Lvovo str. 11, Šnipiškės, Vilnius, Lithuania

 Development loan
Vilnius, Lithuania
Status
Done
215 900 € (95.96%)
225 000 €
Term: 12 months
Interest payment schedule: Monthly
10.5%
Annual yield
69%
LTV
First
Mortgage rank
Yes
EVOEstate skin in the game

EvoEstate Description:

We are investing our personal capital into this deal, because:

1. This project has already pre-sold 2 apartments, the deposits by the buyers have already been placed. The funds will be used to refinance the previous loan and use money to further development. 

2. The current completion of the development is close to 60% and has the total area of the premises equal to 297.01 m2. Therefore in case of liquidation, the price of square meter would be 757 EUR/M, which considering the location of the property would make it liquid.

Nordstreet Description:

This is a project which continue its further development stage. Earlier in Nordstreet platform Lvovo st. 11, Šnipiškės, Vilnius project has received funding of 174 380 Eur.

Nordstreet guarantees safe investment:

the project LTV (loan value) relative will not exceed the project description the estimated LTV ratio, if the project will be funded phase;

failing to collect the necessary funding before the start of the new project, all the investment investment returned by the buses back to the people. Applying for a lower loan amount by the borrower can ensure a proper reduction of the funds collected for completion.

Purpose of financing

  • For complete redemption of premises and final installation with partial finish.

Loan protection

  • Pledge of mortgage

Project return on investment and interest payment

  • Investing from 100 €
  • Annual investment return on the project from 10.5% (investment details are described in more detail)
  • Interest on the loan is calculated from all scheduled auction closing dates and is payable monthly.

Object of the loan

The object of the loan is the acquisition of developing premises with 4 residential flats under development, which require financing - for the complete redemption of the premises and the final installation with partial finishing. The company needs financing to complete the final settlement of these assets and to complete the installation of the apartments.

To meet the financing need, the Developer pledges the property to be purchased located at Lvovo str. 11, Šnipiškės, Vilnius. The mortgaged property consists of premises, which are formed into 4 separate, unique residential apartments:

Flat / Room - Flat, u.n. 4400-5336-0004: 9436, total area 66.92 sq.m, floor - 4, target use - Residential (flats), designation is 32, year of construction 1940, year of reconstruction 2009 - 2019, completeness is 56 percent, condition - unfinished reconstruction, construction / reconstruction works in progress.

Flat / Room - Flat, u.n. 4400-5336-3636: 9437, total area 80.45 sq. M, floor 4, target use - Residential (flats), designation is 33, year of construction 1940, year of reconstruction 2009 - 2019, completeness is 56 percent, condition - unfinished reconstruction, construction / reconstruction works in progress.

Flat / Room - Flat, u.n. 4400-5336-3650: 9438, total area 82.7 sq. M, floor - 4, intended use - Residential (flats), designation is 34, year of construction 1940, year of reconstruction 2009 - 2019, completeness is 56 percent, condition - unfinished reconstruction, construction / reconstruction works in progress.

Flat / Room - Flat, u.n. 4400-5336-3661: 9439, total area 66.94 sq.m, floor 4, target use - Residential (flats), designation is 35, year of construction 1940, year of reconstruction 2009 -2019, completeness is 56 percent, condition - unfinished reconstruction, construction / reconstruction works in progress.

The total area of ​​the premises is 297.01 m2

IMPORTANT! Already 2 apartments have been sold and purchase-sale agreements have been signed and advances have been received.

Loan Terms

  • Loan amount: € 225,000
  • Loan term: 12 months
  • Minimum loan term: 3 months
  • Value of the mortgaged property: € 323,300
  • LTV (Loan-to-value ratio): 69%
  • Project risk: B (medium)
  • Loan Protection: First Line Mortgage

Security Information

The mortgaged property will be purchased on premises with an asset value of -323,300 € according to the report.

  • Address of the mortgaged property: Lvovo str. 11, Šnipiškės, Vilnius
  • Property type: Unfurnished project - Split into 4 flats / flats - Flats
  • Value of the mortgaged property: € 323,300
  • Documentation: Property Valuation Report. 
  • Date of report: 23 October. 2019
  • Assessor: UAB Nill Nill
  • Mortgage: A first line mortgage
Project originated by:
Status
Done
215 900 € (95.96%)
225 000 €
Term: 12 months
Interest payment schedule: Monthly
10.5%
Annual yield
69%
LTV
First
Mortgage rank
Yes
EVOEstate skin in the game