Panevezio str. 23, Vilnius (II stage)

 Development loan
Vilnius, Lithuania
Status
Done
69 500 € (100%)
69 500 €
Term: 6 months
Interest payment schedule: Part monthly and another part at the completion
11%
Annual yield
58%
LTV
First
Mortgage rank
No
EVOEstate skin in the game

EvoEstate comment:

This is a low class neighborhood.

Valuation of the plot+foundation+license in our opinion is now worth the total lending amount (195k) in both stages.

Nordstreet description:

Introduction

Nordstreet guarantees safe investment:

  • The loan-to-value (LTV) ratio of the project will not exceed the LTV ratio provided in the project description if the project is funded in stages;
  • If the required financing amount is not collected before the start of the project, all investments will be returned to the investees. If borrower request for a smaller amount of the loan grant - funding can be considered successful completion of entering a lower amount.

Purpose of financing:

  • The financing the construction of a new building. 

Loan protection:

  • Pledge of land with a construction permit and not finished building on primary mortgage

Project return on investment and interest payment

  • Investing from 100 €
  • Annual investment return on the project 11% (investment details are described in section Detailed information)
  • Interest of the loan is calculated from the end date of the auction and is paid monthly.  The amount invested is repaid when the project developer repays the loan.
  • Loan term: 6 months.

 

Detailed Information

Nordstreet guarantees a safe investment - the ratio of the LTV (loan to value) project will not exceed the LTV ratio provided for in the project description, and for this purpose the project will be funded in 2 stages:

During Stage 1, the funding already successfully collected is € 125,000; (Fund raised during Phase 1, when the value of the pledged assets was EUR 217,000, LTV ratio 58%)

During stage 2, the amount of the loan financed will be 69 500 Eur (the value of the mortgaged property has increased and is EUR 335,400, LTV ratio remains 58%)

The total funding for stage 1 and stage 2 is € 194,500. The value of the pledged property is € 335,400.

The object of the loan

The object of the loan is residential premises - a residential apartment located in the Naujamiestis, which will be a mean of securing the necessary financing for the completion and sale of land development project.

The object of the loan is a newly planned and designed multi-apartment residential building with a construction permit (photos No.1, 2, 3, 4), at Panevėžio str. 23, Naujininkai eldership, Vilnius, which needs funding to finance the construction of a new building.

The existing 10-acre plot has a newly built multi-storey 4-storey building (with additional basement space) with 24 ground parking spaces, with 20 new and modern class A residential apartments. Residential flats are designed to suit most needs and are in demand on the market and in the area. The location of the project is in a developing city area, the building is located a little further from the main street, so the environment is quiet and cozy.

GENERAL PROJECT INFORMATION

- Land plot - the purpose of multi-apartment residential buildings and dormitories;

- Land plot area 0.1010 hectare;

- Total future residential building, residential area - 1030.50 sq.m, number of apartments - 20, number of storeys - 4;

- Heating - autonomous heating and centralized systems;

 Loan Terms

  • Loan amount: € 69,500
  • Loan term: 6 months
  • Minimum loan term: 3 months
  • Value of the pledged property: € 335,400 (during the first phase the value of the property was € 217,000)
  • LTV (Loan-to-value ratio): 58%
  • Project risk: B (medium)
  • Loan Protection: first order mortgage

Interest:

  • Investing from 100 € - interest is 11%
  • Investing from € 20,000 - interest is 12%

Loan protection

The value of existing real estate (multifamily residential buildings and dormitories) and unfinished construction is € 335,400.

Building - apartment building, etc. 4400-5139-5578, building permit issued, design volume 2,900 cubic meters, target use - Residential (three or more flats - apartment buildings), completeness according to the cadastral file is 9proc. (foundations), designation in plan 6A4 / b, condition unfinished.

  • Address of the mortgaged property: Panevėžio g. 23, Naujininkai, Vilnius
  • Valuable property: land, building - apartment building
  • Property type: Land with an unfinished apartment building
  • Value of property: € 335,400
  • Documentation: Property Valuation
  • Date of report: 12th of September. 2019
  • Assessor: UAB Nill Nill
  • Mortgage: A first line mortgage

Project Developers

Project developer - Private Limited Company "Pranašumas", whose shareholders and management are engaged in real estate investments, their development, management and administration, as well as specializing in the construction of residential buildings and renovation of buildings. The company has developed and participated in a number of major real estate projects.

The company belongs to NORHOUSE group of companies, which has developed and participated in several major real estate projects. Currently, NORHOUSE Group is mainly engaged in real estate development, land purchase, cottage construction, implementation of innovative construction technologies and energy solutions.

2017-2018 8 semi-detached cottages were built in NORHOUSE group of companies: 4pcs. In Druskininkai (Žolyni str. 8) and 4pcs. (Juodupio st. 2H) in Vilnius. The cottages are built using innovative building technologies.

Finance

About the loan

The funding will require € 69,500 to be used for further construction work on the building.

Loan collateral

First-line mortgages on existing real estate - Mortgage.

The value of the property is € 335,400. The full property valuation is uploaded in the Documents section.

The loan will be repaid from the company's current and realized profits.

Investment risk: B (medium)

LTV: 58%

Mortgaged property

The value of the mortgaged property is € 335,400. Land plot with an unfinished apartment building is evaluated.

Interest:

  • Investing from 100 € - interest 11%
  • Investing from € 20,000 - 12% interest

Interest on the loan is calculated from the end date of the auction and is paid monthly.

Loan Period

Loan term: 6 months (with option to repay earlier, but not earlier than 3 months).

If the Borrower repays the Loan Amount or a portion thereof less than 3 months after the due date of 6 months, the Borrower shall 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.

 

Company loan repayment period

Start of the project (I stage): 2019 04 10

Project preparation and process progress: 2019 04 01 - 2019 12 01 (8 months)

Start of project sales: 2019 08 01 

Expected end of the project:  2019 12 01 - 2020 02 01

 

Project originated by:
Status
Done
69 500 € (100%)
69 500 €
Term: 6 months
Interest payment schedule: Part monthly and another part at the completion
11%
Annual yield
58%
LTV
First
Mortgage rank
No
EVOEstate skin in the game