Busan Bank Selected as Lead Financial Institution for HUG Standard PF and Post-Sale PF Loans, First Among Regional Banks
[Asia Economy Reporter Yoo Je-hoon] BNK Busan Bank announced on the 4th that it has been selected as the lead financial institution for the Housing and Urban Guarantee Corporation (HUG) 'Standard Project Financing (PF) and Post-Sale Standard PF' loans, becoming the first regional bank to do so.
Accordingly, starting from the 6th, Busan Bank will be responsible for PF loans to various housing project operators (developers and contractors) subject to sales guarantees (including post-sale) and rental deposit guarantees for two years. PF is a product launched to resolve difficulties in the housing industry by providing standardized interest rates guaranteed by HUG without differentiation by project site, exemption from various fees, and more.
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Son Dae-jin, Head of Investment Finance Group at Busan Bank, said, "We participated in the selection as the lead financial institution to support stable funding for local small and medium-sized housing developers amid uncertain financial conditions," adding, "We will do our best to support and coexist with local small and medium-sized housing developers through this lead financial institution selection."
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