Executive SummaryLoan TermsThe loan is used to continue construction works.The loan will be repaid from sales revenue of a completed development project.The loan is secured with a first rank mortgage. Member of the management board of the borrower will provide a personal surety in the full mortgage amount. This project takes part in the Christmas Charity Campaign. EstateGuru will donate an amount equivalent to 0.5% of the total loan value to charitable causes. More info can be found here: https://bit.ly/2ATPD9l The building permit allows to build a 6-storey apartment building with 34 apartments. The total area of all apartments is 2,228 m2. 12 of the 34 apartments have been booked already.Website of the development project: https://jaama169.ee/The property is located in the Annelinn district of Tartu, about 4 km from the Town Hall Square.The area has a very good infrastructure, the area’s roads are covered with asphalt, and the region has a very good public transport connection.Works completed as at today: Fourth floor walls are completed. Fourth floor ceiling sections, third and fourth floor stairs, first and second floor electric cables and communication cables are installed. first and second floor water, sewage, heating pipelines, first floor insulation have been installed. The ground floor is concluded and the second floor noise reduction systems and armament are ready.The borrower's representative Alo Arumäe has a long-term experience in real estate development.The borrower has previously raised capital through EstateGuru platform with Jõe 2b residential development loan. As of today, the building is finished and three apartments out of four have been successfully sold and the majority of the loan amount has been also repaid to the investors. In addition, the borrower has also raised capital for Pärna st 33a apartment building construction in Tartu and has been paying the loan interest payments in a correct manner. Currently, the completion of the apartment building is in the final stages and 7 apartments have been sold out of total 12 apartments.
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