Basanavičiaus g. 148B, Kėdainiai, Kauno m. apskritis

 Development loan
Kėdainiai,
Lithuania
13%
Annual yield
68%
LTV
Term: 12 months
Interest payment schedule:
Monthly

Descripton

Project status update November 10th:
Nordstreet informed us, that project is on track and it should be repaid in November with all accrued intrest, penalty and principal. The project will be up for refinancing for future development.

EvoEstate comment:

This is the third financing for the same project.

The first one partial principal of 94k out of 350k was returned. The second one, which was published on EvoEstate before, was repaid to our ivestors.

This is secondary mortgage. The primary mortgage is owned by same originator - NordStreet. 14 apartments with area of 716.44 are pledged as collateral - for both loans it comes to 483€ per square meter pledged, which is competitive price even to old construction properties. There is absolutely no competition for new construction in Kedainiai, however Kedainiai real estate market isn’t as active as the main Lithuanian cities.

The sale price of properties is high (at about 1200€/m2), but on the other hand this could be postive, because it leaves a significant margin of safety for the investors. 2 apartments (out of 14 pledged) were sold and 2 have preliminary contracts.

NordStreet description:

The object of the loan is a newly built apartment building  located at Basanavičiaus g. 148B, Kėdainiai, Kaunas county additional funding - to complete the final building installation, with a secondary mortgage on the property.

The loan has an additional amount of EUR 90,000 (ninety thousand euros).

Loan term: 12 months.

Loan annual return on investment: 13%

Project annual return on investment: 13%

Loan-to-value mortgage ratio of 68%. (Primary Mortgage Holder Nordstreet)

A mortgage with a secondary mortgage would be pledged with real estate - 14 pieces of residential apartments on 4 floors, 1650 m2 in a residential building (floor layout in photo No.10) located at Basanavičiaus g. 148B in Kėdainiai, Kaunas County.

According to the real estate agency's assessment, the market value of the pledged assets is EUR 504,000. (for more information, see the attached document, the value of the embedded tour units from 1 to 14)

The risk of the loan project is high.

The interest on the loan is calculated from the date of the financing of the fully collected project and paid monthly.

The loan is repaid by selling the dwellings before the end of the project, or by refinancing the company.

SPONSORS

Project developer - Private Limited Liability Company "Kohena" is engaged in real estate development, management, construction contract management and specializing in the renovation of plots and / or non-residential buildings. The company has developed and participated in a number of major real estate projects, the last of which is the renowned A-class modern Neris ardai residential type project.

Private Limited Company Kohena has already successfully returned two loans on the Nordstreet platform!

For more information on the project and its progress, please visit: http://basanaviciaus148.lt/,

Also in the media: (I)  http://www.rinkosaikste.lt/naujienos/verslo-pulsas/naujasis-kdaini-daugiabutis-iskirtinis-projektas-patogiam-gyvenimui (II) http://www.kedainietis.lt/újienos / News / Investors-Kedainiai-stats-two-modern-multiabucius-17557 /
 

Project originated by:
13%
Annual yield
68%
LTV
Term: 12 months
Interest payment schedule:
Monthly