Development loan - 1.stage (Estonia). Collateral value: €2,972,000 LTV: 50.5% Projected LTV: 69.0% Loan Period: 18 months Schedule Type: Bullet Mortgage Rank: First rank Property Type: Land plot (residential) Loan Type: Development loan Location: Estonia The loan is used for a preparation period of a development project plus starting the first construction work and to refinance outstanding obligations. The loan will be repaid from sales revenue of a completed development project. The loan is secured with a first rank mortgage. Borrower adds a 1% bonus to annual interest for investments of at least €20,000 (combined annual interest 12%). The borrower retains the opportunity to raise additional capital if necessary, provided that the ratio of the loan and the market value of the collateral (LTV) does not exceed 69%. The established mortgage will also cover loans of additional stages of financing. Prior to the additional stages 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 the 1 stage is 50.471% and can increase to 69% in further stages.