- Project Owner's Experience. The developer has extensive experience in real estate development and has completed more than 4,000 m² of development. Three projects have been financed through the Profitus platform, and investors have been paid on time.
- Completed Project. The construction of the project has been completed. A total of 8 apartments were designed in the project, 6 of which have already been sold. The remaining 2 apartments, including the mortgaged property, are completed to a partial finish (85% completion) and are for sale.
- Uniqueness. Luxurious apartments designed by renowned architect Stasys Juška, located in a prestigious part of Palanga - at the intersection of Gedimino Street and Birutės Alley. The project includes a large 30-acre plot (with established usage regulations), surrounded on all sides by old Palanga pines.
About the project owner:
The project owner has successfully completed 3 real estate projects in Kaunas and Palanga on the Profitus platform: "Betonuotojų g. 4, Kaunas", "Gedimino 2, Palanga", and "Gedimino 4a, Kaunas". The total area of these projects is approximately 4,000 m².
About the project:
"Gedimino 2" offers luxurious apartments located in a prestigious part of Palanga, at the intersection of Gedimino Street and Birutės Alley. The project consists of 8 apartments with an underground parking garage and storage units. 6 out of 8 apartments have already been sold. The remaining apartments are 85% complete, meaning the construction of the mortgaged property is fully finished, and the apartments are partially finished. The project pays special attention to landscaping, aiming to ensure maximum privacy for residents through features such as landscaped hills, dense vegetation, corten steel fencing, pathways, fountains, unique lighting, and security systems. The apartments are built using high-quality materials that are durable, resistant, and environmentally friendly.
Project progress:
The funds raised at this stage will be used to make full payments to the investors of Phase I. Although the property sales process took longer than planned due to a slowdown in the market, the project has been successfully completed and 75% of it has been sold. The loan will be repaid from the proceeds of the sale of the mortgaged property. The mortgaged 110.14 m² apartment is currently for sale, with expected sales proceeds of EUR 1 240 000, or approximately EUR 11 272 per m².
The maximum planned amount of Project financing: EUR 1 560 000 (EUR 753 900 already raised). The project is financed on the basis of the current valuation of the collateral until it reaches the established maximum loan-to-value ratio of 70% LTV. Once the maximum LTV has been reached, a new valuation of the property will have to 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.
Interest by investment amount:
– From 100 EUR to 249 EUR – 8.60%
– From 250 EUR to 499 EUR – 9.10%
– From 500 EUR to 2 499 EUR – 9.60%
– From 2 500 EUR to 9 999 EUR – 10.10%
– From 10 000 EUR – 10.60%
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 30 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.
