Rae põik 8, Rae parish, Harju country (V)

The purpose of the current investment opportunity is to continue financing the construction costst of the next phase of Rae põik terraced houses project. In this stage is planned to build the next terraced house with 9 apartments at Rae põik 8, 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 EUR 30,000 from Crowdestate investors, which will be used for financing the construction costs at Rae põik 8. The source of loan repayment is sale of completed apartments or refinancing through bank loan. 

The construction of the Rae põik 8 terraced house is in progress and 67% completed. The deadline for the completion of the project is the end of year 2021.

Loan term is scheduled up to 3 months. 

The investment earns a fixed interest rate at 8,5% p.a. There is no periodic interest payments.

The loan is secured by a first rank mortgage on 3 residential land plots of Rae põik 6, Rae põik 8 and Rae põik 10 with valid construction permit of identical row houses. The construction of terraced house at Rae põik 6 is 100% completed and all apartments are sold with pre-sale agreements. The construction of terraced house at Rae põik 8 is 71% completed and also all apartments are sold with pre-sale agreements. The construction of terraced house at Rae põik 10 is 58% completed.

According to evaluation reports, construction supervision acts and income from four sold apartments current value of the collateral is EUR 2,110,957. According to that, the ratio of total amount of liabilities and collateral value (LTV) is 61,7%.