#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 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 Terms

Loan Contract Number

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Quick Overview
334 investors, €31,998 raised
  • Status Funded
  • Target €100,000
  • Collateral value €6,266,000
  • LTV 42.59%
  • 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
  • Location Portugal

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