The Company was founded in 2021 and has developed a new concept drive-in/walk-in catering concept. The first place in the center of Riga was opened in mid-2022 with another following in 2023. The customers have options both to quickly order and pick up the food at the place as well as pre-order meals via app or web. Besides, in the store section, customers can buy prepared meals and snacks too.

To launch the stores, the Company obtained Capitalia financing in 2021 with the plan of refinancing to a bank in early 2023 once the stores are finished and operating. Currently, one store is operating already; however, the opening of the second store got delayed. Therefore, bank financing will be attracted later. Consequently, the Company is seeking EUR 156,000 financing for 12 months to refinance the outstanding Capitalia liabilities. The loan will carry a 14.88% annual interest rate (1.24% monthly) and it will be amortized at the end of the term. The loan is secured with a personal guarantee from a reputable beneficial owner and his personal holding company, as well as a commercial pledge on the Company’s assets with a book value of EUR 570,555. The project’s risk class is C (75 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 personal guarantee from a reputable beneficial owner and with a guarantee of a related holding company with an adjusted equity capital of EUR 5.58M.
• The loan is secured with a commercial pledge on the Company’s assets with a book value of EUR 570,555.
• The owner and manager of the Company has 30 years of experience managing a catering business.
• The Company has a significant adjusted equity-to-assets ratio of 59%.
• The guarantor company is a regular Capitalia client and it has repaid 10 loans for the total amount of EUR 1,134,495 with excellent payment discipline.