Mentor Finance recruits 15 mln euros for a residential project in Romania [Update]

Mentor Finance, a subsidiary company of Mentor Group Holdings said it recruited 15 million euros for an existing residential project in one of the main cities of Romania, without disclosing the name of the project’s owner.

Update: “The project, located in Timisoara is still under construction, and the apartments are already for sale. It is a medium sized compound and negotiations for the financing lasted three months”, representatives of Mentor Finance told Wall-Street.

The developers will have the ability to re-plan their selling strategies according to the new obligations they gave the financiers. They believe they will finish it totally up to 18 months including completing of the sales.

According to the company's statements, the latest recruitment was made following a joint venture between an international fund and a private investment group. The contracts were already signed, but the details remain confidential -regarding all the sides involved in the transaction.

“Due to the financial global crisis, we were facing many difficulties in recruiting any loans or credits for real estate projects. Therefore, we made huge changes in the money recruiting method that will fit to the "today market. In many cases we are modifying the financing structure along with the marketing strategies of the existing project,” says Osnat Peled (photo), Marketing director of Mentor Finance, specialized in financing solutions and Investor relations in Europe.

The solutions may come from a few directions – a fund, an investor to join in, an international or a local bank, or even combination of the solutions mentioned above.

Mentor Finance obtained last year more than 35 financing and loans files in Romania, Bulgaria and Moldova. The company has also stated recently, they represent an international fund seeking for green energy projects with investments over 50million euros.

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