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Apartment association loan

The apartment association loan with its long period and attractive interest is designed to finance the renovation of the whole apartment building and the improvement of its energy-saving features.

Reduction of expenses

An energy-efficient apartment building consumes less power and thus your heating bills in the winter season become smaller.

Increased real estate value

A renovated facade, a new roof, repaired staircases, new windows, an updated power grid and heating system – all these things make apartments more valuable.

Pay less service fees

Residents enjoy discounts when making payments to the apartment association’s bank account. The Apartment Building Plan facilitates saving on service fees.

More information

Villi Hunt

Villi Hunt
Business Client Relationship Manager
+372 5331 5160

  • The maximum loan amount is 90% of the cost of the work
  • The length of the loan schedule is up to 20 years
  • The loan amount will be paid out on the basis of invoices and documents to the association’s current account in Coop Pank
  • A grace period of up to 12 months for the duration of the renovation
  • Interest 6 months’ EURIBOR + risk margin
  • Collateral
    - pledge of proprietary rights on the obligations of the members of the apartment association
    - surety from KredEx, a private person or legal entity, term deposit or mortgage on an immovable
  • The apartment association must be registered as an apartment association at least 6 months before applying for a loan
  • There must be at least 3 apartments in the apartment association
  • The debts of the association’s members to the association may not comprise more than 10% of the total amount of invoices for the last 6 months
  • There are no deferred debts to credit and financial institutions, the Tax Board and utility service providers
  • Loan application
  • Competent resolution of the general meeting to take the loan, which was adopted with a simple majority of votes, unless a greater majority of votes is required in the articles of association, and a registration sheet of the members who attended the meeting
  • Financial statements
    - financial statements for the last 2 financial years
    - balance sheet and income statement for the current financial year as at the end of the last quarter
  • Brief description, budget and schedule of the work to be performed, copies of construction offers, designs and building permit, if necessary
  • Report on apartments in arrears
  • Statement of the association’s payment account(s) for at least the last 6 months if the apartment association does not settle via an account in Coop Pank
  • Extract from the Land Register on the apartment owners
  • Management plan including the requested loan
  • The last invoices from major service providers indicating that there are no overdue amounts
  • If necessary, an expert assessment or energy audit of the building