Orco and ING look to make loans easier

"Due to the global financial crisis, many banks operating in Poland have sharpened their criteria for giving mortgages. ... Because of that, [Orco] has decided to lend a hand to our clients, by working with banks. Thanks to [this], the purchasers of Orco apartments will have access to more attractive loans," said Douglas Noble, managing director of Orco Property Group in Poland.

Because of the Orco-ING Bank partnership, Orco clients can be assured a mortgage with a maximum margin of 0.7 percent, regardless of the size of the loan and the repayment period. Moreover, the bank will not take a commission for mortgages related to Orco residential properties.

The developer will also help its customers apply for a mortgage by completing all the necessary documents, as well as conducting preliminary talks with the bank. Apart from the financial benefits, the customers will also receive professional consultation services on how to identify the best mortgage offer.

Orco Property Group recently released its financial results for the first nine months of 2008. According to the report, the company's consolidated revenues for the period reached €226 (zł.875.5) million and it saw a consolidated net loss of €9.79 (zł.115.4) million.