Exited
  • Deadline
    14.05.2021
  • Start of investment period
    13.05.2021
  • Start time
    05.05.2021 11:00
  • Asset class
    Residential
  • Investment type
    Development
  • Investment end date
    23.11.2021
  • Remaining term
    Overdue 1-90 days
  • Expected rate of return
    10% p.a.
  • Expected cash yield
    %
  • No of investors
    174
  • Goal
    €52 500

Executive summary

The purpose of this current investment opportunity is to finance a semi-detached house project at Heinapõllu str. 7 and 9, Kulli municipality, Raasiku parish, Harju country, Estonia. The project is located 25 min away by car from the Tallinn city centre and close to Jüri town with developed infrastructure. 

Investors will be offered an opportunity to finance the construction of two semi-detached houses with four apartments in total amount of EUR 130,000 with two investment rounds. The amount of the first round is EUR 52,500. Construction is in progress - the foundation of one house is ready and construction of walls has begun. The construction deadline is Winter 2021-2022. 

Three apartments have been pre-sold (notarised contracts under the law of obligations has been signed). For successful exit need to be sold only one apartment.

The fixed interest rate is 10% p.a. There are no periodical interest payments. The investment period is up to 12 months with 6 months extension opportunity with an interest rate of 12% p.a. for the extension period. 

Apartment sizes are 100,8 m2 (4 apartments). The average apartment price is EUR 183,250. 

The loan is secured by a first-rank mortgage on residential land plots at Heinapõllu str. 7 and 9, Kulli municipality, Raasiku parish, Harju county.

According to the evaluation reports, the current value of two residential land plots at Heinapõllu str. 7 and 9 is EUR 87,500 (w/o VAT). Evaluation reports has been done before the construction begun. According to that, the ratio of the current liabilities and collateral value (LTV) is 60%. Max. LTV during the project will be 60%.

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