Land

Land

Originator: estateguru

Veskimöldre II development – 1.stage refinancing loan

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Product Description

  • The capital raised will be used to refinance the current outstanding EstateGuru loan and to prepare the development project. 
  • The borrower will reduce the principal amount of the refinanced loan for €30 000 and repay fully the accumulated interest.
  • The loan is secured by six undeveloped land plots (residential land) in Laagri borough. Plots and infrastructure in the region have been developed, and all construction work is completed.
  • The active sales campaign started at Veskimölder in the spring of 2017, and today the construction of the first houses has begun. The planned infrastructure, i.e. illuminated asphalt pavements, will be completed in the autumn of 2017. The first detached houses will be completed in the first half of 2018.
  • The loan will be returned from the revenues received from the sale of the plots or by refinancing the loan in 12 months term.
  • EstateGuru security agent will have the 1.st rank mortgage on behalf of the lenders.
  • Considering the remaining "Veskimöldre II development – 2.stage" loan amount, the LTV (Loan-to-Value) ratio will be 56%

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Funded: 350 000 €
Funded percent: 100.0%

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