Project | Brickfy

Zeļļu Street - 2nd stage (refinancing)


Finished: fully repaid!

General Information





8 months

Financial Information





11.00 %


51.00 %


Important Dates





Loan target

The loan is intended to refinance the second stage funding of the loan 'Zeļļu Street - 2nd stage'. The borrower has asked for more favourable terms for the initial loan in terms of the annual interest rate. After evaluating the progress of the project and its liquidity, the decision was made to refinance the existing loan.

This solution is beneficial for the project developer and investors. For investors, it provides another attractive investment opportunity, and for the developer - to reduce the annual interest rate. This loan does not affect annual interest rate of investments in the initial loan. As soon as the refinancing is completed, investors of the initial loan will receive their principal investment and accrued interest payment according to the initial interest rate.

Currently, the renovation works of the building and the surrounding territory are carried out. The sales of apartments will be ensured after completing the renovation, providing the funds for the repayment of investments and accrued interests to investors. Location, quality of the building determine a fast sales process and high commitment from the buyers to complete the purchase.

The high future value of the property after completion of the renovation and the demanding real estate market assure the safety of the deal and successful repayment of investments. 


The property with the total area of 1255,1 sq.m, consists of 13 economy-class apartments and commercial areas on the ground floor.

The 4-story masonry building, finished in 1910, is located in the very heart of Āgenskalns district. The area is significant with well-developed infrastructure and its proximity to the city centre, making it one of the most desirable residential areas in Riga. The surrounding area is a mix of residential houses and light commercial facilities. Right across the street is located a newly-developed shopping mall Mellene, while two minutes away – freshly renovated farmer’s market of Āgenskalns. The building has a convenient location, being only 10 minutes away from the city centre and a 15-minute drive from Riga airport.

The residential building is in good condition, yet the renovation works include complete repair of the heating system and installation of the electricity grid, renovation of the staircase area and building’s façade as well as improving the surrounding territory of the building. 

Amount of the loan

310 000 EUR

Independent valuation of the property

1 502 700 EUR – the future value of the property. The overall amount for 1st and 2nd stage funding stages comprise 51% of the FLTV.

The borrower

The borrower is SIA LP Private Property - a company that cooperates with Bulkestate in various projects under the same management team supervision. SIA LP Private Property managers and owners have long-term experience in real estate development and have successfully delivered a number of similar projects.

The company has proven itself to be a reliable partner, capable of fulfilling its obligations, which is also reflected in the previously repaid investment objects on Bulkestate platform.


The first stage of the loan has been already successfully funded and is secured by mortgage collateral. The second stage investment is intended for renovation and improvement of the surrounding territory, which will significantly increase the value of the property. As an additional guarantee to investors, the borrower’s company provides a guarantee in the form of the commercial pledge in favour of Bulkestate.

The loan will be secured by the guarantee from the owner of the borrower’s company and the property has full insurance for the entire loan term.

Repayment term

8 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. 

Payment Calendar Table