We present the fourth stage of the phased financing project "Kalno butai" in Vilnius. The funds for this phase will be used for the development of an apartment building with eight apartments. The amount to be raised at this stage is EUR 131 000.
The aim of the project:
The owner of the project is developing the construction of a two-storey apartment building on a 16.27 acres land plot at Migunu Street in Naujoji Vilnia. The house will consist of a total of 8 apartments, 4 of which will be 78 square meters, and the other 4 - 95 square meters. The total area of the future building will be 785.4 square meters. The sales revenue of the whole project will reach EUR 1 000 000. The proceeds of the sale will cover this loan.
Progress of the project:
From the first stage of financing, the project is developing rapidly: the roof covering, windows, doors have been installed, the masonry of the internal partitions has been completed, the facade has been finished, and the interior finishing works have started.
About the project owner:
The project owner has accumulated considerable experience in the real estate development business. In total, it has developed more than 5 000 square meters of residential and commercial projects in Vilnius.
To ensure the interests of investors, a real estate primary mortgage is pledged:
To protect the interests of investors, a 16.27 acres plot of land with four one-room residential houses with a total area of 488.99 square meters is pledged at Migunu st., Vilnius. According to an independent real estate appraiser, the value of the mortgaged property is EUR 636 700 (the value of the property at the address Migunu str. 17B is indicated from the old valuation, carried out on January 5, 2022, since the apartment is currently already for sale).
The maximum planned amount of funding for the project: EUR 450 000. 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. The loan-to-value ratio (LTV) at this stage is 40%.
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.
