Update from the originator:
The originator would like to inform you that the money you invested in a loan Equipment loan with National Paying Agency support is expected to be transferred directly to the farmer’s bank account by the end of next week. Consequently, right after the successful payment transaction, the billing period for the project owner will begin.
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 invest in the development of the Lithuanian ecological farm. The collected funds will be used to purchase five heavy-equipment implements. The purchased equipment will be pledged to secure the loan.
The borrower has already engaged in mixed farming for 13 years and now successfully manages a 327.27 ha organic farm in the Anykščiai district.
On the farm, half of the land is covered by crops, and the rest are meadows, where beef cattle graze. The farmer currently owns 2 bulls, 65 cows, and about 50 young calves and heifers. Farming traditions are also nurtured by the farmer's family - the businessman's mother has about 180 hectares of land and his wife has 125 ha. The family manages the entire area of land together.
The farmer seeks to acquire new machinery and equipment for more efficient farm development. For this purpose, the farmer has already received National Paying Agency support, which will reimburse up to 50% of the total eligible costs of the project. The support received by the farmer can cover up to 157.637 € in total. The farmer will receive support after submitting the equipment purchase documents to the NMA. The support is scheduled to be disbursed by the end of this year. For this particular project, the farmer will use 58.900 €, which will be returned to the farmer after purchasing technical units.
With this project, the farmer is borrowing 99.700 € from the HeavyFinance investor community. The funds will be used to purchase new and unused equipment - a two-rotor universal rake, a trailed manure spreader, a cultivator, a sowing equipment set, and a mounted mower. The value of the purchased equipment is 142.537,5 € including VAT. Using the support received, the farmer later plans to purchase more technical units. The businessman also plans to increase the number of beef cattle in the future.
Currently, the farm’s technical fleet consists of four tractors, a combined harvester, and other necessary equipment.
Fixed interest rate - 10%
The risk class for this loan provided by the originator is A.
Value of mortgaged propertyė: 142.537,5 €
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.