Agra, Santander in Mortgage Deal

Santander has agreed to provide BRL2.2bn in mortgages for clients of Brazilian real estate company Agra Empreendimentos Imobiliarios, Agra said. The financing covers 19 of Agra’s projects to be launched in 2008 and 2009, made up of 8,355 housing units. Santander will finance up to 90% of the total value of the units at up to 30-year terms. The deal allows the developer to reduce its exposure from initial construction cost, and direct working capital to other areas.