Drumul Ciorogarla 199-201-203 (II), Bucharest

The goal for this opportunity is to finance the construction of a 90 apartment building, situated at 199-201-203, Drumul Ciorogarla street, Bucharest, district 6, Romania. This will be Phase 1 of a larger 360 apartment development on a land of 10,000 sqm. 

Crowdestate investors will have the opportunity to invest in a mortgaged secured senior construction loan in a total amount of EUR 2,600,000, arranged in 7 tranches, based on the progression of works. This is the 2nd tranche of the investment opportunity in the amount of EUR 220,000. The first tranche was EUR 262,300.

The source of reimbursement will be the sale of the units when finalized. 

At this moment, 17 apartments of the 1st phase are reserved (21%) for a cumulated price of ~EUR 1.16 million and ~EUR 43,000 were paid in advance.

The investment tenor for this tranche is up to 16 months. The interest rate is 13.5% p.a. and it will be paid in monthly installments. The loan will be secured with a 2nd rank mortgage on the land and future buildings. The land has been evaluated for EUR 980,000. After this funding round, the land value-based LTV for this project is 49%.