- The developer will use the pooled amount to refinance an existing loan and to develop 4 blocks of flats. The owner of the project is developing a residential estate in Vilnius, and the developer is building A+ economy class housing for young families, having looked into the needs of today's market;
- The project developer is a professional in his field, since 2006 he has developed more than 6 000 square meters of real estate projects in Vilnius;
- The development is located in Dvarcionys, 8.7 km from the city centre. The projected sale proceeds of the mortgaged property are EUR 5.07 million excluding VAT;
- The development works are expected to be completed in February 2025.
About the project owner:
The company was founded in 2020, the main activity of the company is real estate development, development, construction, sales. The company has developed about 12 units of single-family and semi-detached house projects in Pagiriai and Traku Voke, a block of semi-detached houses in Melekonys, a commercial building in Kalno Street, and apartment buildings in Valakampiai and Pavilnys.
About the project:
The project involves the construction of 4 multi-family (3-storey) buildings with a total floor area of 2 829 square metres and 28 apartments on a plot of land owned by the company (from 2023). The average size of an apartment is 51.72 square metres. 34 parking spaces (underground) are provided, as well as 17 storage spaces. The owner of the project intends to furnish the apartments with full finishing and sell them. The project plan is to sell all 28 apartments to one buyer as a rental project. At the moment there are already 2 potential buyers to buy the whole project for rent, but the preliminary contract has not been signed yet. The loan will be covered by the sales proceeds and the interest will be paid to the investors from the operating income of the project owner.
The maximum amount to be financed: EUR 3 200 000. The project is financed according on the basis of the current valuation of the collateral up to a maximum loan-to-value ratio (LTV) of 70%. Once the maximum LTV has been reached, a new valuation of the property will be carried out and further rounds of financing for the Project will only be advertised and collected if the set maximum LTV is not exceeded. The Loan to Value (LTV) including VAT at this stage is 24%.
Interest by investment amount:
– From EUR 100 to EUR 249 – 10.2%
– From EUR 250 to EUR 749 – 10.7%
– From EUR 750 to EUR 999 – 11.2%
– From EUR 1 000 to EUR 9 999 – 11.7%
– From EUR 10 000 to EUR 34 999 – 12.2%
– From EUR 35 000 – 13%
Important: investments made separately are not aggregated and cannot be pooled.
We plan to raise the amount within 7 days, with the option of extending it to 21 days if we do not raise funds.
About the Profitus
Profitus is a crowdfunding and investment platform whose main goal is to make investment available to everyone. Investments start at 100 euros, and the platform is open 24/7. Investments are secured by pledging real estate and other collateral (e.g., indemnity or warranty). Different projects have different security tools that users can access in self-service for each project.
Profitus consults with the Bank of Lithuania in order to ensure perfect compliance with the law. Monetary operations on the platform are carried out in cooperation with Paysera and Trustly. The risk relating to the project and project owner are assessed on the basis of information provided by Creditinfo.
