Paevälja tee 6, 8, 10, Lubja küla, Viimsi (IX)
Mortgage secured row house development project
- Start of investment period25.08.2020
- Start time21.08.2020 10:00
- Asset classResidential
- Investment typeDevelopment
- Investment end date31.08.2021
- Remaining term10 months
- Expected rate of return11% p.a.
- Expected cash yield%
- No of investors509
- Goal€230 000
The purpose of current investment opportunity is to finance construction of terraced house project with 12 apartments in 3 separate buildings at Paevälja Road 6, Paevälja Road 8 and Paevälja Road 10, Viimsi, Estonia.
The amount of this funding round is EUR 230,000. Crowdestate’ investors have previously invested in this project in the amount of EUR 1,558,400.
The source of loan repayment is sales of completed apartments.
As we publish this project, the construction, according to the valuation document is 85% completed and 8 apartments are sold. To return the loan principal and pay out interest, Sponsor has to sell 9 apartments.
The investment earns a fixed interest rate at 11% p.a. and the loan term is scheduled up to 12 months.
The loan is secured by a 1st rank mortgage on 11 apartments of Paevälja Road 6, Paevälja Road 8 and Paevälja Road 10 properties. One of the apartments is mortgaged to local municipality to secure investments in infrastructure related to Paevälja Road development.
The value of the collateral is EUR 2,47 million. Accordingly, the ratio of total amount of liabilities and collateral value (LTV) is 80%.