Object The mortgaged property with the total area of 1255,1 sq.m consists of 13 economy-class apartments and commercial areas on the ground floor. The 4-story masonry building, finished in 1910, is located in the very heart of Āgenskalns district. The area is significant with well-developed infrastructure and its proximity to the city centre, making it one of the most desirable residential areas in Riga. The surrounding area is a mix of residential houses and light commercial facilities. Right across the street is located a newly-developed shopping mall Mellene, while two minutes away – freshly renovated farmer’s market of Āgenskalns. The building has a convenient location, being only 10 minutes away from the city centre and a 15-minute drive from Riga airport. The residential building is in good condition, yet the planned renovation works will include complete repair of the heating system and installation of the electricity grid, renovation of the staircase area and building’s façade as well as improving the surrounding territory of the building. The loan target The first stage of the loan is intended for the purchase of the property, while the next stages will involve providing funding for the renovation works and the surrounding territory. The sales of apartments will be ensured in a 12-month time period, providing the funds for the repayment of investments and accrued interests to investors. The location and quality of the building determine a fast sales process and high commitment from the buyers to complete the purchase. The high future value of the property after completion of renovation works and the demanding real estate market assure the safety of the deal and successful repayment of investments. Amount of the loan The loan amount will comprise EUR 450 000 EUR. Security First rank mortgage Repayment term 12 months Investment repayment The principal amount of the investment and the accrued interest will be paid out in a single payment at the end of the repayment term. *Bulkestate incentive payment For this project Bulkestate offers the following special incentive pay for investors: Investors making EUR 10,000 or larger investment will receive 1% incentive payment from the invested amount, while Investors making EUR 25,000 or larger investment will receive 2% incentive payment from the invested amount.
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