Object The address of the property is “Lejasindras”, Dzidriņas, Stopiņu Municipality, Latvia. The investment object is 52 040 m2 large vacant land plot provided for construction of private houses. The location is becoming more and more popular among residents of Riga as the Stopiņu Municipality combines the benefits of nature with quality and well-developed infrastructure including kindergartens, schools and roads. The surroundings include well-developed suburb regions and private houses built in the last 10 years. Residents of Riga choose to purchase properties outside Riga more often, however, it is still important to have a quick and easy access to the advantages of the city. The location of the object complies with the increased market demand to have a property nearby nature, at the same time it is possible to enjoy the advantages provided by Riga, the capital of Latvia, which is only 7km away. Goal of the loan The borrower is an experienced construction company that plans to use the funding to partly implement a larger project – construction of 42 houses in a rapidly growing region of residential properties. The loan will be attracted in two phases. It is planned to divide the 52 040m2 large land plot in 900m2 large building plots that are very demanded in the real estate market. Using the funding attracted by Bulkestate, it is planned to build 2 two-storey residential houses, with the total area of one house 209.8m2. During the first stage, the property will be divided in smaller building plots, the territory will be improved, and the construction projects of two houses will be submitted for approval. The loan will be used to start a construction of a demo house as well. Amount of the loan 50,000 EUR, that make up 21% of sales value. Independent valuation of the property 234,000 EUR Information on the borrower The borrower is “Sky Energo” Ltd. specialising in construction and repair services. The company mainly operates in Riga and its vicinity. Repayment of the loan It is planned to repay the loan using revenues from sales of the private houses. Security First rank mortgage. Board member of “Sky Energo” Ltd. Vladimirs Gasperovičs provides a guarantee in the full amount of the mortgage. Interest rate 14% p.a. Repayment term 24 months Payment schedule Principal amount and accrued interest in full is repaid in the end of the repayment term.
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