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Tyrivegen 1 - 13, Rælingen, Nordby, Norway (1 stage)
Amount of funding
150 000 €
LTV
50%
Annual interest rate
13.00% - 14.00%
Total expected project return
25.99% - 28.00%
Loan period
24 mo.
Risk
B (medium)
Purpose of the loan
Development loan
Collateral
Real estate pledge
Country
Norway
Norway
Investors
5
Raised:
620 € Goal:
150 000 €
620 € Goal:
150 000 €
0.41%
How much will I earn if I invest:
Investment size
100.00 €
149 380.00 €
13%
13.25%
13.5%
13.75%
14%
With this project in one month I will earn
€
After 12 months I will earn
€
After 24 months i will earn
€
* This calculator is exemplary and provides approximate results. Please note that the actual earnings may differ from the results provided by the calculator
| # | File name | File type | Actions |
|---|---|---|---|
| 1 | Įstatai Apolo Bygg AS |
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| 2 | Išsamus oficialus Norvegijos registrų išrašas |
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| 3 | Įmonės registro išrašas |
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| 4 | Registracijos sertifikatas |
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| 5 | Užbaigto projekto kainos indikacija – 56 000 000 NOK |
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| 6 | Turto vertinimo ataskaita 2026-06-15 (19 MNOK - 57 MNOK) |
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| 7 | Techninė ataskaita |
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| 8 | PIID (1 etapas) |
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About the loan
Purpose of the loan
Real estate development
Amount of funding
150 000 €
LTV
50 %
Risk
B (medium)
Payment of interest
Every month
Loan repayment
At the end of the loan period
Loan period
24 mo.
Minimum loan period
4 mo.
Collateral
Real estate pledge
A promissory note for double the amount
Mortgage rank
First order mortgage
Amount allocated by project owner
864 930.00 €
Purpose of the Loan
The financing requires a total of EUR 864,930, which will be raised in stages. The loan is intended for the further development and completion of the Tyrivegen 1–13 real estate project in Norway. The loan proceeds will be used for the completion of construction work on existing residential buildings, finalizing project and construction documentation, carrying out landscaping and infrastructure installation work, and financing other expenses related to the project’s development, completion, and implementation. The loan will be repaid using proceeds from the sale of the real estate being developed or by refinancing the loan with another financial institution. The amount that the project owner is contributing to the project is 864,930 EUR.
About the Project
The mortgaged property is a single residential development project at Tyrivegen 1–13, which at this stage consists of two semi-detached residential houses under construction at Tyrivegen 1/3 and Tyrivegen 5/7, which together comprise four main residential units, as well as additional land plots designated for development at Tyrivegen 9 and Tyrivegen 11/13. According to the project documents, a single-family home was planned for Tyrivegen 9, and a new semi-detached home for Tyrivegen 11/13. Thus, the fully developed project would consist of seven main residential units: four semi-detached units currently under construction, the future single-family home, and two units of the future semi-detached home.
According to the 2026 technical summary, the total interior usable area (BRA-i) of the four existing residential units is approximately 864 sq. m, while the area of terraces and balconies (TBA) is approximately 74 sq. m. The areas of the individual units are as follows: Tyrivegen 1—approximately 207 sq. m BRA-i and 12 sq. m TBA; Tyrivegen 3—approximately 218 sq. m BRA-i and 12 sq. m TBA; Tyrivegen 5 – approximately 218 square meters of gross floor area (GFA) and 25 square meters of terrace and balcony area (TBA), Tyrivegen 7 – approximately 218 square meters of gross floor area (GFA) and 25 square meters of terrace and balcony area (TBA). In Tyder’s technical documentation, the floor areas were measured on-site and presented by individual floors and functional zones; it shows that the buildings are structured into a lower level (basement), first floor, and second floor, with the main living area, garages, living spaces, bathrooms, bedrooms, kitchen and living room areas, as well as additional rooms for separate use. It should be noted that the investment business plan presents the previous total gross floor area (GFA) of 551.2 sq. m for the first phase—270 sq. m for Tyrivegen 1–3 and 281.2 sq. m for Tyrivegen 5–7, therefore, the area figures and measurement bases used in different documents do not fully match; Before entering into a financing or sales agreement, the relevant gross floor area (GFA), gross floor area (GFA), total building area (TBA), and registered areas must be verified against the approved drawings and final cadastral documentation.
