#6438 Bridge loan - 8.stage (Germany) Funded: 17.10.2022
This loan is operated by Estateguru OÜ and is subject to General Loan Terms. View loan terms
- The loan is used for a preparation period of a development project plus starting the first construction work.
- The loan will be repaid from the sale of the collateral property or refinancing by a long-term bank loan.
- The loan is secured with a first rank mortgage.
- The borrower retains the opportunity to raise additional capital, if necessary, as the collateral value increases.
- The mortgage was established during a prior financing process and will also cover additional stages of financing.
- Prior to the next stage of financing, construction supervision must confirm the completed works (if construction has commenced and works have been performed in a considerable amount) and a third party must assess the market value of the collateral.
- The LTV in 8 stage is 53.32% and can increase to 65.3% in further stages.
- The development project is financed based on the value of construction invoices, which arise from construction supervision acts prepared on the basis of the work performed. Consequently, we consider the cost of construction work actually performed, in addition to the primary market value, to be the value of the collateral.
|Loan Contract Number|
363 investors, €46,880 raised
Collateral value €2,050,000
Projected LTV 65.3%
Loan Period 12 months
Schedule Type Bullet
Mortgage Rank First rank
Collateral Type Apartment building (Residential)
Loan Type Bridge loan
Loan Type Sub-Category Interim development