• Deadline
  • Start of investment period
  • Start time
    13.02.2019 14:00
  • Asset class
    Working capital
  • Investment type
  • Investment end date
  • Remaining term
    Overdue 90+ days
  • Expected rate of return
    16% p.a.
  • Expected cash yield
  • No of investors
  • Goal
    €1 186 683

Executive summary

This project is an opportunity to invest in secured loan to Nord Company OÜ, the Sponsor of this project. The Sponsor seeks for funding in the amount of EUR 1,050,000 for 18 months. The minimum fundraising target is EUR 600,000.The purpose of the loan is to finance the purchase of a backhoe dredger vessel “Zenne”, currently located in Belgium. The vessel will be relocated to Estonia and will be used for dredging jobs in Estonian ant Baltic ports and marinas.

The loan is secured by first-rank mortgage on backhoe dredger vessel “Zenne” and cutter suction dredger “NC1” (currently located in Latvia)("NC1" will be settled as second-rank mortgage before money payout, which will be changed into first-ranked mortgage after the payout) in total amount of EUR 1,417,500. For a period setting the mortgage on "Zenne" the Sponsor has agreed to provide investors with a personal assurance in amount of 300,000 euros in addition to mortgage on "NC1". The personal assurance will be terminated after the mortgage on "Zenne" is set. Sponsor has already made 30% prepayment for the vessel “Zenne”.

The interest rate for the loan is 15% per annum and Sponsor has agreed to monthly interest payments. Loan principal is returned semi-annually.

The source for interest payments and principal return planned to be cash flow which is generated by exploiting “Zenne”.

Expected rate of return (IRR) for this investment is 16% on an annual basis.


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