Update from the originator:
This project was supposed to repay its full principal and interest on 18/09/2020.
The formalities are currently being processed related to the re-registration of the mortgage and other obligations of the borrower.
It is planned to repay the loan in full soon after all the paperwork for the refinancing loan is completed and the funds are transferred to the borrower.
This is not skin in the game project due to the following reasons: the property is located in the countryside which makes it difficult to liquidate. Furthermore, the LTV ratio is too high for the region and the returns.
Similiar project that had higher returns and LTV of 19%:
Nordstreet guarantees safe investment:
Purpose of financing:
Project return on investment and interest payment
Object of the loan
The object of the loan is real estate used for the operation of the company, which needs financing - to finance the purchase of the building located on the pledged land, buildings renovation and the internal workflow. In order to meet the financing needs, the Developer pledges the existing real estate located at Vilties str. 20, Nemeikiai village, Utena county.
Interest - annual return on investument
Loan protection Information
Loan pledged property - land owned and buildings owned by it and other buildings located at Vilties str 20, Nemeikščiai village, Utenos county, Lithuania whose property value is 199 000 € according to the certificate.
The project is owned by UAB "Norbalta", whose owners and shareholders administer the company's real estate. The company's current activities include overseeing, leasing, operating and administering real estate.
Financing requires € 121,000 amount to be used for the purchase and renovation of the building.
First-line mortgage on existing real estate - Mortgage.
The value of the property is EUR 199,000 (based on the appraisal below). A full valuation of the property is under preparation.
Additional protection: personal surety of the supervisor.
Investment risk: A (low)
The value of the pledged property is € 199,000:
1) 0,5632 sq.m land / other / industrial warehousing sites with area
2) 150.83 sq.m building - warehouse with area
3) other engineering structures - yard structures
Interest on the loan is calculated from the end date of the auction and is paid monthly.
Loan term: 12 months (with option to repay earlier, but not earlier than 3 months).
If the Borrower repays the Loan Amount or part thereof less than 3 months after the due date of 12 months, the Borrower undertakes to pay interest to the Lender for a period of 3 months. After a period of 3 months, the Borrower may repay the loan at no additional charge.
Loan repayment period
Expected loan start date: 2019 09 18
Expected loan repayment date: 2020 06 18 - 2020 09 18
|18.11.2019||Paid||No||30 October 2019, 09:01|
|18.12.2019||Paid||No||29 November 2019, 19:04|
|18.01.2020||Paid||No||20 December 2019, 17:09|
|18.03.2020||Paid||No||24 January 2020, 10:50|
|18.03.2020||Paid||No||10 March 2020, 19:09|
|18.04.2020||Paid||No||19 May 2020, 01:17|
|18.05.2020||Paid||No||20 May 2020, 19:46|
|18.06.2020||Paid||No||16 June 2020, 20:07|
|18.07.2020||Paid||No||27 August 2020, 18:11|
|18.08.2020||Paid||No||07 September 2020, 22:19|
|18.09.2020||Paid||No||18 November 2020, 12:44|