Piekrasta Rezidence V

• The owner of the project will use the pooled funds to develop the property;
• The development is located in a relatively active part of Riga, on the right side of Maskavas, which was previously home to various factories and light industry;
• The owner of the project has extensive experience in the real estate sector, having developed 14 000 square metres of various commercial and 9 000 square metres of residential projects;
• The shareholder of the company is a personal guarantor for the entire loan amount.

About the project owner:
SIA SKY KRASTI group of companies has experience in mixed-use real estate development in Latvia, which has been operating since 1997 and has developed about 25 000 square metres of projects. In Riga, the developer has developed 3 residential blocks (Riga warmhouse, Slock 84, Sniega street).

About the project:
The project owner is developing a 3-apartment block in Riga with 191 apartments and studio units. The flats in the apartment blocks will have one, two and three rooms with an area of 31-88 square metres. The studio apartments will have an area of 28 square metres. The developer is currently in the process of pre-booking with 38 buyers, 34 of whom have already paid the reservation fees of EUR 3 000 – 5 000, and the remaining 4 have paid about 50% of the final price of the property. The developer plans to refinance the existing bank commitment within 6-9 months. The expected sales proceeds are EUR 22 000 000 including VAT.

Project progress:
With the funds raised in the last phase, the developer has laid floor slabs on all 3 buildings in the complex, and the 1st floor walls are currently under construction. As the weather warms up, a reinforcing concrete layer will be poured over the slabs.

The maximum financed amount: EUR 2 000 000 (EUR 1 500 000 already raised). The project is financed according to the current valuation of the mortgaged property until it reaches the set maximum LTV of 50%. Once the maximum LTV is reached, a new valuation of the property will have to be carried out, and the further stages of financing the project will be announced and collected only if the set maximum LTV is not exceeded. The loan-to-value ratio (LTV) without VAT at this stage is 45%.

Interest by investment amount:
– From EUR 100 to EUR 499 – 10.6%
– From EUR 500 to EUR 749 – 10.75%
– From EUR 750 to EUR 1 499 – 10.95%
– From EUR 1 500 to EUR 2 999 – 11.05%
– From EUR 3 000 to EUR 9 999 – 11.15%
– From EUR 10 000 to EUR 24 999 – 11.4%
– From EUR 25 000 to EUR 49 999 – 11,9%
– From EUR 50 000 to EUR 99 999 – 12.6%
– From EUR 100 000 – 13.6%
Important: investments made separately are not aggregated and cannot be pooled.

We plan to raise the amount within 7 days, with the option of extending it to 21 days if we do not raise funds.