Pumpuru iela, Jurmala (II)
Mortgage backed 12 month loan
- Start of investment period13.07.2021
- Start time20.05.2021 10:00
- Asset classResidential
- Investment typeDevelopment
- Investment end date02.06.2022
- Remaining term8 months
- Expected rate of return13% p.a.
- Expected cash yield%
- No of investors783
- Goal€328 500
Our next investment opportunity is a secured development loan for a real estate development project, located at Pumpuru iela 3A, Jūrmala, Latvia.
The Sponsor of this opportunity aims to raise EUR 507,000 in total, arranged in two tranches. The goal of this second tranche is EUR 328 500.
The purpose of this loan is to finance the acquisition of the above-mentioned development property and to fund the first stage of the development (redesign of an existing project, construction permit).
The land plot is free of buildings. According to local zoning, it is allowed to build an apartment house up to 21 apartments on the property.
The fixed interest rate for this funding round is 13% per annum.
There are no periodical payments. The loan will be returned and accrued interest will be paid from sales of the property or from refinancing.
The loan period is 12 months.
The loan will be secured by 2nd. rank mortgage on the Pumpuru iela 3A property. The value of this 4,594 m2 land plot according to the valuation document is EUR 811,000.
Total LTV (loan to value ratio) is 62,5%.