up to 80% of the construction budget
- It has a rate of 8.5% for the open market . While for clients who have a salary account , the first 12 installments have a rate of 4.25% and from the 13th installment it is 6.9%
- The maximum payment term is 360 months (30 years)
- The capital is adjustable by UVA
- The monthly fee to be paid cannot exceed 25% of the applicant's income.
- The loan is intended for first and second homes.
www.buysellba.com
