#65407297 Development loan - 1.stage (Lithuania) Funded: 03.07.2023 - Refinancing of #2261 Bridge loan - 1.stage (Lithuania)
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 continue construction works.
- The loan will be repaid from sales revenue of a completed development project.
- 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 65.0%.
- 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 39.0% and can increase to 65.0% in further stages.
Quick Overview
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Interest 11.0%
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Status Funded
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Target €180,000
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Collateral value €462,000
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LTV 38.59%
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Projected LTV 65.0%
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Risk category
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Loan Period 12 months
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Schedule Type Bullet
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Mortgage Rank First rank
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Collateral Type Residential land (Land)
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Loan Type Development loan
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Loan Type Sub-Category New construction
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Location Lithuania
