Real estate financing will remain a component of banking and insurance giant ING, Hein Brand, CEO of ING Real Estate Finance, stressed during the Provada real estate fair in Amsterdam. In a video interview with PropertyNL - the sister publication of PropertyEU - Brand added that the ING Group is going through a root-and-branch re-organisation and that commercial real estate financing will be limited to Europe.
Real estate financing will remain a component of banking and insurance giant ING, Hein Brand, CEO of ING Real Estate Finance, stressed during the Provada real estate fair in Amsterdam. In a video interview with PropertyNL - the sister publication of PropertyEU - Brand added that the ING Group is going through a root-and-branch re-organisation and that commercial real estate financing will be limited to Europe.
Brand rejected the suggestion that developers - who account for just 2% of the loan portfolio - will not be serviced by ING. 'In most cases we are talking about refinancing, but new development activities are not ruled out completely. The demand, though, has declined, and there are tougher preconditions for new projects'.
Brand said developers had to be able to show a project was pre-leased and pre-sold.
He also said that ING was still doing large financing deals. 'Recently we have completed a EUR 100 mln financing, and another for EUR 80 mln. The latter related to a deal in France, ' Brand added.
