Saudi Real Estate Refinance

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.

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

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

• Mortgage refinance services
• Secondary mortgage market
• Mortgage-backed securities
• Sukuk issuance programs
• Housing finance solutions

Headquarters

HQ city

Riyadh

HQ country

Saudi Arabia

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. 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.
2. Portfolio Acquisition: SRC acquires housing financing loan portfolios from partners on both recourse and non-recourse basis, generating fee income and managing risk transfer.
3. 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.
4. 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

Core 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

Named customers7 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

13 partnerships are on record, tiered strategic, core, major and significant.

• LCM PartnersstrategicImplementation/ SI/ Consulting Partner · 17 November 2025Tripartite 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)coreStrategic or Co-development Partner · 7 August 2025SRC signed a portfolio acquisition agreement with Arab National Bank for residential mortgage portfolios, with extensions adding SAR 500 million in funding capacity.
• Bank AlbiladcoreStrategic or Co-development Partner · 3 August 2025SRC signed a real estate portfolio purchase agreement with Bank Albilad for mortgage portfolio acquisition.
• Saudi National Bank (SNB)coreStrategic or Co-development Partner · 27 February 2025SRC 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 CompanycoreStrategic or Co-development Partner · 1 January 2025SRC 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 FinancecoreStrategic or Co-development Partner · 22 December 2024SRC signed SAR 1 billion mortgage portfolio agreement with Bidaya Finance, expanding its reach in the Islamic finance and housing market.
• DamanatstrategicStrategic or Co-development Partner · 7 October 2024SRC and Damanat signed MoU to guarantee residential mortgage portfolios, providing risk mitigation for mortgage lending activities.
• BlackRockmajorStrategic or Co-development Partner · 25 August 2024SRC 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 StreetsignificantStrategic or Co-development Partner · 25 August 2024SRC and King Street signed MoU to explore new solutions in the secondary real estate financing market, focusing on developing innovative financing mechanisms.
• Alrajhi BankcoreStrategic or Co-development Partner · 3 January 2024SRC 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 MaestrategicStrategic or Co-development Partner · 8 June 2023SRC 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)coreStrategic or Co-development Partner · 1 November 2021SRC 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 AgencycoreStrategic or Co-development Partner · 16 July 2020SRC 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

Others

• 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

• Xx.com/saudirefinance
• LinkedInlinkedin.com/company/saudi-real-estate-refinance-company
• Facebookfacebook.com/SaudiRefinance

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Saudi Real Estate Refinance