Funded
  • Deadline
    31.12.2018
  • Start of investment period
    10.01.2019
  • Start time
    11.12.2018 13:00
  • Asset class
    Residential
  • Investment type
    Development
  • Investment end date
    21.12.2020
  • Remaining term
    8 months
  • Expected rate of return
    13.5% p.a.
  • Expected cash yield
    %
  • No of investors
    710
  • Goal
    €450 000

Executive summary

This project consists of providing a secured loan on the back of a collateral: Makonkalns development area on Riga city border in Kekava (Collateral). The development is designed for affordable economy class apartments aimed at local buyers in Riga, Latvia. 

The Sponsor, Estera Development OÜ, will use the funds raised from the current fundraising to provide construction equity financing to a new development they intend to put into construction in Q1 2019 called Liepziedi 2 (second stage of Briezu 7a development). The repayment of the current loan is envisaged from sales proceeds from Liepziedi 2 development as well as from sales proceeds of remaining apartments in Liepziedi 1 and Tuvidi project.

This investment opportunity offers a fixed interest rate of 13,5% p.a. with the first interest payment in 12 months. The remaining interest and principal will be paid at the end of the loan term

It's secured by 1st rank mortgage on the Melnalkšņi”, “Vairumbāze”, “Akmenskalni”, “Virskalni”, “Zaļaiskalns” land plots in Kekava municipality, Latvia, with the combined collateral value of EUR 1 400 000.

The duration is 24 months with a possible early partial or full exit.

This is the first tranche of several, nevertheless, the maximum LTV (loan to value ratio) for all tranches shall be 50%. 

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