TGS Baltic has advised EstateGuru, an Estonian property p2p lending marketplace, on the establishment of its first institutional credit line with Germany's Varengold Bank AG. The bank was represented by Eversheds Sutherland.
EstateGuru, a cross-border marketplace for short-term property loans, has secured its first institutional credit line to be invested into loans originated in the Baltic market. The company currently has offices in Estonia, Latvia, Lithuania, and the UK.
Varengold Bank AG is a German private bank that is headquartered in Hamburg that was founded in 1995 as an asset management boutique seeking to offer individual and high-performing financial products for private and institutional clients. In 2013, Varengold was granted a commercial banking license when it transformed into a full-fledged commercial bank.
“Establishing the cooperation is proof of having found a mutually beneficial cooperation model between a traditional financial institution and a fintech company,” commented EstateGuru CEO and Co-Founder Marek Partel. “The cooperation with Varengold Bank and other institutional investors enables EstateGuru to grow faster by offering a wider variety of property backed loans to our entire investor base and raise the flexibility of loan terms to our borrowers. It is an important milestone for EstateGuru in moving closer to our goal of becoming the leading provider of flexible property backed finance solutions in Europe.”
TGS Baltic’s team included Partner Marko Kairjak and Associate Elina Varendi.
The Eversheds Sutherland team was led by Senior Associate Lauri Liivat.