Residential building - Plzeň (1st Phase)

This is the first loan provided to the client’s group, which has many years of experience in property development, particularly in the construction of residential real estate projects – apartment buildings, as well as in the acquisition and appreciation of land and properties and the sale of residential units into private ownership. The group is currently developing several projects, including one near the center of Pilsen and another focused on the construction of residential units in Prague. The purpose of the loan is to finance the construction of a smaller apartment building in Pilsen, which will offer eight residential units upon completion. The building permit has already been issued. The apartment building is designed to be located in the wider center of Pilsen, on a plot situated within a gap in an existing block development of apartment buildings. Both the purpose and spatial layout of the project correspond to the character of the surrounding development. At present, the site is occupied by a building used as garages, as well as additional structures in unfinished or deteriorated condition that are designated for demolition. Demolition works have already commenced. From the provided credit facility of CZK 30,000,000, the first tranche in the amount of CZK 3,600,000 has already been drawn down. Further tranches will be released in line with the ongoing construction progress of the apartment building. During the course of the project implementation, the loan will most likely be additionally secured.