#6850 Development loan - 2.stage (Estonia) Funded: 22.09.2021 - Refinancing of #7608 Development loan - 4.stage (Estonia), #7608 Bridge loan - 2.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.

Executive Summary

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.

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, 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 2 stage is 35.4% 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.

869 investors, €140,000 raised