Introducing the new stage financing project – „Twinhouse". The project owner will use most of the amount pooled in this phase to refinance an existing loan, and the remainder will be used for property development. The amount to be raised in this stage is EUR 250 000.
About the project owner:
The project owner has experience in property development. He has completed various construction projects with a total area of 2 100 square metres. The developer has the status of a reliable developer, PROFITUS financed and implemented the project „Palepes rekonstrukcija Kauno centre".
The aim of the project:
The project owner will use the pooled amount for the development of two apartment buildings. The development consists of seven-storey A++ class apartment buildings with surface parking spaces. The total floor area of each apartment block will be 1 186 square metres. Each apartment block will have 19 apartments (8 of which will be two-room, 5 three-room and 6 four-room), with an area of 37 - 74 square metres. On the second and fifth floors there will be 4 apartments with balconies, on the sixth floor there will be 2 apartments with terraces, each apartment will have an area of 70 - 85 square metres. The top floor, the 7th floor, will have an apartment of 110 square metres, also with a terrace. In total, the project provides 38 apartments and 41 parking spaces. The apartments are planned to be sold with partial finishing. The sale proceeds for all apartments, parking spaces and storage facilities will amount to EUR 7 000 000.
Project progress:
The owner of the project has already invested EUR 300 000 in the construction of the apartments. One of the two apartment blocks has been launched, with a completion rate of 16% according to the Centre of Registers, and a real completion rate of 22% based on the work already done. The second and third floors have now been completed with brick and concrete partitions, slabs and balconies. Lift shafts and staircases with stairs have also been made. Work has started on the fourth floor.
To secure the interests of investors, real estate is pledged with a primary mortgage:
To secure the interests of the investors, seven-storey apartment building under construction and a 20 acre plot of land are pledged at 149 Zeimenos st., Kaunas. According to an independent real estate appraiser, the value of the mortgaged property is EUR 843 000.
The maximum planned amount of funding for the project is EUR 3 300 000. 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.
Interest by investment amount:
- From EUR 100 to EUR 999 – 10%
- From EUR 1 000 to EUR 2 999 – 10.5%
- From EUR 3 000 to EUR 5 999 – 11%
- From EUR 6 000 – 11.5%
Important: Individual investments are not aggregated and cannot be combined.
We plan to raise the amount within 7 days, with the possibility of extending it to 21 days if the funds are not raised.
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.
