Laon for purchase of agricultural machinery

Beschreibung

This project provides LendSecured investors with an opportunity to finance an agricultural loan secured by the first-rank mortgage of 2 properties “Ābolkalns”, located in Alsviķu parish, Alūksnes region and “Ābolkalns-1”, located in Alsviķu parish, Alūksnes region for a self-employed farmer that is engaged in cattle farming. The funding target for this project is € 10 490.53, which will be used for the purchase of agricultural machinery.

This project gives an opportunity to make a loan with an annual rate of 11%, LTV of 56%, a loan term of 24 months, with a monthly manner of interest payments.

The collateral consists of 2 properties with a total area of 11 ha, consisting of agricultural land. In order to secure the claims, arising out of loan agreements, a first-hand mortgage in the amount of € 18 700.00 will be registered on the collateral in the Land Register of Latvia.

The demand for agricultural land currently in Latvia exceeds supply and 25% of farmers are forced to rent the land, as there is none available on the market. The price of agricultural land plots in the parish of the collateral ranges from € 1 300 EUR per ha to € 1 900 per ha.

The borrower is a self-employed farmer engaged in cattle farming. The borrower is seeking funds to purchase agricultural machinery. Borrower aims to repay the loan from incoming business revenues. The borrower is a recipient of support payments from the European Agricultural Guarantee Fund and the European Agricultural Fund for Rural Development. 

Sicherheit

• Land Latvia, LV
• Sicherheitstyp Land
• Wert der Sicherheit €18,700.00
• Beleihungsquote 56%