We present a new staged financing project - "J7 Berzas". The funds raised will be used for the development of a real estate project. The amount to be raised at this stage is EUR 483 000.
About the project:
The project owner is developing a 62 apartments project on nine plots of land. The houses under construction are semi-detached, four different sizes, with apartment areas ranging from 50 to 82 square meters. All apartments will be on two floors, on the first floor a common kitchen and living area, two or three bedrooms depending on the area of the apartment. There is also a shared lounge with a sauna and a heated outdoor pool, a barbecue area and a cinema in the dome. The apartments are for sale with full equipment and arranged infrastructure of the quarter. The sale price is EUR 3 000 per square meter. The planned sales revenue for the entire project is EUR 12 000 000. Currently, 36 apartments are reserved, the value of reservations is about EUR 7 000 000.
Progress of the project:
The completion of semi-detached houses under construction is currently ~ 15% - 30%. Most of the semi-detached apartments currently have masonry walls on the ground floor, and floors will be laid in the near future. Semi-detached of the highest completion are with masonry walls of the first and second floors, a covered ceiling and a roof structure. Currently, heating and ventilation and sewage disposal systems are also being operated at home, and it is planned to start put windows.
To ensure the interests of investors, a real estate primary mortgage is pledged:
To protect the interests of investors, 9 plots of land with a total area of 153.14 ares are pledged at Latgalos st., Palanga. The plots where the houses are being built have building permits. Homes under construction on mortgaged land will also be mortgaged to investors as soon as they are registered. According to an independent real estate appraiser, the value of the mortgaged real estate is EUR 690 000.
The maximum amount financed is EUR 3 000 000. The project is financed according to the current valuation of the mortgaged property until it reaches the set maximum LTV - 70%. Once the maximum LTV is reached, a new valuation of the property will have to be performed and further stages of the Project financing will be announced and collected only if the set maximum LTV is not exceeded.
Interest by investment amount:
- From EUR 100 to EUR 999 - 8%
- From EUR 1 000 to EUR 9 999 - 9%
- From EUR 10 000 to EUR 49 999 - 10%
- From EUR 50 000 - 11%
Important: investments made separately are not aggregated.
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.
