All the information about withdrawals, accounts, Secondary Market and other topics can be found in this FAQ blog post. In case you still have questions, you can contact us at info@evoestate.com
Update from the originator:
The agreement was terminated due to non-performance. The borrower keeps promising to start making payments, but the originator does get them. Next week, the Notary has to issue a writ of execution for the forced sale of the mortgaged property. Upon receiving it, the originator will immediately contact the bailiff to initiate an enforcement case. The mortgaged property will be sold during the auction if the debtor does not bring a buyer before the auction is announced. The process up to the bidding process: 1. The bailiff's summons is sent, which gives a 20-day deadline to settle, 2. Requests are sent to property appraisers, offers are received, and an appraiser is selected who performs the expertise. 3. Tender notices are published 20 days after the conclusion of the valuation of the property is sent to the debtor. This entire process takes an average of 2 to 3 months if there are no disruptions due to complaints,
Criteria | From a+ to d | Project rating |
---|---|---|
Macro Location Analysis | C+ | B Originator rating A EvoEstate Risk rating is of an informative nature only & can not be considered investment advice. |
Financial Cost | D+ | |
Loan To value | A+ | |
Purpose | C+ | |
License | A+ | |
Experience Developer | C | |
Presales | D- | |
Mortgage Guarantee | A+ |
Purpose of funding
• Land plot development project and preparatory land plot works (you can get acquainted with the visualizations of the future building and project in the project photos). Land during its development period could be sold to other buyer.
Loan protection
• Pledge of the land plot with a primary mortgage
• Guarantee of the manager and shareholder.
Project investment return and interest payment
• Start of fundraising on the Nordstreet platform: 2020-11-13
• Investment from 50 €
• Annual investment return of the project from 10.5% (investment conditions are described in more detail in the Detailed information section)
• Interest on the Loan amount is calculated from the date (inclusive) on which the Loan amount is paid to the Borrower's Paysera account or to such other account (or accounts) as the Borrower notifies the Operator in writing prior to the disbursement of the Loan amount.
• Loan term: 18 months
• Interest is paid monthly.
• The project can be partially funded by Invega "Raspberry" program.
Nordstreet takes these measures to guarantee a safe investment
• The loan to value ratio of the project will not exceed the LTV ratio provided in the project description, including in cases when the project will be financed in stages.
• If the required amount of funding is not collected before the start of the project, all investments will be returned to the invested persons. Upon application by the Borrower, financing may be considered successful upon completion of a smaller amount, project financing may be divided into several stages and / or the project financing period may be extended. In these cases, Nordstreet informs the funders and publishes the information on the completion of the project with a smaller amount, the division of the project funding into several stages or the extension of the project funding period on its website together with other information about the project.
• By investing in a project, financiers acquire claim rights. Nordstreet may make it possible to transfer these claim rights to other users of the platform in the Secondary Market in accordance with the terms of use.
• The activities of UAB Nordstreet are supervised by the Bank of Lithuania and included in the Public List of Operators of Concentrated Financing Platforms administered by the Bank of Lithuania.
Object of the loan
The object of the loan is planned to develop an investment project i.e. development project for a potential tenant and preparatory works for the land plot and start of construction, which will be financed in stages.
To ensure the need for financing, the Developer pledges the real estate under development, located at Migūčionių Str. 2A, Eelektrėnai City Municipality.
- Land plot (other, industrial and storage site) 7910–0001-0147 with a total area of 13.16 hectares;
The plot is located north of the border of Elektrėnai city (the border coincides with the motorway A1), which falls into the area U.2 determined in the General Plan - it is a priority development area according to the General Plan of Elektrėnai city. The plot envisages a project of storage and administrative premises, the total area of which may reach up to 20 000 m2 according to the possibilities of the plot.
Loan terms
• Loan amount: 240 000 EUR
• Loan term: 18 months
• Minimum loan term: 6 months
• Value of the mortgaged property: 596 000 EUR
• LTV (Loan-to-value ratio): 40% (Maximum possible LTV rate 50%)
• Project risk: B (medium). You can read the project owner's evaluation rules here.
