Väänamõisa one-family houses
One-family houses development project in Harku parish
- Start of investment period04.11.2021
- Start time20.10.2021 11:35
- Asset classResidential
- Investment typeDevelopment
- Investment end date30.06.2022
- Remaining term7 months
- Expected rate of return9% p.a.
- Expected cash yield%
- No of investors354
- Goal€160 000
The Sponsor is building one-family houses at Hirve str. 3, 8 and Marali str 9, Vääna municipality, Harku parish, Harju country. The project is located 30 min away by car from the Tallinn city centre.
Sponsor asks for financing the project construction costs in total amount of EUR 266,000 and refinancing of existing liabilities in amount of EUR 60,000. The project financing is organized in several funding rounds. The amount of the first round is EUR 160,000.
Loan will be used to finance the construction of Hirve str 3, 8 and Marali str. 9 one family houses and refinancing of existing liabilities in amount of EUR 60,000. The loan is secured by a first-rank mortgage on Hirve str. 3, 8 and Marali str. 9, Vääna municipality, Harku parish immovables with a net market value of EUR 266,666. The current LTV of the project is 60%. The maximum planned LTV during the project is 70%.
All three houses at Hirve str 3, 8 and Marali str. 9 have been pre-sold with notarised agreements. All houses are architecturally identical and have a living area of 99 m2.
Construction is in progress: Hirve str. 3 one-family house is 26% completed, Hirve str. 8 one-family house is 54% completed and Marali str.9 one-family house is 26% completed.
Loan period is 8 months and interest rate is 9% on an annual basis. Interest is paid as a lump sum at the end of the loan period or when the apartments are sold.
The sales price of all three houses is EUR 689,000.