Promotional project No. 4/10
FG

Icon check Project is fully funded

Promotional project No. 4/10

€44,000.00

Make investment

€44,000.00

Raised of €44,000.00

Icon check Project is fully funded

Loan

  • Amount €44,000.00
  • Interest rate 13%
  • Term 24m
  • Collateral type House
  • LTV 43%

Description

Update from 05.01.2021 - Since conclusion of the contract, Borrower has had 2 payments according to schedule and both of them were paid on time. Furthermore, the Borrower has also made the payment due for the end of January, 2021.

After two stages of financing, borrower has done construction according to plan and plans to register the building in the Land book at the end of January, 2021. Construction terms have not changed and the object is expected to be commissioned by end of July 2021.


This project provides LendSecured investors with an opportunity to finance the construction works of a single- family house located in the capital of Latvia - Riga. The funding target for this project is € 44 000 and this sum is expected to allow the borrower to commission the construction works by the end of 2021.

This investment opportunity offers LendSecured investors to make a loan with an annual rate of 13%, LTV of 43%, loan term of 24 months, with monthly manner of interest payments.

The construction object consists of land plot of 602 m2 and a house of 98.2 m2 under construction, which is also given as collateral. In order to secure the claims, arising out of loan agreements, a first-hand mortgage in the amount of € 88 000,00 have already been registered on the collateral in the Land Register of Latvia. Aside from the mortgage, the collateral is debt free.

The current market value of the collateral estimated by a certified appraiser is € 103 000 with an assumed future value of € 130 000, upon the commission of the construction. Subsequently loan to collateral value ratio (LTV) is 43%. To provide an additional guarantee the owner of the collateral is providing a personal suretyship in the full loan amount.

The Borrower is a board member of a limited liability company, registered in Latvia and operating since 2008. The Borrower is a successful real estate developer and has a great track record. This is the second real estate development project done by the Borrower in 2 years with the guidance of LendSecured. The financing of the previous object (construction of two-family residential house) was offered for the private investors of LendSecured, who recovered their investments in the term of 6 months.

Similarly, as with his previous projects, the Borrower aims to repay the loan from the sale of the collateral.

Documents

  • Rīga, Beberbeķu 9. līnija 12 (LAT).pdf
  • Rīga, Beberbeku 9. linija 12 (ENG).pdf
  • Market Review
Please login to see a list of documents.

Other borrower loans

Schedule

The loan repayment schedule is informative and can be subject to change.
Grace period - 5 day period after the designated payment date according to the payment schedule, when the loan is not considered to be delayed, because of the bank transfer period.
# Date Principal Interest Total Status
1 06.12.2020 €0.00 €476.67 €476.67 Icon check Paid
2 06.01.2021 €0.00 €476.67 €476.67 Icon check Paid
3 06.02.2021 €0.00 €476.67 €476.67 Icon check Paid
4 06.03.2021 €0.00 €476.67 €476.67 Icon check Paid
5 06.04.2021 €0.00 €476.67 €476.67 Icon check Paid
6 20.04.2021 €44,000.00 €222.44 €44,222.44 Icon check Paid

Borrower

  • Country Latvia, LV

Collateral

  • Country Latvia, LV
  • Collateral type House
  • Collateral value €103,000.00
  • LTV 43%
  • Mortgage first rank

Investment Breakdown

Investor Amount
LANDE co-finance €0.00
Anchor investments €1,040.00
Investor 1 €0.00
Investor 2 €0.00
Investor 3 €0.00
Investor 4 €0.00
Investor 5 €0.00
Investor 6 €0.00
Investor 7 €0.00
Investor 8 €0.00
Investor 9 €0.00
Investor 10 €0.00
Investor 11 -€5.00
Investor 12 €0.00
Investor 13 €0.00
Investor 14 €0.00
Investor 15 €0.00
Investor 16 €0.00
Investor 17 €1,040.00
Investor 18 €0.00
Investor 19 €0.00
Investor 20 €0.00
Investor 21 €0.00
Investor 22 €0.00
Investor 23 €0.00
Investor 24 €0.00
Investor 25 €0.00
Investor 26 €0.00
Investor 27 €0.00
Investor 28 €0.00
Investor 29 €0.00
Investor 30 €0.00
Investor 31 €0.00
Investor 32 €0.00
Investor 33 €0.00
Investor 34 €0.00
Investor 35 €0.00
Investor 36 €0.00
Investor 37 €0.00
Totals €43,010.00

Latest comments

Hello, are there any penalties if payments are late?
Guest
27.10.2020
Agreements do not provide contractual penalties that Borrower would be obliged to pay to Investors, in case of delay.
Davidovs Olegs
29.10.2020
So what happens if the borrower do not pay?
Guest
29.10.2020
Received penalties are used by the Collateral agent, in order to cover the recovery costs, in case of default.
Davidovs Olegs
29.10.2020
What is the mortgage of 88.000 EUR registered to Volcom SIA and how is the ranking compared to the other 88.000 EUR registered to your Secured Finance MGMT on the same day?
Guest
30.10.2020
These are the cancelled (inactive) mortgages, as this loan was previously financed by our private investor, before offering it for public.
LendSecured
30.10.2020
To leave a comments you will need to log in.