The loan will be used to finance residential compound Ansamblul Platanilor, Greenfield II, the sixth stage, Impact said in a statement. The second loan contracted by Impact from Banca Transilvania is worth RON4.047 million and will be used to finance the value added tax.
Impact has a market capitalization of RON170 million (EUR38 million), after its shares have decreased by over 34% since the beginning of 2016.
In the first half of 2016, the company concluded 300 sale contracts and precontracts for the apartments in residential compound Greenfield, located in the vicinity of the Bucharest Zoological Garden. The cumulated value of contracts is EUR23.85 million (RON106 million).
The company posted a gross profit of RON5.050 million in the first quarter of 2016, versus a loss of RON2.528 million in the same period a year ago. In 2015, the real estate developer had total revenue of RON133 million, up 101.5% from 2014. However, the company reported a loss of RON4.459 million, compared with a profit of RON4.091 million in 2014.
The company is 49.48% held by businessman Iaciu Gheorghe, while Adrian Andrici owns a 15.24% stake. The remaining shares are distributed among other investors on the local capital market.