We present a second stage of a phased financing project "Salotes vakarai", the funds of which will be allocated to refinance the loan of the first stage. The amount collected at this stage is EUR 190 000.
Progress of the project:
The owner of the project purchased a 37.92-acre plot of land in the village of Salote, Vilnius city for the funds raised in the first stage. weekly Currently, documents are being prepared for obtaining a construction permit on the plot of land. Currently, the documents are being prepared to obtain a building permit for the land plot. It is planned to obtain it in March 2024, after which the plot will be sold. There is already a preliminary buyer. The planned sale price is EUR 726 000. The proceeds will be used to repay the loan.
To ensure the interests of investors, real estate is pledged with a primary mortgage:
A plot of land with an area of 37.92 acres is pledged as a means of security to protect the interests of investors, at the address of Vilnius City Salotes village. According to an independent real estate appraiser, the value of the mortgaged real estate is EUR 445 000. In addition, the company's director, Justinas Vaitiekus, is providing a guarantee for this loan.
The maximum financed amount is EUR 1 500 000. 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 of the Project will be announced and collected only if the set maximum LTV is not exceeded. The loan-to-mortgage value ratio (LTV) at this stage is 43%.
Interest according to the size of the investment:
- From EUR 100 to EUR 499 - 9.5%
- From EUR 500 to EUR 999 - 10%
- From EUR 1 000 to EUR 2 499 - 10.5%
- From EUR 2 500 to EUR 4 999 - 11%
- From EUR 5 000 – 11.5%
Important: individual investments are not cumulative.
We plan to collect the collected amount within 7 days with the possibility of extending it until the 21st. without fundraising.
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.
