#7634 Development loan - 11.stage (Lithuania) Funded: 18.10.2022
This loan is operated by Estateguru OÜ and is subject to General Loan Terms. View loan terms
- The loan is used for starting a development project
- The loan will be repaid from sales revenue of a completed development project.
- 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 12.5%).
- 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 11 stage is 45.71% and can increase to 69.0% 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 Contract Number|
Interest 11.5%Investment ≥ €20,000 = 1.0% bonus
379 investors, €51,906 raised
Collateral value €3,583,828
Projected LTV 69.0%
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