#2357 Development loan - 56.stage (Latvia) Funded: 30.11.2022
This loan is operated by Estateguru OÜ and is subject to General Loan Terms. View loan terms
- 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.
- Borrower adds a 1% bonus to annual interest for investments of at least €5,000 (combined annual interest 13%).
- 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 56 stage is 64.46% and can increase to 65.0% in further stages.
- The loan is being refinanced to extend the loan period. The borrower will repay the accrued interest (including indemnity and penalty fees, if any) for the previous loan period.
- 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 12.0%Investment ≥ €5,000 = 1.0% bonus
373 investors, €55,813 raised
Collateral value €9,704,634
Projected LTV 65.0%
Loan Period 12 months
Schedule Type Bullet
Mortgage Rank First rank
Collateral Type Apartment building (Residential)
Loan Type Development loan
Loan Type Sub-Category New construction