We present the second stage of the phased financing project "Rykantu namai". The project funds will be allocated for the development of real estate - to continue the construction of 4-apartment houses. The amount to be raised at this stage is EUR 102 700.
About the project owner:
The project owner's company has been engaged in real estate development for 9 years. The owner has the status of a reliable developer and has experience in the construction of houses and two-apartment houses. Previously, the project owner successfully implemented 8 real estate projects on the Profitus platform and always paid interest on time and repaid loans to investors.
About the project:
The project owner is building four 154-175 sq. m residential houses at Rykantu 1, 3, 7, 9, in Vilnius. The project consists of A ++ class utility class houses with a heated floor system, 7-9 acres of yard, with an outdoor terrace. The infrastructure will be developed in the area: the road will be paved and lighting installed. The built houses will be sold for 215-239 thousand euros. The planned sales revenue of the whole project is 900-960 thousand euros. Construction work is expected to be completed by June 20, 2022.
Progress of the project:
After the first phase of the project, the owner started building 4 residential houses. At present, Rykantu st. 1 and 3 built house walls; Rykantu st. 7 and 9 - built house walls, covered roof (ceilings).
To secure the interests of investors, real estate is pledged with a primary mortgage:
To secure the interests of investors 4 plots of land with a total area of 32.52 ares, with residential houses located at them, are pledged at Rykantu st. 1,3,7,9, Vilnius. According to an independent real estate appraiser, Ober-Haus, the value of the mortgaged property is EUR 291 000.
The maximum amount financed is EUR 400 000. 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) is currently 56%.
Interest by investment amount:
- From EUR 100 to EUR 499 - 8%
- From EUR 500 to EUR 4999 - 8,5%
- From EUR 5 000 - 9%
Important: separately made investments are not aggregated.
We plan to collect the accumulated amount within 7 days with the possibility to extend it to 21 days without raising 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.
