Alber Increases Stake in Credit 360 to Expand Mortgage Lending in Israel
Alber, controlled by Eli Elazra, is deepening its involvement in Israel's mortgage sector by acquiring an additional 12.75% of Credit 360 shares, raising its total holding to 20.75%. The transaction, valued at 46 million shekels, values Credit 360 at 220 million shekels. Credit 360 is a non-bank credit company specializing in housing finance and mortgages, offering loans secured by real estate assets to private clients.
Alber, primarily a vehicle leasing company, has been expanding into credit services with a focus on mortgages, following a pilot phase in 2024 and officially entering the mortgage market in February 2025. By the end of Q1 2025, Alber's mortgage portfolio reached 300 million shekels. The company projects issuing mortgages totaling 1.2 billion shekels in 2025 and a similar amount in 2026, aiming for a portfolio of 2.4 billion shekels by the end of 2027. Alber also plans to sell mortgage portfolios to institutional investors.
The Israeli mortgage market grows annually by about 100 billion shekels in new loans but remains dominated by banks, which fiercely compete and have seen their financial margins shrink from 2%-2.5% in 2018-2021 to just 0.5% as of September 2025, according to the Bank of Israel. Despite a relative stagnation in the real estate market and challenges in selling new apartments, mortgage demand is expected to remain stable.
Leasing companies like Alber benefit from existing credit infrastructure and more lenient regulations, enabling faster mortgage issuance than banks. They can finance up to 85% of a property's value, compared to banks' limits of 75% for first-time buyers, 70% for home upgraders, and 50% for investors. Additionally, these companies are not required to underwrite loans based on the borrower's monthly repayment ability, allowing them to serve clients who previously struggled to qualify for bank mortgages.
