Address Group, one of Bulgaria's leading real estate companies, said it has created a division that will assist property buyers in choosing the loan program most suited to their needs.

CreditCenter currently works with 12 local banks and one non-banking institution but is expected to start providing information on the loan programs of all domestic banks by the end of the year, said the company's executive director Tihomir Toshev to Dnevnik newspaper.

The market will welcome at least another 3-4 non-banking institutions for loan-financing by the end of 2006, said Toshev.

CreditCenter, whose advisory services are available to non-Address clients as well, brokered the disbursement of 1.2 mln levs in credits in May when it still operated as Address Credit Center. Some 80% of CreditCenter clients opt for mortgage loans while another 15% choose consumer credits.

Between 60% and 80% of property transactions are loan-financed, said Address Real Estate executive director Katia Tsenova. Address Group said it plans to launch an insurance center in the fall.

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