- Project owner experience: The developer has many years of experience in real estate development, has been operating in Sweden and Lithuania and has developed more than 3 000 m² of residential units.
- Construction work: According to the Centre of Registers, the registered completion rate is 62% and the actual completion rate is 81%.
- Sales revenue: Houses at Ievu st. 2, Linu st. 10 are currently under development with an estimated sales revenue of EUR 300 000. A house at Pievu st. 5 will also be developed, and the remaining vacant plots can be sold for EUR 600 000 incl. VAT. The total estimated sales proceeds are EUR 1 200 000.
About the project owner:
The project owner has been working in real estate development for more than 20 years. Most of the work carried out so far has been co-construction work for clients, renovation work, and in recent years successful construction activities in Sweden. The project owner has also built and successfully sold three houses on the land acquired in 2019.
About the project:
The owner of the project has purchased a land plot near Vievis town, where he plans to develop a single-family housing estate. The development consists of 34 plots of land, including two plots of land for transport and one plot of land for a green area, with a total area of 4.5665 hectares. The plots of land are used for the development of single-family dwellings. The owner of the project is also considering the possibility of selling the undeveloped land plots to buyers who would like to build their own houses. Preparation works for the access roads to the plots are currently underway, while projects for the removal of electricity poles from part of the plots are being prepared in parallel, and houses are being built on Linu and Ievu streets.
Project progress:
The funds raised in this phase will be used to fully settle the Phase IV investors, as the slowdown in the market has delayed the sale process longer than planned. With the funds raised in the previous phases, the project owner sold the developed residential houses at Ievu st. 14 (sales proceeds of EUR 142 100 incl. VAT), Linu st. 2 (sales proceeds of EUR 110 000 incl. VAT), and the land plot at Linų g. 4 (with house) for EUR 134 000 incl. VAT. The residential house at Ievų g. 2 has reached 81% completion and is for sale, with a projected sale proceeds of EUR 165 000 incl. VAT.
Maximum amount to be financed: EUR 500 000 (EUR 216 660 already 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 of 70% LTV. 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 – 9.50%
– From 250 EUR to 699 EUR – 10.00%
– From 700 EUR to 2 499 EUR – 10.50%
– From 2 500 EUR to 6 999 EUR – 11.00%
– From 7 000 EUR – 11.50%
Important: investments made separately are not aggregated and cannot be pooled.
We plan to raise the amount within 7 days, with the option of extending it to 30 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.
