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Macro Location Analysis
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Loan To value
Purpose of the loan
Category - Real estate backed loan
Annual interest - 14%
Payment frequency - Monthly interest payments
Collateral - 1st rank mortgage
Duration - 5 months
Country - Moldova
LTV - 50%
Secured with a first-rank mortgage and 50% LTV, an attractive investment opportunity to participate in the twelve-story development project in the city center of Chisinau, Moldova. As of today, the progress of construction is 70% ready. The developer confirms that all commercial spaces, as well as 99 out of 100 apartments, are already reserved.
The city of Chisinau is located within the elevated woodland area of Codr. Its land is full of black soil, which is ideal for agricultural development. Just outside of Chișinău is Milestii Mici Village, a winemaking plant that boasts cellars with the largest collection of wine in the world with more than 1.5 million bottles!
Nistor residential complex is conveniently located in the central sector of Chisinau, within walking distance from the main street of the city and boulevard Stefan cel Mare. Right in front of the residential complex is located the local gem - the Victory Park "Memorial". Nearby are two of the largest and most beautiful city parks of Chisinau - the park “Valley of Roses "and "Valea Morilor", which are simply perfect for doing sports activities, leisure or just walking in the fresh air. The great location and developed transportation routes allow to get easily and quickly to any point of the city. This complex could become a great place for business people who value their time, as close proximity to educational institutions, shops, sports facilities and fitness clubs make life convenient. Also, the district continues to develop rapidly.
In Ion Nistor street, Chisinau, a 12-story real estate development project is being constructed with a cadastral number 0100209.091. As of today, the progress of construction is 70% ready.
The stylish decoration of the building is made of the highest quality premium materials. Wide windows open a breathtaking view of the city landscapes. Modern layouts, high ceilings, integrated telecommunications and a smart home system- all this will bring the desired comfort to the lives of the residents. Autonomous heating, sound isolation and energy-saving double-glazed windows allow easy to adjust the microclimate of the apartment, significantly saving living expenses.
3-level underground Parking, garages with automatic gates, silent KLEEMAN elevators made in Germany, metal entrance doors and video surveillance of the surrounding area. Everything in the common space is thought out to the smallest detail and made to the highest quality standards.
In addition, there is a colorful playground in the courtyard. One of its main advantages is the anti-slip coatings installed on the slides, which protect kids from falling. Also, it is worth mentioning that the swing and other installations are made of unbreakable materials.
On the ground floor, there is underground parking, equipped with a roller shutter system that provides noise isolation, protection from bad weather conditions and burglary. The parking lot is also equipped with a modern video surveillance system and 24/7 security.
Strong project advantages:
Monthly interest payments – repayment of principal amount by end of the investment period.
The contract is in EUR currency, therefore currency risk is eliminated.
An Exclusive possibility to fund a project which is at the final stage of construction - 70% completed.
Despite the fact that the Nistor residential complex is a premium residential complex, the prices for apartments in it are affordable, in comparison with other residential complexes of this level. The loan will be repaid from the sale of the apartments and developers already confirm that all the commercial spaces, 33% of parking spaces, as well as 94 out of 100 apartments are already reserved.
As of today, the property is ready 70% and the developer seeks for additional funding to finalize the construction works. In order to make the sales of reserved apartments easier, the developer will give a different property as collateral. The 1st rank mortgage will be set on a commercial space owned by Kirsan, with an address: Chişinău, sect. Botanica, str. Trandafirilor, 33/3, nr. of. 68-69. Additional collateral is provided by the developers’ partner company - Fitness Forma and its valuation are 518.102 EUR.
Despite the fact that Moldova is not a part of the European Union yet, we see great potential in this market in terms of real estate development. Especially after former World bank economist Maia Sandu won presidential elections two months ago and made “joining the EU” her main objective during this presidency.
The total amount of the project is 500 000 EUR and several stages of funding are planned for the platform. The loan-to-value (LTV) for this project will be lower or equal to 50% at any stage of the duration of this project. It means that collateral coverage for the total amount issued to this project will be at least 200% at any time. It is expected that the building will be ready for commissioning by August 2021.
The KIRSAN holding has begun its operations in 2010 as a real estate development company. It opened offices and developed numerous successful projects in Spain, Latvia, Switzerland, Germany, Romania and Moldova.
As of today, KIRSAN built and commissioned 25 residential complexes with 4595 ready-to-use apartments. The total built-up area was 225,460 m2. Each project was built with a special treat, passion and scrupulous attention to even the smallest details.