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This object is successfully funded

Ernestines Str. 37

- 119.1 m² Ernestines Street 37, Riga, Latvia

60,000€

raised of 60,000€

  • 15%

    Annual return

  • 50%

    Loan to Value

  • 151

    Investors

  • Invested

Repayment date 29.04.2017

Minimum investment 50€

Development project

The owner is raising funds for other development projects and for this reason is looking for a short-term loan in the amount of EUR 60,000.

Loan is secured by a first rank mortgage on two apartments in residential building located on Ernestines 37, Riga. Both apartments are in the process of sale, which owner expects to complete within the next six months. Proceeds from the sale will fund repayment of the loan and interest.

The property is located in the historical Riga city green area Agenskalns, Pardaugava, just 5 minute drive from the city center Old Riga, Riga airport and 15 minute drive from the beach of Jurmala. Agenskalns is considered as an exclusive area for living because of its unique atmosphere, green and peaceful location. The houses in the area historically were built as private or apartment houses.

This is a brick masonry building built in 1925. It has three stories and nine apartments.


  • Cadastre number: 0100 059 0191

Sales plan

Apartments will be sold within 6 months. Expected sales value per square meter is EUR 1010.

Independent valuation

EUR 120 500 Ober Haus Real Estate Latvia.

Funding structure

100% Bulkestate loan.

Loan principal

EUR 60,000, which represents 50% of the sales value.

Interest rate

Fixed interest: 15% per annum.

Maturity

6 months after signining of the loan agreement.

Security

1st rank mortgage.

Current state of property

The building will be renovated which include, among other things:

  • Change of water supply system
  • Renovation of facades and installation of lighting
  • Reconstruction of roof
  • Reconstruction of attic accommodating two apartments and storeroom for each apartment in the building
  • Backyard landscaping and construction of parking place for each apartment

Product

Apartments, which requires reconstruction.

Neighborhood attractiveness and infrastructure

  • The project is in the strong location within the highly demanded area
  • Lack of similar offers
  • Fast connection to the city centre
  • Well-developed infrastructure – close public transport, schools, parks, supermarkets, kindergartens

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Your questions are welcome

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