Object

The collateral for the loan consists of two premises in a residential building with a total area of 411.8 sq. m and three parking lots in the courtyard of the property. Mortgaged properties - an apartment and office premises – are a part of a residential apartment building, comfortably located in the very heart of Riga.

The building was initially funded on the Bulkestate platform to finance part of the purchase price for the whole building. Afterwards, the property was successfully sold out on the Bulkestate platform as a group-buying project. While the sales process is in its final stage, the building has also undergone massive renovation, including reconstruction of the building’s common areas, part of communication grids and heating system, reconstruction of the water and sewerage system, electricity grid, stairways and the surrounding territory. The renovation was carried out for the whole building, however, the apartments and commercial premises in the building remained as they were.

The building is a part of Riga's historic centre and is highly appreciated for its prestigious central location, while still being away from the city's main traffic flow. Being at the centre of the capital city, the property is in high demand as it is in close proximity to the most popular business, commercial and entertainment areas, Old Town, parks and museums as well as educational institutions.

Loan target

The loan will serve as funding to finance part of the purchase price of the office premises. 

After purchasing the office with a total area of 270.1 sq.m, it will be divided into two properties - a smaller office and an apartment. Currently, the area of the office premises is quite large, which makes it attractive for a small audience only. Dividing it into two properties, one of them being a comfortable office space in a city centre, will increase the demand for it in the local market as well as offer an option to turn part of the area into an apartment.

The other part of the mortgage - an apartment with a total area of 141,7 sq.m - will be divided into two smaller apartments. Dividing it into two more compact living areas increases the property’s demand in the market and ensures a quick sales process. After completing the construction, all properties will be put up for sales and part of the profit will be used to cover the repayment of the loan and interest for investors.

Amount of the loan

490 000 EUR

Independent valuation of the property

698 630 EUR 

Borrower

SIA 'Pārkreditācija.lv', Reg.No. 40103819249

Security

First rank mortgage

Repayment term

12 months

Repayment of the loan

The principal amount of the investment and the accrued interest will be paid out in a single payment at the end of the repayment term.