795 000.00 €
Type: Development loan
Mortgage rank: First
Interest payment schedule: Monthly
Min. amount of investment - € 100
Update 10.01.2020 4:47PM (CET): After Nordstreet's mistakes with the loan dates in the description, the loan term which is now fully confirmed is 21months.
Update 10.01.2020 4:30PM (CET): We have received concerns about this listing and wanted to clarify the information and its relevancy. This listing was published back in October, 2019 and Nordstreet has informed that the purpose of this listing was to acquire a large investor for this project. The first thing that can look worrisome is that they are selling this property for 1M EUR, while in the valuation by reputable valuation company Ober-Haus is 1.5M EUR.
If borrower was in the need for capital quick, lowering the price is a logical step and we have explained in our description that liquidating these horse stables could be complicated and the price drop would be natural. However, the mortgaged assets contribute to additional 1.2M which are more liquid.
If we take a scenario where we value the Horse Staples (the listing property) for 1M EUR, this would only increase the LTV by 7%, which would raise the total LTV to 36%, which is still very low even for a less liquid property.
In case LTV would be 36% the risk scoring would remain A level- 50%< LTV in this project is still A level risk.
All things considered, for this investment Nordstreet will be establishing an SPV, where they will mortgage all the assets at the notary. In a such structure, the borrower will not be able to move the asset outside of it, without Nordstreet knowledge, therefore even if the property would be sold, investors could expect early repayment. Lastly, Nordstreet informed that the borrower is not intending to sell the property and the listing should be taken down.
This is a development/business loan to expand the hotel (rated 8.6 on Booking.com).
The loan comes with a first rank mortgage with only 29% loan to value. (The valuation has been done in April by a reputable valuator Ober Haus). The assets include the current hotel and residential apartment in capital city Vilnius. The liquidity on apartment is high, though the liquidity of hotel (which is one hour drive from capital) could be complicated.
The object of the loan is buildings, premises (residential) and other engineering structures (17 property units in total) and land plots (12 property units in total) located in Molėtai district. sav., Dubingiai eldership, Žalktynė village, Įlankos g. 21; Bay Street 23, Bay Street 25, Bay Street 27, Bay Street. 27A and Moletai, Dubingiai eldership, Laumikonių village, and I. Šimulionio str. 5-1, I. Šimulionio str. Vilnius.
The existing 33.13 acre site has a newly built 3500m spa complex with 100 rooms for accommodation, pools and water treatment areas, wellness and body care areas, and restaurant and conference facilities. Sandy beaches, outdoor terraces with water entertainment areas will form around the spa complex under construction. There are also tennis courts, beach volleyball courts, mini football courts, as well as two squash courts nearby. The layout of the complex is formed after detailed evaluations, analysis of alternative offers available in the market, therefore it will perfectly meet the needs of even the most demanding clients and will be in demand in the market in order to entice the clients.
- Buildings, premises (residential) and other engineering structures (total of 17 property units) and land plots (total of 12 property units) located in Moletai d. sav., Dubingiai eldership, Žalktynė village, 21 Bay gulf; Bay 23, Bay 25, Bay 27, Bay Street. 27A and Moletai d. sav. ,, Dubingiai eldership, Laumikoniai village, and I. Šimulionio street 5-1, I. Šimulionio street 5;
- The total area of the land is 30.6666 hectares;
- The total area of buildings, premises (residential) and other structures is 5001.17 m2;
- Total future space of the SPA complex building - 3500 sq.m (visualizations may change during the project development)
|01.03.2020||Paid||No||05 March 2020, 16:11|
|01.04.2020||Paid||No||05 March 2020, 00:00|