• Since the PROFITUS community began financing the project in February 2024, significant progress has been made on the development work: Exterior and interior walls are erected, roofing is nearly complete, windows installed, and facade insulated and reinforced, awaiting plastering. Interior walls painting has begun, tiles bought, and interior doors, parquet, and built-in plumbing are ordered.
• 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 a lot of interest in the project: The first two preliminary purchase contracts have been signed. The projected income from the sale of the two apartments is EUR 1 054 000.

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-storey 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. Interior walls have been erected. On the first floor, the heating system, water and sewage system, electrical and weak current cables, subfloor insulation, and mesh have been installed. Facade has been insulated and reinforced. Prepayments have been made for interior tiles, interior doors, and parquet. Built-in plumbing is installed. The main objective of the current funding is to use the resources for the completion of the house's exterior works and most 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 500 000 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.