Apartment building “Panauja” IIProfitus
Stage project “Panauja” – Phase II. The loan is for real estate development.
The company is developing the Panauja project, a residential apartment building. The apartment building has already been built, the actual completion is 85%. Upcoming works:
• In the next two weeks, it is planned to prepare the foundation and concrete the parking spaces.
• Finish the premises, install doors and tidy up the environment.
• Within 30 days. the developer plans to register an apartment building. Currently, apartment files with 85% completion are made.
In total, the project has 24 apartments and 24 parking spaces. Of these, 18 apartments and 12 parking spaces are reserved, and preliminary sales agreements have been signed, the value of which amounts to 1.2 million. euros. At this stage of financing, the borrowed funds will be used by the company for further development of the project.
Panauja is a newly built apartment building, strategically located, just a few minutes from Vilnius Old Town. The project is being developed taking into account the needs of potential residents, all apartments are equipped with autonomous underfloor heating, excellent sound insulation is provided, and a recuperation system is installed. The apartment building will be equipped with 24-hour video surveillance cameras.
Investors are pledged a 0.1010 ha land plot with a 1345.55 sq.m multi-apartment building at Panevezio str. 23, Vilnius. The residential apartment building being built on the pledged plot will also be pledged to investors. According to the assessment performed by an independent real estate appraiser (November 5, 2020), the value of the mortgaged property is EUR 1,479,000. And the loan-to-value ratio (LTV) is 64%.
Interest by investment amount:
From EUR 100 to EUR 4,999 – 8.5%;
From EUR 5,000 – 9.5%.
Investors at all stages will be pledged the property with a primary mortgage.
Maximum planned amount of project financing: EUR 1,200,000. 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 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 – 70%.
We plan to collect the accumulated amount within 7 days with the possibility to extend it to 21 days. without raising funds.
More information about the project: www.panauja.lt