Update from the originator:
The originator has informed us that the overdue payments will be transferred within 10 days. The plan is to finish the construction and sell the property over the summer and repay the loan.
|Criteria||From a+ to d||Project rating|
Macro Location Analysis
EvoEstate Risk rating is of an informative nature only & can not be considered investment advice.
Loan To value
Purpose of the loan
Purpose of funding
Financing of a land plot with a building development project.
Pledge of land and building with a primary mortgage.
Project investment return and interest payment.
Start of fundraising on the Nordstreet platform: 2020-12-18
Investment from 50 €
Annual investment return of the project from 11% (investment conditions are described in more detail in the Detailed information section)
Interest on the Loan amount shall be 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 shall notify the Operator in writing prior to the disbursement of the Loan amount.
Loan term: 12 months
Interest is paid monthly.
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.
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 the financing of a development land plot with a building with the aim of completing the project under development. (negotiations are currently underway with a potential buyer of part of the building)
To ensure the need for financing, the Developer pledges the real estate under development to a plot of land located at Žilvino St. 7, Palanga, Lithuania, with a total area of 0.1818 hectares with an existing building of 238.35 m2;
• Loan amount: EUR 174,000
• Loan term: 12 months
• Minimum loan term: 4 months
• Value of mortgaged property: € 281,000
• LTV (Loan-to-value ratio): 62%
• Project risk: B (medium). You can read the project owner's evaluation rules here.
• Loan protection: mortgaging property on a primary mortgage
• When investing from 50 EUR - interest 11%
• When investing from 2,500 EUR - interest 11.5%
• When investing from 5,000 EUR - interest 12%
• When investing from 15 000 EUR - interest 12.5%
• Address of the pledged property: Žilvino str. 7, Palanga
• Property type: a plot of land for low-rise residential purposes
• Value of the mortgaged property: 281 000 EUR
• Documentation: property valuation
• Report preparation date: 17 December 2020
• Appraiser: UAB Nill nill property appraisal agency
Project developer - UAB ESSCALA real estate, which specializes in project search, development and sales. The company’s shareholders and executives have developed successful real estate projects in the coastal region, and the company continues to successfully administer and lease existing properties.
Purpose of a business loan
Funding requires an amount of € 174,000 to complete the project under development.
Mortgage of the first line of existing real estate - Mortgage. The loan will be repaid after the sale of all / part of the pledged property, from the sale of the company's development assets, current and future profits or after refinancing the loan.
Investment risk: B (medium)
Mortgage property: Land plot (low-rise residential houses, No. 2501-0017-0011 and existing building No. 4400-5573-3032), with a total area of 0.1818 hectares and 238.35 m2, at Žilvino str.7, Palanga, Lithuania.
Value of mortgaged property: € 281,000
12 months (with the possibility of repayment earlier, but not earlier than after a period of 4 months).
If the Borrower repays the Loan amount or a part thereof earlier than 4 months after the due date of 12 months, he 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 (together with the applicable interest) without any additional fees.
Company loan repayment period
Estimated start date of the loan: 2020 12 30
Expected repayment date of the loan: 2021 09 01 - 2021 10 01
SWOT analysis of the project beneficiary:
Strengths - First lien on existing real estate - Mortgage.
Weaknesses - Collateral assets are developing.
Opportunities - The borrower's expected average annual interest rate payable is 11 - 12.5%.
Threats - The current economic situation is unclear.
|31.01.2021||Paid||No||10 February 2021, 18:24|
|28.02.2021||Paid||No||08 March 2021, 13:31|
|30.03.2021||Paid||No||07 April 2021, 00:35|
|30.04.2021||Paid||No||18 May 2021, 16:00|
|31.05.2021||Paid||No||28 June 2021, 08:57|