#4108 Bridge loan - 15.stage (Latvia) Funded: 31.01.2023 - Refinancing of #4108 Bridge loan - 2.stage (Latvia)
This loan is intermediated by Estateguru OÜ. For the general loan terms applicable to this loan, please see the Estateguru General Loan Terms.
- The loan is used to refinance an outstanding Estateguru loan with the purpose of extending the loan period.
- The loan will be repaid by refinancing, from the sale of the collateral property, or from the incoming business revenues of the company.
- The loan is secured with a first rank mortgage.
Architectural contest for the project is in process, during which the most suitable design for the building will be selected.
- 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 15 stage is 63.8% and can increase to 64.7% 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.
|Loan Contract Number|
417 investors, €35,195 raised
Collateral value €1,455,000
Projected LTV 64.7%
Loan Period 12 months
Schedule Type Full bullet
Mortgage Rank First rank
Collateral Type Residential land (Land)
Loan Type Bridge loan
Loan Type Sub-Category Other