Hereby we present 8th. funding round for apartment building development at Kreutzwaldi 59c, in Võru, Estonia.
In previous funding rounds, Crowdestate investors have invested EUR 1,400,000 in this project. In this current tranche the Sponsor, Tamula Kodu OÜ targets funding of EUR 240,000.
The Sponsor is developing an apartment building with 68 apartments in Võru (capital of regional district at Southern Estonia, about 260 km south of Tallinn), next to idyllic Lake Tamula. The nature of the project is the reconstruction of a former industrial building and its conversion into a modern residential building.
The objective of this investment opportunity is to fund further construction of the development.
As we are publishing this project, there are 22 apartments sold based on legal debt agreements and 10 apartments booked based on booking agreements.
To return currently outstanding loans and funds raised by this funding round, Sponsor has to sell 25 apartments.
According to building reports, the project is 58% completed. The sponsor is optimistic that it is possible to receive use permit and sell sufficient number of apartments for returning all outstanding loans by the end of July 2019.
This tranche will earn a 15% fixed annual interest, loan period is set up to 10 months. Calculated rate of return (IRR) for this tranche is 15,57%.
All loans in all tranches have a 1st. lien cross-collateral mortgage in the total amount of EUR 3,000,000. The mortgage will be held in favour of investors by Crowdestate Collateral Agent.
Project offered by