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International Internet Magazine. Baltic States news & analytics Friday, 30.10.2020, 21:17

Estonia's EstateGuru P2P lending platform raises financing for residential project in Riga

BC, Riga, 01.09.2016.Print version
EstateGuru, an Estonian-based online peer-to-peer (p2p) marketplace for secured property loans, has raised financing for the development of a residential project in Riga, reports LETA.

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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