Legemyrane road 4, Moltustranda city, Norway (1 stage)

 Business loan
Project listed: 07.01.2021
Moltustranda,
Norway
11%
Annual yield
50%
LTV
Term: 30 months
Mortgage rank:
First
Interest payment schedule:
Monthly
Interest payments
15.03.2021
Pending

Project updates

Login to subscribe on project updates

Ask a question

@
Allowed characters: a-z, 0-9. Min 3 characters
${question.length}/${maxQuestionLength}

EvoEstate description

Due to the fact that this is a business loan, the project won't have an EvoEstate Rating. The rating from the originator for this project is C.

Descripton

Introduction

Purpose of funding

• Business growth financing purpose with the aim of increasing the company's turnover.

Loan protection

• Pledge of the buildings and land plot with a primary mortgage.

Project investment return and interest payment

• Start of fundraising on the Nordstreet platform: 2021-01-06

• 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 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: 30 months

• Interest is paid monthly. Loan is repaid at maturity.

• 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.

Business loan terms

Object of the loan

The object of the loan is a company owned real estate fishing complex which is used for company business activities in fishing industry. All financing will be financed in stages, depending on the borrowers request.

To ensure the need for financing, the Borrower pledges the real estate, located at Legemyrane road 4, Moltustranda city, Norway. 

Moltustranda may not be as popular as other cities in Norway, but is a smaller beautiful upcoming tourist destination that is worth a visit. It have some unique things to do and places people can explore at this hidden destination.

- 5 buildings, with a total size of 9205 m2; 

- 2 land plots (other, industrial and storage site)  with a total area of ​​2,27195 hectares;

Loan terms

• Loan amount: 200 000 EUR

• Loan term: 30 months

• Minimum loan term: 6 months

• Value of the mortgaged property: 3 170 660 EUR (on the day the project is launched)

• LTV (Loan-to-value ratio): 6% (Maximum possible LTV rate 50%)

• Project risk: C (higher).

• Loan protection: mortgaging property on a primary mortgage

Interest:

• When investing from 50 Eur - interest 11%

• When investing from 20 000 Eur - interest 11.5% 

Collateral information:

• Address of the pledged property: Legemyrane road 4, Moltustranda city, Norway

• Type of real estate: 9205 m2 size buildings with 2,27195 hectares land plots

• Value of the mortgaged property: 3 170 660 EUR (on the day the project is launched)

• Documentation: Asset Valuation Report

• Date of preparation of the report: 23 rd of December 2020

• Evaluator: LTD Norconsult

• Mortgage: primary mortgage

Borrower

Legemyrane 4 AS Legal Entity, engaged in fishing business activity, reproducing and selling to Baltic states. 

The company has an experienced manager who is well acquainted with his work and the specifics of the fishing industry its distribution and has been doing business in this industry for more than 5 years. The company's projected revenues for 2021 more than 4mln Eur with a projected EBITDA of more than 0,6mln Eur.

Loan protection collateral

Purpose of a business loan

Financing of this stage requires an amount of 200 000 EUR (possible further stages of financing, but maximum possible LTV rate will not exceed 50%), which will be allocated to company business growing activities in the fishing industry.

Loan collateral

Mortgage of the first line of existing real estate - Mortgage. The loan will be repaid from the sale of the company's assets, future profits or after refinancing the loan.

Investment risk: C (higher)

LTV: 6% (Maximum possible LTV rate 50%)

Pledged property: 9205 m2 size 5 buildings (unique number 60/36 and 60/425) with 2,27195 hectares 2 land plots (other, territory of industrial and storage facilities, unique number 60/36 and 60/425), address Legemyrane 4, 6076 Moltustranda, Norway.

Value of mortgaged property: 3 170 660 EUR (on the day the project is launched)

Interest:

• When investing from 50 Eur - interest 11%

• When investing from 20 000 Eur - interest 11.5%

Loan term

30 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 30 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: 2021 01 20

Expected repayment date of the loan: 2023 01 01 - 2023 02 01

Strengths and risks

SWOT analysis of the project beneficiary:

Strengths         - First lien on existing real estate - Mortgage.

Weaknesses   - The project is evolving, borrowers' company is new.

Opportunities - The borrower's expected average annual interest rate payable is 11 - 11.5%.

Threats            - Uncertain economic situation.

Project originated by:

Documentation

11%
Annual yield
50%
LTV
Term: 30 months
Mortgage rank:
First
Interest payment schedule:
Monthly
Interest payments
15.03.2021
Pending
Get emails about all
NORDSTREET
projects