Exited
  • Deadline
    30.01.2019
  • Start of investment period
    31.01.2019
  • Start time
    17.01.2019 08:00
  • Asset class
    Residential
  • Investment type
    Development
  • Investment end date
    15.05.2020
  • Remaining term
    Overdue 1-90 days
  • Expected rate of return
    15.89% p.a.
  • Expected cash yield
    %
  • No of investors
    916
  • Goal
    €700 000

Executive summary

Hereby we present 7th. funding round for apartment building development at Kreutzwaldi 59c, in Võru, Estonia.

In previous funding rounds, Crowdestate investors have invested EUR 1,400,000 in this project. In this current tranche the Sponsor, Tamula Kodu OÜ targets funding of EUR 700,000

The Sponsor is developing an apartment building with 68 apartments in Võru (capital of regional district at Southern Estonia, about 260 km south of Tallinn), next to idyllic Lake Tamula. The nature of the project is the reconstruction of a former industrial building and its conversion into a modern residential building.

The objective of this investment opportunity is to fund bridge loan in the amount of EUR 700,000. The bridge loan will be used to partially refinance current loans during development and sales period.

As we are publishing this project, there are 19 apartments sold based on legal debt agreements and 8 apartments booked based on booking agreements.

To return currently outstanding loans, Sponsor has to sell 22 apartments.

According to building reports, the project is 58% completed. The sponsor is optimistic that it is possible to receive use permit and sell sufficient number of apartments for returning all outstanding loans by the end of July 2019. 

This tranche will earn a 15% fixed annual interest, loan period is set up to 11 months. Calculated rate of return (IRR) for this tranche is 15,89%.

All loans in all tranches have a 1st. lien cross-collateral mortgage in the total amount of EUR 1,927,000. The mortgage will be held in favor of investors by Crowdestate Collateral Agent.

Crowdestate

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