Romania’s Impact Developer & Contractor says it secured a loan worth €10.6 million from CEC Bank that will used for the completion of the first phase of Boreal Plus residential complex in Constanța.
The loan agrement is split in two. Impact will draw from a loan of around €9.9 million depending of the pace of development and will repay it in around 30 months. The second credit facility will fund the VAT of the construction and has a maturity of 20 months.
In early May, the developer secured two bank loans worth more than €13 million from Libra Bank to start new residential investments in Bucharest.
The company has sold bonds and got bank loans to fund its ongoing developments in Bucharest, Constanța and Iași.
Impact is listed on the Bucharest Stock Exchange (BVB) and has a market cap of around €158 million.
