Experienced luxury real estate manager in LatviaBack to all Lending opportunities
SummaryThe Company established in 2005 is an experienced and professional luxury residential real estate manager in Riga. The Company manages and is a partial owner of luxury residential real estate in Riga, Ausekļa street 4, consisting of 35 apartments, 6non-residential premises and 40 parking lots. Besides management services the Company owns 4unfinished and 4 finished apartments, 6 non-residential premises and 14 parking lots with a total value of EUR 2.85 million. In order to sign a profitable rent agreement the Company mustcomplete renovationworks of two apartments. For renovation costs the Company has already received longer term financing offer from another creditor, however, it cannot be proceeded due to Bank's requirements and escrow account’s procedures. Currently, the Company is seeking bridge financing of EUR 609 thousand for 2 month-period in order to refinance existing loan from the Bank and proceed further for financing with the agreed creditor. Investors are offered 12% annual (1% monthly) interest with monthly interest payments and principal repayment at the end of the term. The loan is secured with a mortgage pledge to two unfinished apartments with a total value EUR 959,200.In addition to the mortgage, a personal guarantee of the owner is provided.
There is a number of factors that make lending to the Company an attractive opportunity and the main highlights are the following:
- The Company has been successfully operating in the industry for over 10years;
- The loan is secured with mortgage pledge with LTV 64%;
- Personal warranty from the owner is provided;
- The source of repayment is reliable and pre-arranged.