Rae põik 10, Rae vald, Harjumaa (VIII)
Terrace House near Tallinn
- Start of investment period05.07.2022
- Start time05.07.2022 12:35
- Asset classResidential
- Investment typeDevelopment
- Investment end date05.08.2022
- Remaining termOverdue 1-90 days
- Expected rate of return10% p.a.
- Expected cash yield%
- No of investors61
- Goal€58 000
The purpose of the current investment opportunity is to continue with the funding of Rae põik 10 terraced house construction. In this stage is planned to build the next terraced house with 9 apartments at Rae põik 10, Rae municipality, Harju country, Estonia. While the project is located just outside the Tallinn (capital of Estonia) city limits, it is 10 km away from Tallinn city centre.
The Sponsor, Väike-Rae Arenduse OÜ, intends to raise with several investment rounds up to 803,000 euros, which will be used to finance the construction of Rae põik 10. The amount of the current eighth investment round is 58,000 euros. The loan will be repaid from the apartment sales revenue.
The construction is in progress (about 97% is completed). The construction deadline is July 2022.
All 9 apartments have been sold with notarised pre-sale agreements. The transfer of apartments' ownership and signing of real right contracts will start in July 2022.
Loan term is scheduled up to 2 months.
Fixed interest rate is 10% p.a. There is no periodic interest payments. Accrued interest is payable at the signing of apartments' sales contracts or at the end of the loan period latest.
The loan is secured by a 1st mortgage on Rae põik 10 property.
The value of the collateral is currently 1,024,000 euros (incl. unbuilt land plot + actual construction works). LTV of the project is currently 76% and at the end of the project 77%.
The Sponsor has completed the terraced house of neighboring Rae põik 6 and 8 plots and repaid Crowdestate investors' loans on time.