Update from the originator:
The originator would like to inform you that the money you invested in a loan Equipment loan for a new tractor and telescopic loader is still not transferred to the project owner.
Due to the incident at the factory building of Turkish tractor manufacturer Basak, the heavy equipment has not been delivered to the farmer on time. The originator is in touch with both the vendor and manufacturer to solve this issue and start the billing period for the project owner as soon as possible.
The originator makes every effort to shorten the period of time taken to collect all the documents and start the billing cycle for project owners. Therefore, the originator will soon present new rules to grant even more security for our investor community.
This project provides the HeavyFinance investor community with an opportunity to finance an equipment loan for a Lithuanian company Elicon Baltic, UAB. The received funds will be used to purchase a new heavy equipment set: a Basak 5120 tractor and a telescopic loader Basak 740.
Elicon Baltic, UAB was established in 2013 by a German businessman. Since then, his venture grew into the company managing a farm with more than 680 hectares of arable land.
Furthermore, his family owns one more agricultural firm thus, the household works around 1.000 hectares of arable land. A big part of this land is being leased from other companies. The company currently has eight employees who take care of winter wheat and rapeseed among other plants.
The company already has several tractors, a combine harvester, and other heavy-duty vehicles. However, for further productivity increase, Elicon Baltic is purchasing a new tractor Basak 5120, and a telescopic loader Basak 740 for 82.500€ including VAT. The new equipment will be purchased from a factory in Turkey. Consequently, the company is borrowing 57.750 € from the HeavyFinance investor community to partially finance this acquisition.
It is not the first time the company lists an agricultural loan project on the platform - HeavyFinance investors have already assisted the company with a 70.000€ equipment loan for a new tractor Deutz-Fahr 6215 Agrotron. The loan payments have been made on time.
The risk class for this loan provided by the originator is A.
Value of mortgaged property: 82.500€
Loan to current asset value ratio: 70%
The Interest will be paid monthly.
The Interest is calculated from the date on which the loan amount is paid.
Minimum loan term: 4 months
If the project owner does not collect the amounts to be financed, the collected funds will be returned to the funders by transferring them to the account from which they were transferred. The Platform Operator also has the right to offer the Project Owner to reduce the amount to be financed during the Project financing term or to extend the Project financing term. In this case, if the amount to be financed is reduced or the term of financing the Project is extended, it shall in all cases be announced on the Platform and the Fund's financiers shall be informed.
|08.05.2021||Paid||No||10 May 2021, 20:27|