This object is successfully funded
Ernestines Str. 37
raised of 60,000€
Loan to Value
Repayment date 29.04.2017
Minimum investment 50€
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
Apartments will be sold within 6 months. Expected sales value per square meter is EUR 1010.
EUR 120 500 Ober Haus Real Estate Latvia.
100% Bulkestate loan.
EUR 60,000, which represents 50% of the sales value.
Fixed interest: 15% per annum.
6 months after signining of the loan agreement.
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
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
Other investment options