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Lake residentials development

Project typeReal-estate backed loans
CountryEstonia
Total stages3
Collateral1st level mortgage

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Object overview

  • Category - Real estate backed loan
  • Annual interest - 13% + up to 1% bonus interest
  • Bonus interest - 0,5% (over 5 000), 1% (over 20 000) claim units
  • Payment frequency - Monthly interest payments
  • Collateral - 1st rank mortgage, with possibility of bank financing on later stages (replacing 1st rank)
  • Duration - 12 months
  • Country - Estonia
  • LTV - 75%

The area
Lepiku Lake Residential development is located in a peaceful nature, next to a 160 hectares of lake, only 5km from Tallinn and 20km from the city center. This quiet area has great connection with Tallinn, as the Peterburg mnt highway is just a couple hundred meters away. Maardu lake is just 100m west from the planned residential premises, the lake's sand beach with volleyball courts are a 10-15min walking distance. In addition, the municipality has a plan to create a hiking trail around the lake. Everything you need for life is close by, as Tallinn can be reached with a couple minute drive or 10 minutes with public transportation. It is a great location for families, who appreciate privacy and nature, while being a couple minutes away from Tallinn.

The property
The new houses will be built on land with a cadaster number 44605:001:1020 The total area is 10 hectares, while 8,2 hectares is approved with detailed planning as living area, with 30 single houses and 4 terraced houses. The land is pre-divided into separate plots and this huge project will be developed in 4 separate stages.

The first development stage of this project includes building 7 single houses. Each house will be built on ~1600 m2 separate land plots. All the houses will have a total area between 150 to 200 m2. Currently a high-voltage line is crossing the edge of this land, as per a signed agreement with the electricity network, it will be moved within 6-8 months. The local authorities have also approved the plan to create a public sand beach on the east coast of the lake, which is 100m from this project. The first 7 houses, together with the necessary infrastructure and utility connections will be ready by 2023 summer.

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