Object

The mortgaged property is located in Āgenskalns and consists of the land plot with a total area of 1432 sq.m. There are two building on the land plot - a wooden building with a total area of 789,8 sq.m, as well as masonry building with a total area of 1677,9 sq.m. The wooden building consists of 8 apartments, while the 4-story high masonry building has 18 apartments and 3 commercial premises. 

The property is located on the corner of the Botanical Garden in the area with well-developed infrastructure and only a 10-minute drive from the city centre and a 15-minute drive from Riga airport. The surrounding area is a mix of residential houses and light commercial facilities, educational institutions as well as the hip Kalnciems district – a unique 19th century's complex of wooden buildings, which is a weekly centre of farmer’s markets, concerts, street food festivals and other entertaining events.

The loan target

The loan is intended to refinance the existing loan for the Vīlipa Street property, as the borrower has asked for prolonging the term. The borrower has partly repaid the previous loan and accrued interest while continuing to renovate the property according to schedule and carry out sales of the apartments.

Renovation works that are almost completed include a complete renovation of both facades, partial renovation of the roof, completely renewed staircases, new windows and shutter instalment, strengthened foundations of the building, repairs of electricity and communication networks and laying a new pavement in the courtyard. 

Amount of the loan

600 000 EUR

Security

1st rank mortgage

Loan term

12 months

Repayment of the loan

The principal payment will be paid out at the end of the term with the accrued interest.