#7680 Bridge loan - 37.stage (Latvia) Funded: 28.03.2023 - Refinancing of #7680 Development loan - 4.stage (Latvia), #7680 Development loan - 15.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 from the sale of the collateral property or refinancing by a long-term bank loan.
- 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, 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 37 stage is 59.93% and can increase to 65.0% in further stages.
- The loan is being refinanced due to the sales period taking longer than expected. The borrower will repay the accrued interest (including indemnity and penalty fees, if any) for the previous loan period.
|Loan Contract Number|
346 investors, €45,503 raised
Collateral value €1,006,000
Projected LTV 65.0%
Loan Period 12 months
Schedule Type Bullet
Mortgage Rank First rank
Collateral Type Semi-detached house (Residential)
Loan Type Bridge loan
Loan Type Sub-Category Sale advance