Object The mortgaged property comprises of an 1882 sq.metres large land plot and twenty-four apartments in Ziepniekkalns – a residential area only 10-minute drive away from Riga centre. Ziepniekkalns has well-developed infrastructure and has close access to the infrastructure needed for a residential area – schools, kindergartens, Latvian University, shops and medical institutions. The loan target The first stage loan is intended for the purchase of the apartments, their release from the lease contracts and the development of the project documentation in order to start the repair works of both buildings and improving the surrounding territory. The buildings consist of several economy-class apartments which are required to be renovated. Currently, some apartments are encumbered with existing rental contracts. The next stage of the project will involve apartment renovation before their sale. Amount of the loan 197,400 EUR, which is 70% of the value of the property. Independent valuation of the property 282 000 EUR The borrower LP Private Property SIA, it’s managers and owners have long-term experience in real estate development and has successfully delivered a number of similar projects. 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 (cash-back) for investors: Investors making EUR 5,000 or larger investment will receive 1% incentive payment from the invested amount, while Investors making EUR 15,000 or larger investment will receive 2% incentive payment from the invested amount.
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