#6850 Development loan - 1.stage (Estonia) Funded: 17.09.2021 - Refinancing of #7608 Development loan - 4.stage (Estonia), #7608 Bridge loan - 2.stage (Estonia), #7608 Bridge loan - 1.stage (Estonia), #7608 Bridge loan - 3.stage (Estonia)
This loan is intermediated by Estateguru OÜ. For the general loan terms applicable to this loan, please see the Estateguru General Loan Terms.
- The loan is used to refinance outstanding obligations and continue with the 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.
- Member of the management board of the borrower will provide a personal surety in the full mortgage amount.
- The borrower retains the opportunity to raise additional capital if necessary, provided that the ratio of the loan and the market value of the collateral (LTV) does not exceed 70.0%.
- The established mortgage will also cover loans of additional stages of financing.
- Prior to the additional stages 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 the 1 stage is 50.0% and can increase to 70.0% in further stages.
- The loan is being refinanced to give the borrower more time to conclude pre-construction actions (land development). The borrower will repay the accrued interest (including indemnity and penalty fees, if any) for the previous loan period.
|Loan Contract Number|
1,154 investors, €200,346 raised
Collateral value €962,000
Projected LTV 70.0%
Loan Period 18 months
Schedule Type Bullet
Mortgage Rank First rank
Collateral Type Residential land (Land)
Loan Type Development loan
Loan Type Sub-Category New construction