Funded
  • Deadline
    01.03.2019
  • Start of investment period
    12.03.2019
  • Start time
    13.02.2019 14:00
  • Asset class
    Working capital
  • Investment type
    Other
  • Investment end date
    20.08.2020
  • Remaining term
    13 months
  • Expected rate of return
    16%
  • Expected cash yield
    %
  • No of investors
    1602
  • Goal
    €1 050 000

Updates

 12/04/2019Investment opportunity overview, April 2019

Executive summary

This project is an opportunity to invest in secured loan to Nord Company OÜ, the Sponsor of this project. The Sponsor seeks for funding in the amount of EUR 1,050,000 for 18 months. The minimum fundraising target is EUR 600,000.The purpose of the loan is to finance the purchase of a backhoe dredger vessel “Zenne”, currently located in Belgium. The vessel will be relocated to Estonia and will be used for dredging jobs in Estonian ant Baltic ports and marinas.

The loan is secured by first-rank mortgage on backhoe dredger vessel “Zenne” and cutter suction dredger “NC1” (currently located in Latvia)("NC1" will be settled as second-rank mortgage before money payout, which will be changed into first-ranked mortgage after the payout) in total amount of EUR 1,417,500. For a period setting the mortgage on "Zenne" the Sponsor has agreed to provide investors with a personal assurance in amount of 300,000 euros in addition to mortgage on "NC1". The personal assurance will be terminated after the mortgage on "Zenne" is set. Sponsor has already made 30% prepayment for the vessel “Zenne”.

The interest rate for the loan is 15% per annum and Sponsor has agreed to monthly interest payments. Loan principal is returned semi-annually.

The source for interest payments and principal return planned to be cash flow which is generated by exploiting “Zenne”.

Expected rate of return (IRR) for this investment is 16% on an annual basis.

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