Update from the originator:
The originator has taken the decision to increase the interest rate for this project after some talks with the borrower. The originator also changed the term and the risk class for this project to properly reflect the changes.
This project provides the HeavyFinance investor community with an opportunity to finance an equipment loan for a Lithuanian company UAB Geri grūdai. The received funds will be used to purchase a used Case IH Axial-Flow 9230 combine harvester.
The company, established a few years ago, is actively preparing for the 2021 season. To maintain a successful farming process, the company needs a combine harvester. UAB Geri grūdai is borrowing 116.800€ from the HeavyFinance investors community to purchase a used Case IH Axial-Flow 9230 combine harvester (made in 2013). The full price of the harvester is 166.980 €, so the remaining amount will be covered by the company itself. The purchased technical unit will be pledged to secure the loan.
This is not the first UAB Geri grūdai project on the HeavyFinance platform - recently the company borrowed 50.000€ to increase working capital. The company makes loan payments on time.
UAB Geri grūdai also uses two tractors, a loader, and other heavy equipment on its farm.
The risk class for this loan provided by the originator is B.
Value of mortgaged harvester: 166.980 €
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.