#1170 Development loan - 17.stage (Portugal) Funded: 22.03.2023

This loan is intermediated by Estateguru OÜ. For the general loan terms applicable to this loan, please see the Estateguru General Loan Terms.

Executive Summary

The loan is used for a preparation period of a development project plus starting the first construction work.

The loan will be repaid from the sale of the collateral property or refinancing by a long-term bank loan.

The project consists of a fully approved large development site in the South of Portugal beside the historic capital of the region Silves and a short distance from the Algarve coast, the Monchique mountains, and multiple beautiful nature areas.
The planning permission issued is for a country club-style resort with 154 units and a supporting clubhouse and multiple sports facilities.
All the previous mortgages on the property are in favour of Estateguru's collateral agent. Due to the conditions set for the previous loans, this loan is issued as a second-rank loan.

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 17 stage is 42.59% and can increase to 50.0% in further stages.

334 investors, €31,998 raised