Saudi Real Estate Refinance
Saudi Real Estate Refinance Company (SRC) is a SAMA-licensed, PIF-owned secondary mortgage institution that provides funding, portfolio acquisition, and securitization solutions exclusively to Saudi banks and real estate finance companies, packaging residential mortgages into MBS, RMBS, and Sukuk instruments.
- Company typePrivate
- Founded2017
- HeadquartersRiyadh, Saudi Arabia
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Saudi Real Estate Refinance does
Saudi Real Estate Refinance Company (SRC) is a SAMA-licensed, PIF-owned secondary mortgage institution established in 2017 in Riyadh. The company provides funding, liquidity, and risk-transfer solutions exclusively to SAMA-licensed banks and real estate finance companies, aggregating and acquiring residential mortgage portfolios and packaging them into Mortgage-Backed Securities, Residential Mortgage-Backed Securities, and Sukuk instruments for domestic and international investors. Its core product suite includes short- and long-term funding, Long Term Structured Deposits (LTSD), portfolio acquisition with and without recourse, and Long-Term Fixed Rate (LTFR) mortgages extended up to 30-year maturities.
SRC's business model is built on interest spreads between its sukuk-funded cost of capital and the yield on acquired mortgage portfolios, supplemented by transaction fees on securitization and portfolio acquisitions. It operates an enterprise field-sales motion targeting a closed universe of Saudi financial institutions, with relationships spanning Saudi National Bank, Alrajhi Bank, Arab National Bank, Bank Albilad, Bidaya Finance, the Real Estate Development Fund, and the Public Pension Agency. It has raised $2 billion, $2.5 billion, and $2.75 billion across three international sukuk issuances in 2025 and 2026, all oversubscribed and listed on the London Stock Exchange, alongside a SAR 20 billion domestic sukuk program, supported by A1/A/A credit ratings from Moody's, Fitch, and S&P and explicit Government of Saudi Arabia guarantees on international issuances.
Strategically, SRC is positioned as the core enabler of Saudi Arabia's Vision 2030 homeownership target of 70%, and has signed strategic partnerships with BlackRock, King Street, Ginnie Mae, Hassana Investment Company, Damanat, and LCM Partners to develop securitization markets, credit insurance, and global institutional investor access. In 2025, the company launched the first Residential Mortgage-Backed Securities (RMBS) transaction under its local securitization program, creating a new asset class in Saudi capital markets, and continues to scale its portfolio acquisition activity, executing deals worth SAR 3.4 billion with SNB and SAR 5.8 billion in extensions with Alrajhi Bank during the period.
Saudi Real Estate Refinance firmographics
Firmographics- Name
- Saudi Real Estate Refinance
- Legal name
- The Saudi Real Estate Refinance Company
- Website
- https://srco.com.sa
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Saudi Real Estate Refinance Company (SRC) is a SAMA-licensed, PIF-owned secondary mortgage institution that provides funding, portfolio acquisition, and securitization solutions exclusively to Saudi banks and real estate finance companies, packaging residential mortgages into MBS, RMBS, and Sukuk instruments.
- Ownership category
- akta.pro rank
Saudi Real Estate Refinance industry classification
Industry- Product category
- Mortgage Refinance / Secondary Mortgage Market
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (52599), Finance and Insurance (52)
- SIC
- Asset-Backed Securities (6189), Mortgage Bankers & Loan Correspondents (6162)
- akta.pro primary industry
- Credit Risk Transfer (CRT) & Mortgage Credit Securities (CAS/STACR/ACIS) (FSALAFAH)
- akta.pro secondary industries
- Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE), Balance-Sheet / Portfolio CRE Lending (FSALADAG)
Keywords
Where Saudi Real Estate Refinance is headquartered
LocationHeadquarters
- HQ city
- Riyadh
- HQ country
- Saudi Arabia
- HQ region
- Middle East
Offices1 record
Markets served
Saudi Real Estate Refinance business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales
Revenue model
- Refinancing and Funding: SRC provides short-term and long-term funding to partner banks and finance companies, collateralized by housing financing contracts. Revenue generated through interest spreads and funding arrangements.
- Portfolio Acquisition: SRC acquires housing financing loan portfolios from partners on both recourse and non-recourse basis, generating fee income and managing risk transfer.
- Sukuk Issuance: SRC issues domestic and international sukuk (Islamic bonds) to raise capital for operations and lending activities. Successfully issued $2 billion (Feb 2025), $2.75 billion (Jul 2026), and previously $2.5 billion sukuk.
