Funding for Self-employed farmer

Loan

• Amount € 20000.00
• Interest rate 10%
• Term 12m
• Collateral type House
• LTV 18%

Description

This project gives LANDE investors an opportunity to provide funding in the amount of € 20 000 for Self-employed farmer to re-finance an exisiting loan for which loan term will be extended by additional 12 months.

The annual interest rate of 10%, LTV of 18%, a loan term of 12 months. The Loan is repaid by one payment on the last day of the Loan maturity term. The interest for the Loan use is paid each month in accordance with the Schedule.

The borrower is engaged in cattle farming, managing 19.92 ha of arable land and wheat and oats. Financial results for 2022: annual turnover € 7 748.94.

The collateral consists of house with a total area of 2.71 ha located in "Dreimaņi", Alsungas pag., Kuldīgas nov., cadastre number 62420050126. In order to secure the claims, arising out of loan agreements, a first-hand mortgage in the amount of € 88 000 will be registered on the collateral in the Land Register of Latvia.

The collateral consists of a land plot with a total area of 5.74 ha of agricultural land located in "Rītiņi", Alsungas pag., Kuldīgas nov., cadastre number: 62420050105 and "Dzirnas", Alsungas pag., Kuldīgas nov., cadastre number 62420070199.

In order to secure the claims, arising out of loan agreements, a first-hand mortgage in the amount of € 22 912 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 € 3 400 to 4 200 per ha.

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.

Documents

• Land evaluation
• Land evaluation
• Land evaluation

Other borrower loans

• Agricultural loan for seasonal funding