BuyBack guarantee in case of borrower's payments delay for more than 60 days

There is an agreement that SIA Primo Invest issues a loan to Latvian Company under investment contract dated 09/08/2019 to finance the development project in Bronnoysund, Norway. Money will be used to finance exterior works of a residential building containing 13 apartments in total.

In current project borrower is a subcontractor, who has signed a contract to provide exterior works. The project will be financed by main customers own assets and no upfront sales of the apartments are needed. The main customer is the biggest real estate developer in the area.

The ground floor will be done in concrete, which will include the garage and it will be done by local Norwegian companies. Electricity, plumbing and ventilation works will be carried out by Norwegian companies.

Project timeline:

Start of the groundworks: September 2019

Start of structure and interior works: December 2019

Completion of project: September 2020

Additional Information

Latvian company is a building contractor in Norway, whose team is a part of affiliated companies that have an extensive experience in construction industry, developing more than 180 building across Scandinavia, including multi-story apartment complexes, hotels, apartment buildings and dozens of private houses.