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Nobilis sets up mortgage lender

Investor Kristóf Nobilis, one of Hungary's richest men, together with Gergely Bánfai and Eszter Varga, both formerly with Raiffeisen Bank, has set up a lender which will provide credit using borrowers' real estate as collateral, without any need for an income statement. CIB Bank, a strategic partner in the business, has made a Ft 5 billion credit line available to the company. Nobilis owns 90% of the mortgage lender, called Central European Credit Ingatlanhitel (CECI). CECI has registered capital of Ft 50 million. It will offer clients long-term loans and property leases. In addition to the retail segment, CECI is targeting the SME sector, especially companies that other lenders have turned down because of low revenue or because they are on the debtors' blacklist. CECI will offer loans between Ft 2.5 million and Ft 100 million for up to 20 years.