We present the fifth stage of the phased financing project "Kunigiskes V72". The raised funds will be used for real estate development. The amount to be raised at this stage is EUR 100 000.
Project owner:
The project owner has experience in real estate development. Has implemented 6 different real estate development projects with a total area of 2 103 square meters.
The aim of the project:
The project owner is developing a 910 square meters, three-story,apartment building on a 15.22 acres land plot. The first staircase will be 15 leisure apartments and the second - 12 residential apartments. A total of 27 property units. Apartments will be 25-38 square meters, 2-3 rooms. It is also planned to install 20 parking spaces. The estimated revenue for the entire project is around EUR 2 200 000. Currently, 11 apartments are reserved, the value of the reservations is about EUR 904 000.
Progress of the project:
The owner of the project made the final payment for the plot of land from the funds raised in the first stage (EUR 100 000), completed the walls of the residential house under development, covered the roof, installed windows, and insulated the building's exterior with his own money. The funds raised for the second-fourth stage (EUR 310 000) installed the roof materials, installed air conditioners, prepared the pavement for paving, installed city communications, and performed electrical installation work. According to the data of the Register Center, currently the registered completion of the building is 81%.
To secure the interests of investors, real estate is pledged with a primary mortgage:
To protect the interests of investors, an apartment building with an area of 895.69 square meters and a plot of land with an area of 15.22 acres are pledged at Vaivorykstes st. 72G, Palanga. The plot of land has a building permit. According to an independent real estate appraiser, the value of real estate pledged to investors is EUR 2 020 000.
Maximum planned amount of funding for the project: EUR 1 010 000. The project is funded based on the current mortgage valuation until it reaches the maximum LTV set. When maximum LTV is reached, a new valuation of the property will be required and further project funding stages will be announced and collected only if the maximum LTV set is not exceeded. LTV at this stage - 25%.
Interest by investment amount:
- From 100 EUR to 499 EUR – 10%
- From 500 EUR to 999 EUR – 10.5%
- From 1 000 EUR to 4 999 EUR – 11%
- From 5 000 EUR to 14 999 EUR –11.5%
- From 15 000 EUR – 12%
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.
