We present the fourth stage of the phased financing project "Rykantu namai". The project funds will be allocated for the development of real estate. The amount to be raised at this stage is EUR 91 900.
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:
4 residential houses of A ++ class were built in the project (three houses, at Rykantu st. 1, 3, 7, Vilnius, have already been sold). The rest of the house, at Rykantu st. 9, Vilnius, with an area of 157.19 square meters, with a heated floor system, a yard of 8.96 acres and an outdoor terrace. The infrastructure will be developed in the area: the road will be paved and lighting installed.
Progress of the project:
Since the first stage of financing, the owner of the project has sold 3 houses at the address Rykantu st. 1, 3, 7, Vilnius and returned EUR 133 400 to investors. At Rykantu st. 9, fully built house, which will be sold soon. The sales revenue will reach EUR 250 000. The funds raised in this phase will be used for the purchase of land plots for the next project.
To secure the interests of investors, real estate is pledged with a primary mortgage:
To secure the interests of investors, a plot of land with an area of 8.96 acres and a residential house with an area of 157.19 square meters are pledged at Rykantu st. 9, Vilnius. According to an independent real estate appraiser, Ober-Haus, the value of the mortgaged property is EUR 235 000.
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 70%.
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.
