• Category - Real estate backed loan 
• Payment frequency - Monthly interest payments 
• Collateral - Commercial collateral 
• Country - Latvia 
• Max LTV - 55%

New short-term real estate backed loan, secured with a residential property in a quiet street in the city center of Riga, Latvia.

The area
Riga is the capital of Latvia and home to 630 000 inhabitants (2020), which makes it the biggest city in the Baltic states. Riga is the most important economic, industrial as well as the cultural center of the country. 

Located on both banks of the Daugava River, at its exit where the river meets the Baltic Sea at the Gulf of Riga. Being significantly larger than other cities, Riga emerges as the leading and shaping city. Riga is roughly 300 kilometers away from both Tallinn, Estonia and Vilnius, Lithuania, making it the center of the Baltic´s states. 

The object is located in the quiet street in the city Centre. This unique six floor building is in the prime location and the building is planned for seventeen apartments and three commercial premises with 3 separate entrances. The building is being entirely reconstructed and modernized, including substitution of foundation of the building.

The property
The total area of the land plot is 641 sqm, the total size of the building is under 1340 sqm, the useful sqm is 1270 sqm, with exceptionally high useful/total sqm ratio. The reconstruction of the residential house provides for creation of six total floors of the new building fit for 17 brand new apartments, as well as an in-house garage for 5 cars and open parking for 4 cars. The first (ground) floor is intended for a commercial area (three commercial premises, which can be united into two or one bigger premises) as well as the garage (entry from the backyard). 

Distinguished features: 

• Functional and convenient planning (typically 40 sqm to 80 sqm) 
• Bright and spacious house with large-size and numerous windows 
• High quality appealing interior 
• Excellent plumbing 
• Open balconies facing the inner yard (4 sqm to 8 sqm) 
• Fireplaces (in selected apartments) 
• Spacious front entry and convenient access to the stroller room