Large corporate mortgages have been applied for in May 2025 for companies related to the Pasila/Vallila workshop. The group’s current parent company is TF Holding Oy, through which Sarajärvi joined the project in late 2021 with a one-euro equity investment and tens of millions in loan financing from Oma Säästöpankki for the companies of the workshop project. At that stage, the group led by the former US ambassador had hit a dead end regarding the project’s financing.
https://www.hs.fi/talous/art-2000008749396.html
In May 2025, TF Holding Oy applied for a 126 million euro corporate mortgage, held by Oma Säästöpankki:
According to the latest financial statements, TF Holding’s assets under corporate mortgage are insignificant at book values; the book value of Tre Train Factory Holding shares is 2 euros:
The Train Factory Holding Oy, 100% owned by TF Holding, has also applied for a 126 million euro corporate mortgage in May 2025, and the holder is Oma Säästöpankki:
The balance sheet of The Train Factory Holding also contains very few assets under corporate mortgage relative to the size of the applied corporate mortgage, and they consist of investments made in real estate-owning companies (previously lost):
Under The Train Factory Holding, there are two companies in the chain: Train Factory Parking Oy and Kiinteistö Oy Train Factory. These have also applied for 126 million euro corporate mortgages in May, and the holder is Oma Säästöpankki:
Even these companies’ balance sheets have hardly any assets under corporate mortgage relative to the size of the corporate mortgage:
The real estate in the workshop area is owned by the latter two companies, and according to the latest 2023 financial statements, Oma Säästöpankki had mortgages on these properties totaling 52 million euros and receivables from the companies of 40 million euros:
After this, additional mortgages of 28 million euros were applied for on the property in April 2024.
Of course, it is possible that a reasonable explanation for these applied corporate mortgages will be found later. However, it is difficult to see any collateral value for these corporate mortgages exceeding half a billion euros from publicly verifiable information. These properties are already mortgaged “100 meters above the chimney,” and it is difficult to see the bank’s collateral position having improved significantly with these corporate mortgages.
The actions under the new management certainly do not convince me; things seem to be getting even crazier.