General Information

  • IRR%: 11
  • CoC%: -
  • Minimum: 50 EUR
  • Type: lending
  • Asset: -
  • Investors: 2.17k
  • Start Date: 2019-10-15
  • End Date: 2021-04-15
  • Target: 160k EUR
  • Completed: 100%

Additional Information

  • N/A
  • N/A
  • N/A
  • N/A
  • Lithuania

OverviewThe loan is used for meeting current obligations before securing a long term financing.The loan will be repaid from the sale of the collateral property or refinancing by a long-term bank loan.The loan is secured with a first rank mortgage.Borrower adds a 1% bonus to annual interest for investments of at least €30,000 (combined annual interest 12%).The borrower retains the opportunity to raise additional capital if necessary, provided that the ratio of the loan and the market value of the collateral (LTV) does not exceed 65%.The established mortgage will also cover loans of additional stages of financing.Prior to the additional stages of financing, construction supervision must confirm the completed works (if construction has commenced and works have been performed in a considerable amount) and a third party must assess the market value of the collateral.The LTV in the 1 stage is 36.4% and can increase to 65% in further stages.Project InformationMaximum projected LTV of the project within the pre-development phase (before issuing the building permit) will be 50%. After the building permit has been issued for the full project and the construction of all the buildings has started, the maximum projected LTV is 65%.The apartment buildings will feature historic architecture and comprise a total area of 6473m2 of which 4295m2 will be for sale.The project has a great location, close to many bars, restaurants and historic sites in Vilnius Old Town.Once completed, the buildings will consist of 37 apartments, two studio apartments and two commercial premises.There will be 58 underground parking places and nine storage spaces available.One building is already under construction, with the others set to follow as soon as the developer receives the construction permit.Pre-sales have not started yet. However, it is expected that more than half of the apartments will be pre-sold before the end of construction.Construction is set to be completed in the second half of 2020, with notary sales scheduled to start at the same time.UAB 'Oskierių rūmai' will pledge shares as additional collateral.As additional covenant subordination of loans from shareholders with interest and dividend restrictions will be introduced.EstateGuru’s consent will be required for any rental agreements.PROJECT SUMMARYThe project will see a historic palace with unique architecture being rebuilt and turned into modern luxury apartment buildings. The total planned sales area will be 4295 m2. The existing historic building will be fully renovated, while new buildings will be built according to the historic look and feel of the old buildings. EstateGuru financing will be used to repay current loans and construction works. The project will cater to the rapidly expanding luxury real estate market in Vilnius and is expected to become one of the most in-demand properties in the upscale market segment. There will be 58 underground parking spaces available for the residents of the apartments.PROJECT VALUESThe project will have both the unique historic architectural values of Vilnius Old Town as well as all the comforts of new high-quality buildings. The project architects Arches were the winners of the Residential Architect Design Awards 2017 in Lithuania. The building will be in the middle of historic Old Town, next to many entertainment places and cultural sights, while being isolated from city noise.LOAN COLLATERALAs loan collateral, the company provides a land plot which is extremely well positioned in central Vilnius, steps away from the Vilnius city hall. The building is surrounded by many restaurants, bars and historical sights. However, the property is very well isolated from the city noise and has a concrete wall that gives the future inhabitants complete privacy. Net area of the land plot is 2865 m2, which currently has a historic building which is 496.11 m2 in size. The collateral property is held by SPV UAB 'Oskierių rūmai', which will also pledge company shares as additional collateral.

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