Veeru tee 2, 4 ja 6, Nõo vald, Tartu maakond
Construction of 3 private houses near Tartu, Estonia
- Start of investment period16.06.2022
- Start time13.06.2022 11:15
- Asset classResidential
- Investment typeDevelopment
- Investment end date03.03.2023
- Remaining termOverdue 1-90 days
- Expected rate of return10.7% p.a.
- Expected cash yield%
- No of investors224
- Goal€100 000
Veeru St. 2, 4 and 6 development of three single-family houses is our new project. Investors are offered an opportunity to finance the construction of three houses in the total amount of 300,000 euros. The amount to be raised in the current first round is 100,000 euros. The amounts of the following rounds will be paid in installments according to the progress of the construction works. Construction is underway: the foundations of all three houses with communications have been completed and erection of outer walls has begun. The construction deadline is October 2022.
Properties are located near Elva small town, approx. 20 km (15 minutes drive) from Tartu city center. Tartu is the second largest city of Estonia. It is a new residential area consisting of approx. 40 plots. First new houses have already been completed and sold. Shops, kindergarten and school are within a radius of 1 to 4 km. The nearest bus stop is 600 - 700 meters away.
All three houses have been pre-sold and the Sponsor has signed notarised contracts under the law of obligations.
The size of each house is 156.8 m2 and they have an identical layout. Sales prices are 225,000 - 230,000 euros.
Investors' loans are secured by a first-rank joint mortgage on Veeru St. 2, 4 and 6 properties. Total market value of properties is 193,000 euros. Maximum LTV of the project is 61%.
Interest rate is 10.5% p.a. Interest is payable as a lump sum at the end of the period or on the sale of apartments. Investment period is up to 6 months.