If you wish to borrow from a bank, please find above indication of the loan installment with the assumptions used below.
Loan Installment Calculations:
Closing Price: €1,800,000
Own Contribution (35%): €630,000
Loan Amount (65%): €1,170,000
Interest rate: 3.8%
Years of repayment: 15 years
Residential building of 27 studio holiday apartments in Germasogia. Plot size 2397m2, consisting of 2 blocks. 24 studios on the first and second floor. At the ground floor, there are 3 more studios, reception, dining area guests toilets and managers office. Internal area 958m2 plus verandas. Built in 1995 need some renovation. Provision for swimming pool, covered parking’s. Attached there is a plot of 602m2 with density 25% and coverage 40% that it can be used as an extension of the business. In summer period with full capacity and 65-70% in wintertime. Also he rent 4 studios as long term. After renovation with some calculations, the studios can be rented out 600-650 for long term with a profit 9%-10% on the investment. The price is 1.8 million euros.