Miera apartments - New Project on Bulkestate

A new investment on Bulkestate opportunity “Miera Apartments – 2nd stage” with an annual return of 14% (+1%)* will be launched soon.

Start investing with Bulkestate from only 50 EUR

*Bulkestate incentive payment

For this project Bulkestate offers the following special incentive pay (cash-back) for investors by sharing part of its fee received from the client:

Investors making EUR 10,000 or larger investments will receive a 1% incentive payment from the invested amount.

Object

The property consists of two apartments with a total area of 161 sq.m, located only a 5-minute drive from the Riga centre.

The building is located in a district that is very popular among inhabitants of Riga. Miera Street is home to shopkeepers, publicans, gallery-owners, writers and stylish shops and cafés, thus becoming one of the most attractive residential districts in Riga.

Loan target

The loan will be used to renovate the apartment that will be put up for sales after completing renovation works.

This equity loan (a mezzanine loan) is not secured directly by a mortgage on the property which is financed by the loan but by collateral and personal guarantee provided by the borrower. Equity loans can be subordinated to the more senior lender such as a bank which has a first rank mortgage on the property. The term equity loan is used as these loans usually provide the capital which fills the gap between funds provided by the equity investors and senior bank loan.

Amount of the loan

200 000 EUR

Independent valuation of the property

374 000 EUR

Borrower

SIA “LP Private Property”, Reg. No. 40103891306

The borrower does not hold direct legal titles on the apartment, thus, the loan is secured with equity.

SIA “LP Private Property” is re-developing several apartments located in this residential building on behalf of the owner of the building and the loan will be used for development to eventually sell the apartment. The borrower controls the sales process and will fund the loan repayment by the proceeds from sales. Additionally, the repayment is secured from other assets held by the borrower or the owner of the building.