From a structural standpoint, the existing residential buildings are constructed on a concrete slab, the exterior walls are frame structures above the foundation and finished with horizontal painted wood siding; the foundation elements are plastered on the exterior. The buildings have gabled wooden roofs with metal sheathing, snow guards, metal gutters, and downspouts. Triple-pane windows have been installed. A concrete floor slab is used between the ground floor and the first floor, while a wooden beam floor slab is used between the first and second floors. The project includes terraces; some of them are built above the structural framework with an exposed waterproofing membrane; the railings and other elements of some terraces have not yet been fully completed. The photos provided show buildings with dark wooden finishes in the contemporary Scandinavian architectural style, integrated into the sloping terrain, spacious glass-enclosed terraces, a separate garage structure, gravel-covered parking and access areas, and retaining walls.
The level of technical readiness varies among individual buildings and rooms. The water supply and sewer systems are partially equipped with a “pipe-in-pipe” system, distribution manifolds, and sewer lines; however, some rooms lack sanitary fixtures and hot water supply equipment. Balanced ventilation systems are planned or partially installed, but several units still lack units, connections, or final commissioning. Electrical wiring and outlets have been installed to varying degrees; in some places, circuit breakers, outlets, lighting, and other components are missing. Kitchens are fully equipped in some units, while in others they are only partially equipped or missing entirely. Bathrooms and other wet areas are at various stages of completion—ranging from unfinished spaces to those fully tiled—so the quality of the waterproofing, slopes, drains, and penetrations must be documented and verified. In some units, the stairs, handrails, and fall protection elements are incomplete. One basement window at Tyrivegen 7 is listed in the documents as broken; the installation of some exterior doors is incomplete; and the garage doors had not yet been installed at the time of the technical inspection.
A key aspect of the project’s current status is the incompleteness of the construction and final documentation. The technical documentation indicates that, at the time of the inspection, not all FDV operational documentation, product documentation, declarations of conformity, and documentation from the responsible project participants had been submitted; nor has the suitability of the fire barriers been fully documented. The actual layout of the first floor differs in part from the initial architectural drawings, as some of the bathrooms, toilets, and utility rooms were converted into a separately used apartment/“hybel”-type unit with a separate entrance; the submitted materials do not confirm that all of these changes have been fully approved by the municipality.
Building permits for the construction of Tyrivegen 1/3 and Tyrivegen 5/7 were issued in 2021; the permits provide for semi-detached residential houses with additional secondary residential units, integrated parking spaces, and additional spaces on the lot. Correspondence from the Municipality of Rælingen in 2025 indicated that construction had begun, but as of November 2024, the municipality was unaware of any active progress on the project; It was also noted that the permit could become invalid if construction were to be suspended for a period longer than two years. In the municipality’s 2025 documents, no final construction completion certificate or temporary occupancy permit was registered for Tyrivegen 5/7.
The legal status of the future development is of particular importance. In 2020, a permit was granted for the plot at Tyrivegen 9, with an area of approximately 893 square meters, to build a single-family residential house with a secondary residential unit; but since no application to commence construction was submitted within the specified three-year period, the municipality closed the case on October 17, 2024. Similarly, at Tyrivegen 11/13, where the lot area is approximately 1,060 square meters, the previous permit for the construction of a duplex also expired, and the case was closed on October 17, 2024; therefore, a new or re-approved building permit in accordance with the requirements in effect at that time is required to implement this part of the project. Nevertheless, the current land-use planning documents classify the plots as part of a low-density residential development area; thus, the potential for residential development remains, but cannot be considered unconditional until new permits are obtained.
The four existing residential units have additional economic potential due to the secondary residential/rental units planned in the project. The 2026 the project report indicates an estimated monthly rental potential of 9,000 NOK for each of the four properties, or a total of approximately 36,000 NOK per month and 432,000 NOK per year. This income potential has not been fully capitalized into the primary market value estimates, as the legality, standard, and actually achievable rental rate of the individual units must first be confirmed. Therefore, a legally formalized and technically properly completed secondary residential section could increase both the property’s appeal to families and its financing opportunities and investment returns.
