We present the eighth stage of the staged financing project "Savi Namai". The funds raised will be used for the development of the project. The amount to be raised at this stage is EUR 32 000.
About the project:
The owner of the project is building a block of residential houses on four plots of land. In total, the project will have 11 property units. On the plot of land, at the address Sodzius St. 7, one tribute house will be built; Sodzius St. 11 will have two semi-detached houses, Sodzius St. 9 and 13 will have two single-family houses on each plot of land. The area of the property units will be 90–96 square meters in area, semi-detached houses will be two-floor, single-family houses and the three-apartment house will be one-floor, with carports. The property units will be sold partially finished, with a planned selling price of EUR 1 550 per square meter. The sales revenue of the entire project is expected to be around EUR 1 500 000.
Progress of the project:
The owner of the project has successfully implemented the first stage of the development of the project - built and sold four single-family houses on land plots, at Sodzius St. 9 and 13, and covered most of the loan granted to him. This seventh stage of financing will start the second stage of construction, during which the plot of land at the address Sodzius St. 7, one tribute house, and Sodziaus St. 11, two semi-detached houses, will be built. Masonry work has already started on this semi-detached house, and foundation work has been completed on the three-bedroom house on plot, at Sodziaus Street 7. These have now been registered at the registry centre. The project owner plans to use the funds to complete the brickwork
To ensure the interests of investors, real estate is pledged with a primary mortgage:
To protect the interests of investors, two residential two-family houses under construction and two plots of land with a total area of 26.47 acres are located on Sodzius Street, Teleiciai village, Kaunas district. Houses built on mortgaged plots of land will also be mortgaged to investors with a primary mortgage. According to an independent real estate appraiser, the value of the real estate pledged to investors is EUR 245 000.
The maximum planned amount of funding for the project is EUR 700 000 (EUR 352 100 have already been raised, of which EUR 266 800 have been returned). The project is financed according to the current valuation of the mortgaged property until it reaches the set maximum LTV. Once the maximum LTV is reached, a new valuation of the property will 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-mortgage value ratio (LTV) at this stage is 48%.
Interest according to the size of the investment:
- From EUR 100 to EUR 499 - 10%
- From EUR 500 to EUR 999 - 10.5%
- From EUR 1 000 to EUR 2 499 - 11%
- From EUR 2 500 to EUR 4 999 - 11.5%
- From EUR 5 000 - 12%
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.
