Object

The mortgaged property comprises of an 1882 sq.metres large land plot and twenty-four apartments in Ziepniekkalns – a residential area only 10-minute drive away from Riga centre. Ziepniekkalns has a well-developed infrastructure and has close access to the infrastructure needed for a residential area – schools, kindergartens, Latvian University, shops and medical institutions.

The loan target

The loan is intended to refinance the existing loan.

Partial renovation works have been carried out for the building and the owner of the property has already sold 13 out of 24 apartments. While the sales for the economy class apartments are still in the process, the borrower has asked for prolonging of the loan term while repaying part of the initial loan and accrued interest payments.

Amount of the loan

100,000 EUR

The borrower

LP Private Property SIA, it’s managers and owners have long-term experience in real estate development and has successfully delivered a number of similar projects.

Security

First rank mortgage

Repayment term

12 months

Investment repayment

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.