The Company is a construction company founded in 2013. The Company has already finished their development project of 5 apartment building in Jurmala, Dzintari. The project was financed by a different financing institution and currently the client is looking for refinancing options due to the need for extra time to sell apartments. The project consists of a residential building situated on a 1,748 m² land plot with full city communications. The developer has acquired the usage permit for the building. All apartments are fully prepared for the sale and are actively advertised on the market. The building is located within a couple of minutes walk from “Dzintaru Mežaparks”, Jomas street and train station “Dzintari”. They have sold 1 of the apartments (66.6 sqm) and remaining 4 are offered as collateral.

Therefore, the Company is seeking EUR 692,010 financing for 24 months to refinance their current liabilities and increase their working capital. The loan will carry a 10.08% annual interest rate (0.84% monthly) and it will be amortized at the end of the term or from the sale of apartments. The loan will be secured with a first rank mortgage on four apartments with a market value of EUR 995,000 (LTV 69.5%). In addition, a personal guarantee from the owner of the Company will be provided. The project risk rate is B (86 out of 100).

There are a number of factors that make lending to the Company an attractive opportunity and the main highlights are as follows:

• The loan is secured with a mortgage on the real estate with the current market value of EUR 995,000 (LTV 69.5%).
• All apartments are fully finished and are ready for sale.
• High standard materials were used to construct the building and finish the apartments
• A personal guarantee from the owner of the Company will be provided.