#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.
- 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 loan is secured with a second rank mortgage.
- 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.
|Loan Contract Number|
334 investors, €31,998 raised
Collateral value €6,266,000
Loan Period 18 months
Schedule Type Bullet
Mortgage Rank Second rank
Collateral Type Agricultural land (Land)
Loan Type Development loan
Loan Type Sub-Category New construction