#8826 Development loan - 18.stage (Finland) Funded: 15.02.2023

This loan is intermediated by Estateguru Finland Oy. For the general loan terms applicable to this loan, please see the Estateguru General Loan Terms.

Executive Summary

    • The loan is used to continue construction works.
    • 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.
    • Asunto Oy Lahden Sinfonia is a housing company which consists of an 11-floor apartment building in the city centre of Lahti. It is located above the renowned Lahti Concert Hall, which is a significant landmark in Lahti and an inseparable part of the city’s history.
    • The loan is secured with a 1st rank mortgage on the property as well as the pledging of the  housing company shares of Asunto Oy Lahden Sinfonia.
    • The current value of the property according to the valuation report () is €4 800 000. The value when completed is estimated to be €12 148 000.
    • It is estimated that the project will be finished by the end of 2023.
    • 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 18 stage is 41.37% and can increase to 60.0% in further stages.
    • The loan is being refinanced to give the borrower more time to conclude the construction of the property. The borrower will repay the accrued interest (including indemnity and penalty fees, if any) for the previous loan period.

Loan Terms

Loan Contract Number

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Quick Overview
660 investors, €92,897 raised
  • Status Funded
  • Target €200,000
  • Collateral value €8,788,000
  • LTV 41.37%
  • Projected LTV 60.0%
  • Loan Period 18 months
  • Schedule Type Bullet
  • Mortgage Rank First rank
  • Collateral Type Apartment building (Residential)
  • Loan Type Development loan
  • Loan Type Sub-Category Reconstruction
  • Location Finland

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