Funding for Self-employed farmer

Aizdevums

• Summa € 21090.64
• Procentu likme 10%
• Termiņš 12m
• Nodrošinājuma veids Zeme
• LTV 47%

Apraksts

This project gives LANDE investors an opportunity to provide funding in the amount of € 21 090.64 for a self-employed farmer to finance an existing loan and to extend the agreement to 12 months.

This project gives an opportunity to make a loan with an annual rate of 10%, LTV of 47%, a loan term of 12 months, with a monthly manner of interest payments.

The borrower is a farmer and son run farm engaged in the dairy business since 1999. The borrower is seeking additional funds for dairy heifer purchase, to increase herd size. 

In order to secure the repayment of the loan, the collateral consists of 2 agricultural land plots, “Lazdu salas”, Griškānu parish, Rēzeknes region, cadastre nr. 7856 004 0016, consisting of 15.14 ha land of which 14,53 ha is agricultural land and “Vigu Āboli”, Griškānu parish, Rēzeknes region, cadastre nr. 7856 004 0412, consisting of 1 ha agricultural land. The price over the past year has increased to € 3 000 per ha, which makes the current market value of the collateral estimated to be € 45 000.

In order to secure the claims, arising out of loan agreements, a first-hand mortgage in the amount of € 45 000 is registered on the collateral in the Land Register of Latvia.

The 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.