- RMBS (Residential Mortgage-Backed Securities): SRC launched its first RMBS transaction under local securitization program in 2025, creating a new asset class in Saudi capital markets.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Saudi Real Estate Refinance product offering
Product offeringCore offering
SRC provides long-term and short-term refinancing and liquidity solutions to banks and real estate finance companies licensed by SAMA. The company purchases housing finance portfolios (on recourse and non-recourse basis), provides funding collateralized by housing contracts, and aggregates these exposures into Mortgage-Backed Securities (MBS), Residential Mortgage-Backed Securities (RMBS), and Sukuk instruments sold to domestic and international investors.
Product overview
SRC operates as a secondary mortgage market institution providing a suite of refinancing and liquidity solutions to Saudi Arabia's housing finance ecosystem. The core product portfolio includes Short Term & Long Term Funding, Long Term Structured Deposits (LTSD), and Portfolio Acquisition products (both with and without recourse). SRC aggregates and packages these financing exposures into Mortgage-Backed Securities (MBS), Residential Mortgage-Backed Securities (RMBS), and Sukuk instruments for sale to domestic and international investors. The company also supports Long-Term Fixed Rate (LTFR) mortgage products for homebuyers through its lender network. SRC's transactions are limited to real estate finance companies and SAMA-licensed banks only, without direct dealings with individuals.
Differentiator
Problem solved
Functional benefit
Products and services
- Short Term & Long Term Funding
- Long Term Structured Deposit (LTSD)
- Portfolio Acquisition with Recourse
- Portfolio Acquisition without Recourse
- Mortgage-Backed Securities (MBS)
- Residential Mortgage-Backed Securities (RMBS)
- Sukuk Programs
- Long-Term Fixed Rate (LTFR) Mortgages
Quantifiable outcome
- Supports Saudi Vision 2030 goal to raise homeownership to 70%
- +2 more outcomes
Companies that use Saudi Real Estate Refinance
Customer profileNamed customers7 records
Segments3 records
Ideal customer profiles3 records
Saudi Real Estate Refinance technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Saudi Real Estate Refinance partnerships and signals
Strategic signalPartnerships
13 partnerships are on record, tiered strategic, core, major and significant.
- LCM PartnersstrategicTripartite partnership with REDF and SRC to establish a multi-purpose platform for asset and servicing management. LCM Partners, a European private credit investment firm and member of Brookfield, will deliver independent mortgage servicing through BCM Global.
- Arab National Bank (ANB)coreSRC signed a portfolio acquisition agreement with Arab National Bank for residential mortgage portfolios, with extensions adding SAR 500 million in funding capacity.
- Bank AlbiladcoreSRC signed a real estate portfolio purchase agreement with Bank Albilad for mortgage portfolio acquisition.
- Saudi National Bank (SNB)coreSRC and SNB signed a SAR 3.4 billion mortgage portfolio acquisition agreement. SNB is one of Saudi Arabia's largest banks, and this transaction represents significant portfolio acquisition activity.
- Hassana Investment CompanycoreSRC and Hassana Investment Company signed MoU to develop the securitization markets in the Kingdom, supporting the creation of new asset classes and capital market development.
- Bidiya Home FinancecoreSRC signed SAR 1 billion mortgage portfolio agreement with Bidaya Finance, expanding its reach in the Islamic finance and housing market.
- DamanatstrategicSRC and Damanat signed MoU to guarantee residential mortgage portfolios, providing risk mitigation for mortgage lending activities.
- BlackRockmajorSRC and BlackRock signed MoU to develop the Kingdom's real estate finance market. The partnership aims to leverage BlackRock's expertise in real estate finance development and capital markets.
- King StreetsignificantSRC and King Street signed MoU to explore new solutions in the secondary real estate financing market, focusing on developing innovative financing mechanisms.
- Alrajhi BankcoreSRC extended its refinancing agreement with Alrajhi Bank with additional SAR 5.8 billion, representing the largest bank refinancing deal valued at more than SAR 5 billion.
- Ginnie MaestrategicSRC and Ginnie Mae established an agreement to enable exchange of experiences and cooperation, leveraging Ginnie Mae's expertise in mortgage-backed securities from the US market.
- Real Estate Development Fund (REDF)coreSRC and REDF signed a SAR 10 billion refinancing partnership agreement. REDF is a government entity providing housing support, and this partnership enables refinancing of real estate portfolios to increase liquidity in the housing market.
- Public Pension AgencycoreSRC and Public Pension Agency signed the largest real estate financing deal ever in Saudi Arabia, demonstrating the scale of SRC's market impact.
