The loan is used to finance the purchasing of a property.
The loan will be repaid from sales revenue of a completed development project.
The loan is secured with a first rank mortgage.
Member of the management board of the borrower will provide a personal surety in the full mortgage amount.
The borrower retains the opportunity to raise additional capital, if necessary, as the collateral value increases.
The mortgage was established during a prior financing process and will also cover additional stages of financing.
Prior to the next stage of financing, construction supervision must confirm the completed works (if construction has commenced and works have been performed in a considerable amount) and a third party must assess the market value of the collateral.
The LTV in 2 stage is 54.2% and can increase to 65.0% in further stages.