This project provides LendSecured investors with an opportunity to finance an agricultural loan, secured by a first-rank mortgage on the real estate “Strautnieki”, located in Dienvidkurzemes region. The funding target for this project is € 6 200, which will be used in order to repair the existing barn and construct a new greenhouse.
This project gives an opportunity to make a loan with an annual rate of 10%, LTV of 46%, a loan term of 24 months, with a monthly manner of interest and principal payments.
The collateral consists of agricultural land, “Strautnieki” Lažas parish, Dienvidkuezemes region, consisting of 3.58ha. Cadastre nr. 64720070163.. The market value of the collateral is estimated to be 13 600 EUR.
In order to secure the claims, arising out of loan agreements, a first-hand mortgage in the amount of € 12 400 is 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 Borrower is a self-employed farmer engaged in vegetable farming and beef cattle breeding since 2011. The borrower wants to repair the existing barn and construct a new greenhouse.
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.