Scale indicators8 records
Recent moves11 records
Expansion highlights6 records
Saudi Real Estate Refinance competitors and assessment
Company assessmentOthers
- PIF (Public Investment Fund):
- Saudi Real Estate Development Fund (REDF): Saudi government housing fund that provides subsidized housing finance and is a core counterparty of SRC (SAR 10B refinancing partnership). Not a competitor but a strategic partner/ecosystem participant in the same Saudi housing finance value chain.
Direct peers
- Ginnie Mae: US government-owned corporation that guarantees MBS issued by approved lenders, creating liquidity in the US secondary mortgage market. SRC has an explicit knowledge-transfer MoU with Ginnie Mae, and both serve the same role of guaranteeing/securitizing residential mortgages to channel capital into housing finance.
- Fannie Mae: US government-sponsored enterprise that purchases and securitizes residential mortgages, providing the backbone of the US secondary mortgage market. Highly comparable business model to SRC: portfolio acquisition, MBS issuance, and liquidity provision to mortgage originators.
- Cagamas Berhad: Malaysia's national mortgage corporation that purchases housing loans from financial institutions and issues securitized instruments. Closest direct international peer to SRC in terms of mandate (national secondary mortgage market) and product mix (portfolio purchase, MBS issuance).
- Korea Housing Finance Corporation: South Korean state-owned mortgage finance institution that purchases mortgage loans from originators and issues MBS and covered bonds. Directly comparable in structure (state-owned), mandate (secondary mortgage market) and product set to SRC.
Regional players
- National Housing Bank (India): Indian government-owned institution that refinances housing finance companies and supports the housing finance ecosystem. Similar role of providing liquidity to mortgage originators and operating under government mandate, although India-focused and not a direct competitor geographically.
- Emirates NBD / Emirates Real Estate Bank: Major UAE banking group with significant real estate finance franchise. Comparable as a regional competitor in GCC mortgage origination and securitization, though operates from UAE rather than Saudi Arabia.
Broad incumbents
- Blackstone Mortgage Trust: US-listed commercial mortgage REIT that originates and acquires senior mortgage loans, with overlap in securitization activity. Comparable in its role as a conduit of capital into real estate debt, though focuses on commercial rather than residential mortgages.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Saudi Real Estate Refinance social profiles
Digital presenceSaudi Real Estate Refinance compliance and trust
Trust signalCompliance3 records
Saudi Real Estate Refinance financial estimates
Financial estimateRevenue estimate
Valuation estimate
Saudi Real Estate Refinance leadership team
Management profileNumber of profiles
Profiles19 records
Saudi Real Estate Refinance funding detail
Funding detailFunding overview
Funding rounds3 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Saudi Real Estate Refinance M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Saudi Real Estate Refinance
What does Saudi Real Estate Refinance do?
SRC provides long-term and short-term refinancing and liquidity solutions to banks and real estate finance companies licensed by SAMA. The company purchases housing finance portfolios (on recourse and non-recourse basis), provides funding collateralized by housing contracts, and aggregates these exposures into Mortgage-Backed Securities (MBS), Residential Mortgage-Backed Securities (RMBS), and Sukuk instruments sold to domestic and international investors.
Is Saudi Real Estate Refinance a public or private company?
Saudi Real Estate Refinance is a private company. It is classified as state government owned and is currently operating.
When was Saudi Real Estate Refinance founded?
Saudi Real Estate Refinance was founded in 2017. It employs 101 to 250 people.
Where is Saudi Real Estate Refinance based?
Saudi Real Estate Refinance is headquartered in Riyadh, Saudi Arabia, in the Middle East region.
How does Saudi Real Estate Refinance make money?
Four revenue lines are on record. Refinancing and Funding is the primary driver. The others are portfolio Acquisition, sukuk Issuance and RMBS (Residential Mortgage-Backed Securities).
Who are Saudi Real Estate Refinance's main competitors?
Others on record are PIF (Public Investment Fund) and Saudi Real Estate Development Fund (REDF). Direct peers are Ginnie Mae, Fannie Mae, Cagamas Berhad and Korea Housing Finance Corporation. Regional players are National Housing Bank (India) and Emirates NBD / Emirates Real Estate Bank. Blackstone Mortgage Trust is listed as a broad incumbent.
Does Saudi Real Estate Refinance have an API?
No public API is recorded for Saudi Real Estate Refinance.
What industry is Saudi Real Estate Refinance in?
Saudi Real Estate Refinance's product category is Mortgage Refinance / Secondary Mortgage Market. Its primary akta.pro industry code is FSALAFAH, Credit Risk Transfer (CRT) & Mortgage Credit Securities (CAS/STACR/ACIS), with a secondary code of BPAJANAE, Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing). Its NAICS code is 525 and its SIC code is 6189.