• Since receiving initial funding in February, the developer has completed the walls for the first two floors and begun roofing. This new funding stage will propel the project towards finishing the exterior and essential systems;
• Upon completion, the value of this modern two-story building is estimated at EUR 1 900 000 (VAT included), with projected sales revenue of EUR 2 032 000 for the four spacious, four-bedroom apartments;
• Project Owner has 16 years of experience in the construction sector, working with the best construction companies in Estonia: "Merko" and "Nordecon";
• The Company's Director personally guarantees the entire loan amount;
• One apartment has been presold with notary agreement. The sales price for the apartment is EUR 520 000. There is great interest in the apartments as the project owner has not yet started active sales, yet one of the apartments is already presold;
• The construction costs of the project have been invoiced in the amount of EUR 227 000 plus VAT. The remaining work amounts to EUR 673 000 plus VAT (2024-05-17). The presented value is EUR 477 000 (excluding VAT), which was estimated at the time when construction had not yet started (2023-11-29).

About the project owner:
Giraldo OÜ specializes in construction and building finishing, primarily serving as a subcontractor for major general contractors, as well as managing general construction projects. Main partners of the company: AS Merko Ehitus, AS Merko Tartu, AS Nordecon Ehitus.

Project objective:
The project owner intends to develop a modern, two-story building with a total floor area of 452.5 sq. m, divided into four four-bedroom apartments. The building has an energy label A, which ensures low utility costs for each unit. The average area per apartment will be 112.9 sq. m. On the ground floor there will be a common living room and kitchen area, a hallway with a spacious wardrobe, a pantry, a bathroom and an appliance room with a bath. On the second floor there will be a bathroom and three bedrooms. Each apartment will also have its own terrace. The apartments are planned to be sold upon completion. The expected sales revenue for all apartments is EUR 2 032 000.

Since the first loan phase in February, the following works have been completed:
Excavations, fillings, and construction of temporary roads, construction of internal property routes, construction of the foundation, design and installation of geothermal systems and piping from wells to the technical room, prepayments for windows, prepayments for exterior doors, construction of the walls and ceilings of the first and second floors. On the first floor, the heating system, water and sewage system, electrical and weak current cables, subfloor insulation, and mesh have been installed. The main objective of the current funding is to use the resources for the completion of the house's electrical, weak current, heating, water, and sewage systems, roofing work, final payments for windows, plastering work, and ordering and installing metal structures for canopies.

The maximum planned amount of funding for the project is EUR 750 000 (EUR 220 000 has already been raised). The project is financed on the basis of the current valuation of the collateral until it reaches the established maximum loan-to-value ratio of 70% LTV. Once the maximum LTV has been reached, a new valuation of the property will have to be carried out and further rounds of financing for the Project will only be advertised and collected if the set maximum LTV is not exceeded.

Interest by investment amount:
– From 100 EUR to 499 EUR – 8.20%
– From 500 EUR to 999 EUR – 8.70%
– From 1 000 EUR to 1 999 EUR – 8.95%
– From 2 000 EUR to 4 999 EUR – 9.20%
– From 5 000 EUR – 9.70%
Important: investments made separately are not aggregated.

We plan to collect the target amount within 7 days with the possibility to extend it to 21 days if the target is not reached.