Heinapõllu 7,9, Kulli küla, Raasiku vald (II)

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 was EUR 52,500 and for the second round is EUR 77,500. Construction is in progress. The construction deadline is Winter 2021-2022. 

All four apartments have been pre-sold (3 notarised contracts under the law of obligations has been signed and one booking agreement). 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 8 months.

Apartment sizes are 100,8 m² (4 apartments). The average apartment price has been increased to EUR 185,000. 

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 semi-detached houses under construction at Heinapõllu str. 7 and 9 is EUR 423,000 (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 31%.