GerviĊ³ str 11, Vilnius

 Development loan
Vilnius, Lithuania
Status
Done
101 000 € (100%)
101 000 €
Term: 15 months
Interest payment schedule: At Project Completion
10.5%
Annual yield
53%
LTV
First
Mortgage rank
No
EVOEstate skin in the game

EvoEstate:

This is not skin in the game:

  • The LTV value is lowered in our opinion. 
  • Project does not have a building permit.
  • There is no business plan.

The location of project is good and we might invest in follow up rounds (even with lower interest rate) when there is more information given for investors and the risks are smaller.

Nordstreet description:

Introduction

Nordstreet guarantees safe investment:

(I) the project LTV (loan to value) ratio will not exceed the LTV ratio provided in the project description if the project is funded in stages;

(II) 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

  •  Funding is collected for the purchase of land, preparation of project documents and preliminary earthworks.

Loan protection

  •  Land plot with residential building and yard structures, located at Gervių g. 11, Žvėrynas eldership, pledge on primary mortgage.

Project return on investment and interest payment

  • Investing from 100 €
  • Annual return on investment of the project starts from 10.5% (Interest payment details are described in Detailed information  section)
  • Interest on the loan is calculated from the actual closing date of the auction and is paid monthly. The amount invested is repaid by the project developer repaying the loan.
  • Loan term: 15 months

Detailed Information

The object of the loan is a newly designed and designed two-storey residential building at Gervių str. 11, Žvėrynas eldership, Vilnius, which is in need of financing for the purchase of land, project preparation and initial earthworks.

The existing 4,2 acre plot is a two-storey residential building with a penthouse and parking spaces, with 2 newly designed modern apartments. The apartments are designed to meet the needs of the majority and are in demand in the market and in the demand for Žvėrynas housing. The location of the project is very attractive, the planned residential flats are a little further from the main street, so the environment is quiet and cozy.

Loan Terms

  • Loan amount: € 101,000
  • Loan term: 15 months
  • Minimum loan term: 4 months
  • Value of property, which will be pledged: € 190,000
  • LTV (Loan-to-value ratio): 53%
  • Project risk: C (higher risk)
  • Loan Protection: first order Mortgages

Interest

  • Investing from 100 € 10,5% interest
  • Investing from € 2,500 - 11% interest
  • Investing from € 5,000 - 11.5% interest 
  • Investing from € 10,000 - 12% interest

Loan security Information

Land plot for single and double dwelling use (purpose can be changed to multi-dwelling construction). Land area 0.0420 hectares. Residential building with a total area of ​​49.49 m2;

  • Address of the mortgaged property: Gervių str 11, Žvėryno eldership, Vilnius, Lithuania
  • Valuable property: land, building - residential house
  • Collateral value: € 190,000
  • Documentation: Property Valuation
  • Date of report: 19 September. 2019
  • Assessor: UAB Nill Nill
  • Mortgage: A first line mortgage

Project Developers

Project developer - UAB Gervių projektai, whose administration specializes in investment project preparation, management, object search, development and sales. Shareholders and executives of the company have developed successful real estate projects both in Vilnius city and abroad. Below is a list of projects that have been developed or developed by the administration and owners of this project:

  • A public land plot was developed and transformed into a residential block of flats in Naujininkai, Brothers Street.
  • Gedimino Ave., Naujamiestis, investment project preparation, management and sale.
  • Other real estate projects, their supervision and administration in the districts of New Town, Pilaitė and Naujoji Vilnia.

Finance

About Loan

The funding requires € 101,000 to be used for the purchase of the site, preparation of project documentation and preliminary earthworks.

Loan collateral

First-line mortgages on existing real estate - Mortgage.

The value of the property is € 190,000. The full property valuation is uploaded in the Documents section.

The loan is repaid by the end of the project term through the sale of residential flats, income from the company or refinancing the loan.

Investment risk: C

LTV: 53%

Mortgaged property

The value of the pledged property is € 190,000. Land plot with residential house and yard structures are valued

Interest

  • Investing from 100 € 10,5% interest
  • Investing from € 2,500 - 11% interest
  • Investing from € 5,000 - 11.5% interest 
  • Investing from € 10,000 - 12% interest

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

Loan Period

Loan term: 15 months (with option to repay earlier, but not earlier than 4 months).

If the Borrower repays the Loan Amount or a portion thereof less than 4 months after the due date of 15 months, the Borrower undertakes to pay interest to the Lender for a period of 4 months. After a period of 4 months, the Borrower may repay the loan at no additional charge.

Company loan repayment period

Expected start of the project: 29 -09 - 2019

Expected Project Completion: 29-09-2020 - 29-12-2010

 

Status
Done
101 000 € (100%)
101 000 €
Term: 15 months
Interest payment schedule: At Project Completion
10.5%
Annual yield
53%
LTV
First
Mortgage rank
No
EVOEstate skin in the game