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Friday, 19.04.2024, 06:46
Estonia's EstateGuru P2P lending platform raises financing for residential project in Riga
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The money necessary for the first stage of the project, which is
EUR 290,000, was raised in less than four hours after the project was placed on
the EstateGuru website. The money was
provided by 330 investors in three hours and 58 minutes. The average size of
one loan was EUR 860.
During the two stages, the loan amount for the
project could total up to EUR 430,000. The capital is being raised for
pre-development period of a residential project, a multi-apartment building, in
the Latvian capital city Riga.
The project will allow investors to earn 12.5% interest on their investment, the P2P marketplace said. The loan will be refinanced by a strategic partner or by selling the project within 18 months and after the construction permit has been issued.
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