Status
financed
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 crowdfunding opportunity project pitch by CrowdEstate){kind=link}
Funding data (11 October 2019)
Details
Description
“This project provides Crowdestate investors with an opportunity to invest in development of row house development project in Tartu, Klaose st. 12 and Klaose st. 14, located in exclusive Kvissental precinct. Kvissental is highly valued and private neighbourhood quite next to River Emajõgi on the northern border of Tartu, the second largest city in Estonia. As the result of this project, two row houses with six apartments in each will be built and sold. The Sponsor of the project is established construction entrepreneur who functions also as main contractor in this project. The Sponsor is currently developing neighbouring properties at Aeru st. 9 and Aeru st. 11, building two row houses identical with Klaose st. row houses. Also this project was funded by Crowdestate investors. Aeru development is currently in process of applying for use permits. About 40% of Aeru st. row houses are sold (incl. 3 ownership transfers and 2 bookings), validating pricing and product also for current, Klaose st. development. 2 apartmetns from Klaose st. development has been booked. Crowdestate investors have an opportunity to finance the construction of Klaose st. 12 and Klaose st 14 in the amount of EUR 760,000 in total. The current third funding round has an objective to raise EUR 180,000. The loans are secured by first rank mortgage on the Klaose st. 12 and Klaose st. 14 properties. The loan term is 10 months. Fixed interest rate for this funding round is 11% per annum. There would be no periodical interest payments. The loan will be returned and outstanding interest will be paid out according to sales as 100% of sales revenues will be transferred to payouts to investors, but not later than expiry date.”