Object Nine fully equipped studio apartments with all amenities in Midia Grand Resort apartment building, located in the Bulgarian resort town of Aheloy, Burgas Province. Loan description The loan is used to refinance a current outstanding loan on Bulkestate platform, which needs to be prolonged for an additional sale period. The borrower is refinancing a loan from Midia Grand Resort, where six out of eighteen apartments have been sold. Owner of apartments has already paid back 105,000 EUR + interest from 200,000 EUR loan and is looking to refinance the rest for the period of the sale. Investment budget Total investment budget is EUR 95 000. Independent evaluation According to an independent evaluation conducted in September 2017, the market value of the object is EUR 253 094. Financing structure 100% Bulkestate loan Bulkestate loan EUR 95 000, that forms 38% of the sales value. Sales schedule Sales of all apartments will be concluded within 12 months. Security 1st rank mortgage Interest rate 14% annual interest rate Maturity 12 months since signing the Loan Contract. Payment schedule The principal amount and the accrued interest will be paid in the end of the maturity period. Description of the property Nine comfortable fully equipped studio apartments with modern features and amenities. The residences have terraces overlooking the outdoor swimming pool and the Black Sea. All studios are fully renovated and refurbished. Electricity, internet and cable TV, water, plumbing and air conditioning are available at the residences. The apartment layout features an entrance hall, a living room with an open kitchen, a bathroom and a terrace, with an average area of 51,02 m2. The apartments are equipped with all the necessary furniture. The living room has one double bed with a storage box, a wardrobe, a table and chairs. The bathroom contains a sink unit, a toilet and a shower with an electric boiler. The kitchen equipment includes a fridge, a stove, an extractor hood, kitchen utensils and tableware. Terraces are decorated with comfortable wicker furniture. Midia Grand Resort complex is unique for its location – on the beachfront of the Black Sea and on the outflow of the calm river Aheloy. The apartment complex consists of 2 six-story buildings and 359 apartments, located in Aheloy – a small resort city of Bulgaria. Midia Grand Resort is only within a few minutes walking distance from the city centre and within 20-minutes drive from the largest Bulgarian resorts and from the international airport of Burgas. There is a large outdoor swimming pool with a separate area for children, also a pool bar, private beach area, restaurant, a spa centre and a business centre on the territory of the complex. Wide ranges of activities are available for inhabitants – various sports, entertainment and beauty treatment services. In addition, Midia Grand Resort has its own minimarket and clothing store.Present state of the property The complex has been officially opened on July 20, 2009. According to an independent evaluation conducted in September 2017, all the apartments are in a good condition and ready for move in. Rooms are renovated, furnished and equipped with all the necessary amenities and features. Neighbourhood and infrastructure Midia Grand Resort is located on the beachfront of the Black Sea in the resort of Aheloy. Short 15-minute drive away from the Old town of Nessebar and from Sunny Beach – the largest resort in Bulgaria. Access to the longest beach in Bulgaria, located between Varna and Burgas. Only 9 km to the resort of Pomorie – one of the best spots for balneology tourism due to its famous therapeutic mud. Burgas Airport is reachable within 20 minutes. Midia Grand Resort is located in the district with a highly developed infrastructure and regular public transport routes.
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