We are supervised by
We are reglamented by
Jūrkalnes st. 62 and 62A, Riga, Latvia (19 stage)
Latvia
| # | 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 (19 etapas) Jūrkalnės.pdf |
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About the loan
Purpose of the loan
Real estate development
Amount of funding
43 440 €
LTV
60 %
Risk
B (medium)
Payment of interest
Every month
Loan repayment
At the end of the loan period
Loan period
4 mo.
Collateral
Real estate pledge
Guarantees / surety
Mortgage rank
First order mortgage
Amount allocated by project owner
320 000.00 €
Loan purpose
The project requires a loan of EUR 2 348 400 to finance the entire project, which is divided into phases. The loan will be used for the acquisition of land plots and for the construction - installation of the real estate, i.e. two service commercial buildings with a total area of 2,122 sqm at 62 and 62A Jurkalnes Street, Riga, Latvia, outdoor utilities and other structures (parking lots, passages, passageways, fencing).
The first 5 phases (EUR 480,000) are already financed. The additional funding rounds (total EUR 1 868 400) are now starting to be announced. After obtaining the building permit and starting the works, the Borrower has re-evaluated the property (Property Valuation Report dated 21.03.2024) and has established the current market value of the land plot at EUR 800,000 and the future market value of the property at EUR 4 830,000. In view of the above, the Borrower has applied for full financing of the project amounting to EUR 2 348 400, maintaining the same loan-to-value ratio (60%), which will be calculated on the basis of the future value of the property in accordance with the Project Owners' Trust Valuation Rules, points 5.32 - 5.33, i.e. by financing the works carried out according to the ratio established, and which have been/are to be documented by the signed deeds of works carried out and the invoices signed in accordance with the established procedure.
Funds from the first 5 phases of the loan have been used for the acquisition, consolidation, design and obtaining of building permits, demolition of old buildings and site preparation, and for the construction of the land plots at Jūrkalnes 62 and 62A, Riga, Latvia, while the funds from Phase 6 and subsequent phases will be used in stages to fully complete the project. The borrower plans to construct and lease two commercial buildings with a total floor area of 2 122 sqm. The loan will be repaid by refinancing with another financial institution once the borrower has completed all the construction-contracting works, obtained the completion certificate and registered the 100% completion of the building in the real estate register.
About the project
The project consists of two service buildings for automated goods receiving/dispensing activities. The buildings are single storey with mezzanine floor (~6m high). The buildings consist of different sized rooms, each with a separate access from the outside. The site is accessed via a single 5.5 m wide entrance from Jūrkalnes Street. A circular driveway is provided around both buildings. 36 parking spaces shall be provided along the long facades of the buildings. One space for one goods receiving and dispensing point. The main driveways, parking spaces and pavements will be constructed of concrete pavers.
Two service buildings are designed to be built perpendicular to each other. A common administration area is located in the middle of the buildings. The buildings are intended for small businesses and e-commerce operators, for whom small automated pick-up/drop-off points are relevant.
Both buildings will consist of a main reception/dispensing area with external entrances and ancillary areas with separate entrances for servicing the building complex. Parking spaces shall be provided along all premises at the entrances. All reception/dispensing areas will be managed via a mobile application. Each room is accessed directly from the outside via a door in the gate or a door next to the gate. The gates, measuring 250cmx285cm, are designed for easy entry of bulky items. Both buildings are single storey with a technical parking area. All the premises have the possibility to provide WC facilities according to the needs of the users of the premises. The buildings have technical rooms for utility connections, administration of the complex, and a shared toilet room for disabled persons.
The external walls of the buildings are multilayered panels in two colours. The gates and doors are of translucent material, allowing light to enter the premises. The roofs of the buildings are gabled, with water draining from the roof through gutters on the façade. The edges of the façades are fitted with openwork, decorative elements made of metal tubular profiles.
Interior wall finishes are multilayer panels (facade walls) and plasterboard partitions filled with wool. Floors - concrete. Toilet facilities are provided on request. Technological sites are equipped according to the needs of the tenants. The installation of ladders or lifts (up to 3t) is subject to adjustment according to need and technology.
For more information on the project (see Documents).
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
4 mo.
Minimum loan period
0 mo.
Loan repayment
At the end of the loan period
Estimated start date of the loan:*
2025-02-19
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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