#6972 Development loan - 35.stage (Latvia) Funded: 15.06.2023
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 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 interest payment is received and processing.
- 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 35 stage is 63.87% and can increase to 65.0% 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|
Collateral value €3,203,543
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