Saudi Real Estate Refinance Company Conducts Third Masakin Refi Deal with GOSI
Posted on 09/05/2021
The Saudi Real Estate Refinance Company (SRC) was created by the Public Investment Fund (PIF). Saudi Real Estate Refinance Company agreed to a refinancing deal with the General Organization for Social Insurance (GOSI) of Saudi Arabia that is worth around 2 billion Saudi riyals. Under the terms of the deal, Saudi Real Estate Refinance Company will refinance the GOSI-backed portfolio of housing called Masakin, it said in a statement. This is the third transaction of its kind between SRC and GOSI, tabulating the total value of deals reaching to 5 billion Saudi riyals.
GOSI launched the Masakin program in 2007 to facilitate mortgages for Saudi families.
In July 2020, SRC inked a deal with Saudi Arabia Public Pension Agency to acquire a mortgage portfolio worth more than 3 billion Saudi riyals.