Project by Kirsan - Bauskas Home
The Bauskas Home project, led by Kirsan, isa significant real estate development in Riga, Latvia. Located at BauskasStreet 57, this residential complex comprises 35 apartments. Despite itspromising potential, the project faced various financial and logisticalchallenges.
Initially financed by ReInvest24, theproject encountered funding difficulties, prompting a switch to Estateguru inApril 2021. This transition was essential to secure the necessary funds tocomplete the development. However, the refinancing process took over threemonths, causing delays in construction. Estateguru's promise of fasterfundraising proved crucial, as they could raise around €100,000 in just 2-3days, compared to ReInvest24's month-long timeframe for the same amount.
The total principal amount received from ReInvest24 was €635,000, which was returned during the refinancing step inApril 2021. Additionally, ReInvest24 received €77,019 (paid out in full by July2022), which included both loan fees and investor interests, specifically:
€19,050 - ReInvest24 fees
€57,969 - Investor interests
https://www.reinvest24.com/en/project/17-bauskas-development-loan
€19,050 - ReInvest24 fees
€57,969 - Investor interests
https://www.reinvest24.com/en/project/17-bauskas-development-loan
The Covid-19 pandemic further complicatedprogress, causing delays due to material shortages, workforce depletion, andsite quarantines. Following the pandemic, the war in Ukraine triggeredoverwhelming inflation, escalating construction costs by up to 20% or more.Despite these setbacks, the project continued moving forward, albeit slowerthan planned.
Throughout these challenges, Estateguru provided flexible financing, extending loans and offering additional funds toensure project completion. Despite numerous difficulties, Kirsan managed tomaintain regular interest payments to investors up to the end of 2022, withlater interest payment terms extended to ensure the project's successfulcompletion. However, in 2022 and 2023, the funding speed from Estateguru slowedsignificantly, taking 2-3 weeks to raise around €100,000, complicating theconstruction process. Nevertheless, Estateguru has been diligent in inspectingthe construction site and verifying completed work at each loan stage.
As of now, the construction is completed.The building is finished, and paperwork has been fully processed with all legalentities. Thirty-two apartments have been sold and transferred to the newowners. The total principal amount received from Estateguru was €2,312,462,which was returned in full at the beginning of May 2024. Additionally,Estateguru received €727,523 (paid out in full on the same date as the loanprincipal), which included various fees and investor interests.
https://app.estateguru.co/investment/show/LV2062-29?lang=en
Despitefacing numerous obstacles, Kirsan considers the Bauskas Home projectsuccessfully finished. Three more apartments are available on the market,awaiting buyers. Kirsan did everything possible to navigate and overcome thechallenges faced during the development, ensuring the project's completion andsuccess.
Disclaimer by Kirsan Security Agent OU:
Kirsan Security Agent OÜ is registered under company number 16582955.
The information provided on this website is for general informational purposes only. Kirsan Security Agent OU and its affiliated companies ("we," "us," or "our") make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose.
Any reliance you place on such information is therefore strictly at your own risk. In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website, you can link to other websites that are not under the control of Kirsan Security Agent OU. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, Kirsan Security Agent OU takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
The information provided on this website does not constitute legal, financial, or professional advice. You should consult with your own legal, financial, or other professional advisors for advice tailored to your specific situation. We are not selling insurance or providing advice, and you must make your own decisions based on your own judgment and research.
By using this website, you agree to the terms of this disclaimer.
This disclaimer is subject to change without notice.
Kirsan Security Agent OÜ is registered under company number 16582955.
The information provided on this website is for general informational purposes only. Kirsan Security Agent OU and its affiliated companies ("we," "us," or "our") make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose.
Any reliance you place on such information is therefore strictly at your own risk. In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website, you can link to other websites that are not under the control of Kirsan Security Agent OU. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, Kirsan Security Agent OU takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
The information provided on this website does not constitute legal, financial, or professional advice. You should consult with your own legal, financial, or other professional advisors for advice tailored to your specific situation. We are not selling insurance or providing advice, and you must make your own decisions based on your own judgment and research.
By using this website, you agree to the terms of this disclaimer.
This disclaimer is subject to change without notice.