#9338 Bridge loan - 2.stage (Estonia) - Repaid Repaid: 24.10.2023

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 finance the purchasing of a property.
    • The loan will be repaid by refinancing with a long-term bank loan.
    • The loan is secured with a first rank mortgage.
    • Borrower adds a 1% bonus to annual interest for investments of at least €20,000 (combined annual interest 10%).
    • A plot with a detailed plan for a 14 storey building - Volta Tower I
    • Gross area of 14 600 m2 above and 9 100 m2 underground (for parking).
    • Eighty five apartments in total
    • The Volta Quarter is located just between the sea and the Old Town in the neighbourhood of Kalamaja, highly regarded for its culture and entertainment scene.
    • In the course of cooperation between Estateguru and Endover, €11 950 000 has been lent to Endover. All the loans have been repaid on or before the due dates. The two biggest project were Klaussoni Kommivabrik in Kalamaja (same area as Volta project) with total loan amount of € 5,507,470 and Rocca Tower A and B - €4 570 429 was lent. 
    • 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 13.8% and can increase to 70.0% 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 Terms

Loan Contract Number

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Quick Overview
  • Investment ≥ €20,000 = 1.0% Bonus
897 investors, €750,000 raised
  • Status Repaid
  • Target €750,000
  • Collateral value €5,425,000
  • LTV 13.8%
  • Projected LTV 70.0%
  • Risk category N/A
  • Loan Period 12 months
  • Schedule Type Bullet
  • Mortgage Rank First rank
  • Collateral Type Residential land (Land)
  • Loan Type Bridge loan
  • Loan Type Sub-Category Property acquisition
  • Location Estonia

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