The market data presented indicates a fairly clear level of demand for similar completed semi-detached homes. Prices in comparable transaction records range from approximately 8.1 to 10.3 million NOK for a property of a similar type, depending on the size, standard, terraces, basement, and rental portion, legal documentation, and specific location. In the “PrivatMegleren Jessheim” project materials, the total indicative price for the four completed existing homes is 32 million NOK, i.e., approximately 8 million NOK per semi-detached unit; the future units at Tyrivegen 11 and 13 are also estimated at 8 million NOK each, and the single-family home at Tyrivegen 9 at approximately 8 million NOK, therefore, the estimated total cost of the completed project as presented in this document is approximately 56 million NOK. In the next project report for 2026, the estimated market value of the entire project in its current unfinished state is approximately 19 million NOK, the value of the four existing units upon completion is 32 million NOK, and the value of the entire project upon full development is approximately 57 million NOK, with a sensitivity range of 52–65 million NOK. The investment plan uses more conservative assumptions for the project’s completion, ranging from 49.6 to 50.6 million NOK, with an estimated total capital requirement of approximately 31–32 million NOK, NOK 17.6–19.6 million in pre-tax profit, and an estimated 55–63 percent ROI for the project. These varying figures do not represent a single fixed price, but rather different project scenarios depending on completion, construction costs, permits, documentation, and the sales market.
The best use of the mortgaged property, taking into account the existing zoning plan, construction work already completed, market data, and the investment structure, is to complete the residential project in two phases. In the first phase, it is most rational to fully complete the residential units at Tyrivegen 1, 3, 5, and 7, landscape the exterior grounds and install drainage, complete all utility systems, garages, terraces, and security features, obtain the missing declarations of conformity and final occupancy permits, and legally resolve the status of secondary residential/rental units. “PrivatMegleren” clearly recommends against investing in excessive luxury, which the Nordby market does not compensate for with a higher sales price, but rather opting for a good, neutral, and market-appropriate final finish. In the second phase, it makes sense to update the design and permitting documentation for Tyrivegen 9 and Tyrivegen 11/13 and to develop these lots for residential construction in line with actual demand in Nordby. This phased model is also consistent with the strategy outlined in the investment plan—first, to realize a significant portion of the value already created in the existing homes, use the proceeds to reduce financing risk, and only then proceed with the second phase of development.
The appeal of the mortgaged property is enhanced by its location in the Oslo region, the large floor area of the homes, modern architecture, garages and parking facilities, terraces, the potential for additional rental space, and the possibility of expanding the project onto two undeveloped lots. The appeal to end-users is primarily aimed at families who need a larger home near Lillestrøm and Oslo, buyers seeking additional independent living space for adult children or multigenerational families, as well as buyers interested in generating legitimate rental income. Potential buyers for the entire project include local and regional real estate developers, construction companies, private professional investors, and investment firms capable of completing the remaining work and selling individual units. Once construction is complete, all permits have been obtained, and—if legally feasible—the individual units for sale have been properly separated and formed, the pool of potential buyers would expand significantly to include typical individual homebuyers.
Liquidity at the current unfinished stage is considered moderate or limited, as the buyer must assume the risks associated with project completion, technical systems, construction documentation, and some permits, and only a smaller group of buyers can finance and manage such a property. The documents clearly identify the following as the greatest risks: final use/construction completion documents, missing FDV and compliance documentation, fire separations, the legality of individual residential units, building permits for future lots, remaining construction costs, land and infrastructure issues, and market changes. Once the four existing homes are completed, the documentation is resolved, and they are brought to market as separate residential units, liquidity should be significantly improved, as transactions for similar homes cited in the documents confirm the reality of the Nordby / Rælingen family home market.
Conclusion. The mortgaged property is a large-scale, already significantly developed residential project with two independent sources of economic value—four essentially completed, but not yet completed residential units and the potential for further construction on the plots at Tyrivegen 9 and Tyrivegen 11/13. The main advantage of the property is that a large portion of the project’s physical value has already been created, the units are of an attractive size and type, and there is demand in the local market for similar completed residential units. The most rational course of action is not to change the property’s designated use, but to complete the existing residential development, first and foremost by minimizing the risks associated with documentation and technical incompleteness. Current liquidity is limited by unfinished construction, unapproved portions of the technical and construction documentation, the legal status of certain additional residential units, and expired permits for previous phases of the development; however, upon proper completion of the first phase and receipt of the final documentation, the property has good potential to be sold both as individual units to end buyers and as a complete project to a professional real estate developer or investor.
More about the project (see Documents).
Investment from 50.00 €.
Interest
Annual interest rate
- Investing from 50.00 € - fixed interest 13 %
- Investing from 1 000.00 € - fixed interest 13.25 %
- Investing from 3 000.00 € - fixed interest 13.5 %
- Investing from 5 000.00 € - fixed interest 13.75 %
- Investing from 7 500.00 € - fixed interest 14 %
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
24 mo.
Minimum loan period
4 mo.
Loan repayment
At the end of the loan period
Estimated start date of the loan:*
2026-09-18
Estimated loan repayment date:*
2028-09-18
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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