Apartment development made possible by Baiterek

15.11.2017

Housing block

The challenge

Sollers LLP had planning permission to build nine-storey, 54-apartment residential apartment in Aktobe. They needed $1.48mn financing to complete the project

How Baiterek helped

Baiterek, through its subsidiaries, provided a loan of $1.2m to be repaid over three years. Baiterek also helped secure $100,000 worth of subsidies. The loan was provided at an interest rate of 14% with 7% subsidised by DAMU, leaving Sollers LLP with an effective market leading interest rate of 7%

The results

The apartments were built over XXX months. On completion the keys of the apartments were personally handed to the tenants by the DAMU chairman, Abai Sarkulov and the regional Mayor Berdybek Saparbayev. The return on investment is XXXX ???