• Loan protection: mortgaging property on a primary mortgage
Interest:
• When investing from 50 € - interest 10.5%
• When investing from € 5,000 - interest 11%
• When investing from 10 000- € - interest 11.5%
• When investing from 25 000- € - interest 12%
Collateral information:
• Address of the pledged property: Migūčionių str.2A, Eelektrėnai city municipality
• Type of real estate: Land plot (other, industrial and storage area) with a total area of 13.16 hectares
• Value of the mortgaged property: 596 000 EUR
• Documentation: Asset Valuation Report
• Date of preparation of the report: 6th of November 2020
• Evaluator: UAB Vertinimo partneriai
• Mortgage: primary mortgage
Merasta Legal Entity, engaged in real estate contracting, purchasing, sales and development.
The company has an experienced manager who is well acquainted with his work and the specifics of real estate, and has been doing business in the real estate market for more than 2 years. The company's balance sheet assets amount to more than EUR 0.45 million, and the years of operation in 2019 and 2020 are profitable.
Purpose of a business loan
Full financing requires an amount of 240 000 EUR (possible 2 stage of financing, but maximum possible LTV rate will not exceed 50%), which will be allocated to a development project for a potential tenant with preparatory works for the land plot and the start of construction. Land during its development period could be sold to other investor.
Loan collateral
Mortgage of the first line of existing real estate - Mortgage. The loan will be repaid from the sale of the company's development assets, current and future profits or after refinancing the loan.
Guarantee of the manager and shareholder.
Investment risk: B (medium)
LTV: 40% (Maximum possible LTV rate 50%)
Pledged property: Land plot (other, territory of industrial and storage facilities) 7910–0001-0147, with the total area of 13.16 hectares, address Migūčionių str.2A, Eelektrėnai city municipality.
Value of mortgaged property: 596 000 EUR
Interest:
• When investing from 50 € - interest 10.5%
• When investing from € 5,000 - interest 11%
• When investing from 10 000- € - interest 11.5%
• When investing from 25 000- € - interest 12%
Loan term
18 months (with the possibility of repayment earlier, but not earlier than after a period of 6 months).
If the Borrower repays the Loan amount or part thereof earlier than 6 months after the due date of 18 months, it undertakes to pay interest to the Lender for a period of 6 months. After a period of 6 months, the Borrower may repay the loan (together with the applicable interest) without any additional fees.
Company loan repayment period
Estimated start date of the loan: 2020 11 20
Expected repayment date of the loan: 2021 10 01 - 2022 02 01
SWOT analysis of the project beneficiary:
Stenghts - First lien on existing real estate - Mortgage.
-Surveillance of the manager and the shareholder
Weaknesses - Projects are evolving.
Opportunities - The borrower's expected average annual interest rate payable is 10.5 - 12%.
Threats - Uncertain economic situation.
Date | Status | Late | Assignment date |
---|---|---|---|
01.12.2020 | Paid | No | 18 December 2020, 14:53 |
01.01.2021 | Paid | No | 12 January 2021, 14:50 |
01.02.2021 | Paid | No | 25 January 2021, 20:50 |
01.03.2021 | Paid | No | 16 March 2021, 18:20 |
01.04.2021 | Paid | No | 23 April 2021, 13:44 |
01.05.2021 | Paid | No | 27 May 2021, 18:54 |
01.06.2021 | Paid | No | 13 October 2021, 16:00 |
01.07.2021 | Paid | No | 13 October 2021, 18:51 |
01.08.2021 | Paid | No | 14 October 2021, 15:32 |
01.09.2021 | Paid | No | 14 October 2021, 15:32 |
01.10.2021 | Paid | No | 14 October 2021, 15:33 |
01.11.2021 | Paid | No | 23 November 2021, 12:56 |
01.12.2021 | Paid | No | 10 January 2022, 13:03 |
01.01.2022 | Paid | No | 23 February 2022, 10:49 |
01.02.2022 | Paid | No | 31 March 2022, 19:24 |
01.03.2022 | Paid | No | 03 June 2022, 17:27 |
20.07.2022 | Paid | No | 26 October 2022, 12:04 |
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If for any of the reasons you can not wait for an update, consider trying to reach out to originator support directly.
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