• Since the Profitus community began financing the project in February 2024, significant progress has been made on the development work: The walls of the first and second floors have been successfully erected, roof covering work is at final stage and installation of windows has begun.
• An additional space for relaxation and entertainment: The terrace will allow you to create a cozy seating area where you can spend time with family and friends, or simply enjoy the view.
• The developer has 16 years of experience in the construction sector and cooperates only with the best Estonian construction companies, such as: Merko: One of the leading construction and real estate development companies in the Baltics, known for its high quality and reliability. Nordecon: An international construction and real estate development company with extensive experience and a successful track record.
• A demonstration of strong belief in the project: A personal guarantee shows that the company director has a strong belief in the project's success and is willing to put their personal assets on the line to make it happen. 
• There is already strong interest in the project: A first apartment purchase-sale agreement has already been concluded. The projected revenue from the sale of one apartment is EUR 520 000. Currently another unit is under negotiation.

Project Rating (Project Loss Risk): AA. This rating is consistent with the previous project rating of A-. 

About the project owner:
Giraldo OÜ specializes in construction and building finishing, primarily serving as a subcontractor for major general contractors, as well as managing general construction projects. Main partners of the company: AS Merko Ehitus, AS Merko Tartu, AS Nordecon Ehitus.

Project objective:
The project owner intends to develop a modern, two-story building with a total floor area of 456.8 m2, divided into four four-bedroom apartments. The building has an energy label A, which ensures low utility costs for each unit. The average area per apartment will be 114.2 m2. On the ground floor there will be a common living room and kitchen area, a hallway with a spacious wardrobe, a pantry, a bathroom and an appliance room with a bath. On the second floor there will be a bathroom and three bedrooms. Each apartment will also have its own terrace. The apartments are planned to be sold upon completion. The expected sales revenue for all apartments is EUR 2 032 000.

Since the first loan phase in February, the following works have been completed:
Excavations, fillings, and construction of temporary roads, construction of internal property routes, construction of the foundation, design and installation of geothermal systems and piping from wells to the technical room, prepayments for windows, prepayments for exterior doors, construction of the walls and ceilings of the first and second floors. On the first floor, the heating system, water and sewage system, electrical and weak current cables, subfloor insulation, and mesh have been installed. The main objective of the current funding is to use the resources for the completion of the house's exterior works and then move on to the interior works.

The maximum planned amount of funding for the project is EUR 850 000, based on the loan agreement, it is possible to borrow a total of 1 000 000 EUR (EUR 300 000 has already been 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 LTV of 70%. 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 – 8.20%
– From 250 EUR to 499 EUR – 8.60%
– From 500 EUR to 1 499 EUR – 9.00%
– From 1 500 EUR to 4 999 EUR – 9.30%
– From 5 000 EUR – 9.70%
Important: investments made separately are not aggregated.

We plan to collect the target amount within 7 days with the possibility to extend it to 30 days if the target is not reached.