We present the new stage of the phased financing project – „Pasiles namai XII". The raised funds will be used to develop the property and refinance the existing loan. The total development period of the project is envisaged to be 24 months. The project commenced development in October 2022 and is on schedule. Part of the funds mobilised for the twelfth phase were earmarked for the refinancing of the first phase. The amount to be raised is EUR 364 200.
About the project owner:
The developer has a lot of experience, having developed about 4 thousand square meters (as a manager) and about 6 thousand square meters of real estate projects under the company's name. The developer developing the project previously received financing on the Profitus platform and implemented as many as 9 real estate projects. Projects were successfully completed, and investors were settled on time.
About the project:
The owner of the project is developing the construction of 9 two-apartment houses, for a total of 18 apartments. Apartments in two–room houses will have an area of 92-93 square meters, an A++ energy class, and one floor. Each apartment will own a 5-acre plot of land. Semi-detached houses will be sold partially furnished. The planned sales revenue for the entire project is about EUR 3 800 000.
Progress of the project:
Since the first phase of funding, the project has carried out wall insulation works in most of the houses, clinker bonding of the façade, roofing and roof insulation, internal water supply, concrete floors, windows, rainwater drainage pipes, fences and terraces. Interior finishing works have started.
The maximum financed amount is EUR 2 500 000 (EUR 1 998 250 already raised). The project is financed according to the current valuation of the mortgaged property until it reaches the set maximum LTV of 70%. Once the maximum LTV is reached, a new valuation of the property will have to be carried out, and the further stages of financing the project will be announced and collected only if the set maximum LTV is not exceeded. The loan-to-value ratio (LTV) at this stage is 63%.
Interest according to the size of the investment:
– From EUR 100 to EUR 1 999 – 10,5%
– From EUR 2 000 to EUR 9 999 – 11%
– From EUR 10 000 to EUR 19 999 – 11,5%
– From EUR 20 000 – 12%
Important: individual investments are not cumulative.
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.
