We are supervised by
Jūrkalnes st. 62 and 62A, Riga, Latvia (16 stage)
Amount of funding
91 760 €
LTV
60%
Annual interest rate
12.00% - 13.50%
Total expected project return
6.00% - 6.75%
Loan period
6 mo.
Risk
B (medium)
Purpose of the loan
Development loan
Collateral
Real estate pledge
Country
Latvia
Latvia
Investors
65
Raised:
91 760 € Goal:
91 760 €
91 760 € Goal:
91 760 €
100.00%
| # | File name | File type | Actions |
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| 1 | Vertinimo atskaita Jūrkalnes iela 62, Rīga 447 000 EUR.pdf |
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| 2 | Vertinimo atskaita Jūrkalnes iela 62A, Rīga 184 000 EUR.pdf |
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| 3 | 28_07_2023_10_09_Statybos_leidimas.pdf |
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| 4 | ŽSP Jūrkalnes iela 62, Rīga.pdf |
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| 5 | ŽSP Jūrkalnes iela 62A, Rīga.pdf |
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| 6 | Nordspace_Jurkalnes_Construction_Project.pdf |
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| 7 | Riga_Jurkalnes_62_NTV_Final.pdf |
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| 8 | Articles of association.pdf |
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| 9 | PIID (16 etapas).pdf |
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About the loan
Purpose of the loan
Real estate development
Amount of funding
91 760 €
LTV
60 %
Risk
B (medium)
Payment of interest
Every month
Loan repayment
At the end of the loan period
Loan period
6 mo.
Minimum loan period
2 mo.
Collateral
Real estate pledge
Guarantees / surety
Mortgage rank
First order mortgage
Amount allocated by project owner
320 000.00 €
Purpose of the loan
A loan of EUR 2,348,400 is needed to finance the entire project, which is divided into phases. The loan funds are/will be used for the purchase of land plots and for the construction and installation of immovable objects, i.e. two, 2,122 sq. m. of total area of service-purpose commercial buildings, Jūrkalnes st. 62 and 62A, in Riga, Latvia, outdoor engineering networks and facilities and other structures (parking lots, driveways, passages, fences).
The first 5 stages (480,000 EUR) have already been financed. Additional funding rounds (totaling €1,868,400) are now being announced. The borrower, after receiving the document authorizing construction and starting work, revalued the object (property valuation report dated 03/21/2024) and determined the current market value of the land plot - EUR 800,000 and the future market value of the property - EUR 4,830,000. In view of this, the Borrower applied for full project financing, which will amount to EUR 2,348,400, while maintaining the same ratio of asset value to loan (60%), which will be calculated based on the future asset value in accordance with clauses 5.32 - 5.33 of the Rules for Assessing the Reliability of Project Owners, i.e. in accordance with the established ratio, financing the completed works, which are/will be formalized in the prescribed manner by signed acts of completed works and invoices.
The loan funds of the first 5 stages were used for real estate, land plots in Jūrkalnes st. 62 and 62A, in Riga, Latvia, for the acquisition, consolidation, design and obtaining a document allowing construction, demolition of old structures and site preparation for construction, the funds of the 6th and subsequent stages will be used in stages for the full development of the project. The borrower plans to build 2,122 sq.m. m total area of two commercial buildings and rent them. The loan will be repaid by refinancing it in another financial institution, when the borrower, after completing all the construction and contracting works, will receive the final deed of the construction works and, based on it, will register the 100% completion of the building in the real estate register.
About the project
The project - two service buildings intended for automated goods reception/issuance activities. The buildings are one-story with a mezzanine (~6m high). The buildings consist of rooms of different sizes, each of which has a separate entrance from the outside. The area is accessed by one 5.5 m wide entrance from Jūrkalnes street. A roundabout is planned around both buildings. 36 parking spaces are installed along the long facades of the buildings. One place - for one goods reception - issue point. Main driveways, parking lots and sidewalks will be constructed of concrete pavers.
Two service buildings are designed, which are built perpendicular to each other. In the middle of the buildings, common building administration rooms are installed. The premises of the buildings are intended for small companies and individuals engaged in electronic commerce, for whom it is relevant to have small automated points of receipt/issuance of goods.
Both buildings will consist of main rooms (receiving/issuing goods) with entrances from the outside and auxiliary rooms with separate entrances for servicing the building complex. Parking spaces are installed along all premises, at the entrances to them. All goods receiving/dispensing facilities will be managed through a mobile application. Each room is accessed directly from the outside through a door in the gate or a door next to the gate. The gate, with dimensions of 250cmx285cm, is designed to comfortably bring in larger items. Both buildings are one-story with tech. sites where a technological site is installed. In all rooms, it is possible to install WC facilities according to the needs of the users of the rooms. The buildings have technical premises for engineering inputs, administration of the complex, as well as a shared WC room adapted for people with disabilities.
The exterior walls of the buildings are multi-layer panels of two colors. Gates and doors are equipped with translucent materials through which light enters the premises. The roofs of the buildings are gabled. Water runs off the roof through downpipes installed on the facade. At the edges of the facades, openwork, decorative elements made of metal tubular profiles are installed.
Interior decoration of the walls - multi-layer panels (facade walls) and plasterboard partitions filled with cotton wool. The floor is concrete. Toilet facilities are provided as needed. Technological sites are equipped according to the needs of the tenants. The installation of a ladder or lift (up to 3t) is specified according to the need and technology.
More about the project (see Documents).
We inform you that the employees of UAB Nordstreet (company code 304565690) are investing in this project.
Investment from 50.00 €.
Interest
Annual interest rate
- Investing from 50.00 € - fixed interest 12 %
- Investing from 5 000.00 € - fixed interest 12.5 %
- Investing from 10 000.00 € - fixed interest 13 %
- Investing from 15 000.00 € - fixed interest 13.5 %
The Interest on the Loan Amount shall be calculated from and including the date of disbursement of the Loan Amount to the Debtor's Account or to such other account (or accounts) as notified by the Debtor to the Operator in writing prior to the disbursement of the Loan Amount.
Loan term and repayment
Loan period
6 mo.
Minimum loan period
2 mo.
Loan repayment
At the end of the loan period
Estimated start date of the loan:*
2024-12-11
Estimated loan repayment date:*
2025-06-04
If the Debtor repays the Loan earlier than after the specified minimum loan period, it undertakes to pay interest to the Lender for the entire specified minimum period.
* The loan is planned to be repaid by the end of the project term from the expected growing income of the company, increasing profits, sale of assets or refinancing of the loan.
Procedure for disputes between parties to a financing transaction
The investor has the right to withdraw their investment within 96 hours from the submission of the money lending proposal on the platform
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