- The owner of the project has extensive experience in property development. The pooled funds will be used for the purchase of a residential house;
- The real estate project is being developed in the prestigious part of Vilnius - Antakalnis;
- A small, attractive project is being developed, with terraces, forest views and a private courtyard, which will be sold at a competitive price;
About the project owner:
The project owner has developed different real estate projects („Traku slenis", „Cepkeliu g. 15 a", „Jogailos 11“, „Basanaviciaus 41“, „Gedimino 48-20“).
Project objective:
The pooled funds will be used for the purchase of a residential house in a prestigious area of Vilnius, currently owned by the crowdfunding platform „Profitus". A preliminary sale and purchase agreement has already been signed and an advance payment of EUR 50 000 has been made. The owner of the project intends to divide the house into twelve separate apartments of between 30 and 70 square metres each. The apartments will be sold once the works are completed. The estimated sales proceeds are EUR 1 885 000 excluding VAT. The loan will be reimbursed from the sales proceeds.
*The photos are a visualisation of the project.
In the last 14 months, 35 apartments were sold in Antakalnis with an average selling price of EUR 3 890/square metres (while in the whole of Vilnius 2 286 apartments were sold with an average selling price of EUR 3 350/square metres). Due to the lack of space for new development in Antakalnis, the share of housing transactions in Antakalnis is only 1.5%, while sales prices are higher by about 17%. At the end of Antakalnis, Valakampiai, there are no primary market transactions registered and only 24 apartments on offer, with an average selling price of 4 521 EUR/square metres (39% higher than the currently publicly available price in Vilnius and 17% higher than the average price of the new-build apartments on offer in Antakalnis).
The maximum planned amount of financing for the Project: EUR 798 162. The project is financed according to the current valuation of the mortgaged property until it reaches the set maximum LTV of 75%. 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 maximum LTV is not exceeded. The loan-to-value (LTV) ratio without VAT at this stage is 34%.
Interest by investment amount:
– From EUR 100 to EUR 699 – 10%
– From EUR 700 to EUR 4 999 – 11%
– From EUR 5 000 to EUR 24 999 – 12%
– From EUR 25 000 to EUR 49 999 – 13%
– From EUR 50 000 – 14%
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.
