- Subject of the pledge: Modern Apartments in Palanga - Perfect for Young Families. Family-Friendly Apartments in Palanga (A+ Energy Class). For detailed project information, please visit here.
- Attractive Location: The project is situated in Palanga, a popular resort town, 1 km to the sea.
- Experienced developer: The developer has a successful track record in the real estate market, having completed 3 000 sq. m of projects.
- Significant sales revenue: 17 out of 27 apartments have been sold. The revenue from the sale of 17 of the 27 apartments amounted to EUR 1.3 million, confirming the financial viability of the project.
- Equity investment: the project owner has invested about 20% (EUR 250 000) of its own funds in the project.
About the project owner:
Project owner has developed 6 apartments in K. Sakenio st., Kaunas (50 sq. m each), a loft in Varniu st., Kaunas (60 sq. m), reconstruction of a residential house in Noreikiskes, Kaunas District (215 sq. m), complete fitting out of a semi-detached house from the frame also 18 apartments of 40 sq. m each).aunas (88 sq. m), 18 additional apartments in Kaunas (40 sq. m each).
About the project whose loan is being refinanced:
The owner of the project has developed a multi-family residential building in Palanga on a 15.22-acre plot of land. 17 out of 27 apartments have been sold. The average size of the sold apartments is 30 sq.m. The estimated sales revenue of the remaining 10 apartments will amount to EUR 1.135 million. The owner of the project will use the proceeds to develop the property and refinance the existing loan. The project started development in February 2022 and is now 100% complete, the project owner financed the project on a short term basis and therefore this refinancing was planned. The loan will be repaid from the sales proceeds and the interest will be paid to the investors from the project owner's operating income.
The maximum financed amount: EUR 672 645 (EUR 300 000 already raised). The project is financed on the basis of the current valuation of the collateral until it reaches the established maximum loan-to-value ratio of 70% LTV. Once the maximum LTV has been reached, a new valuation of the property will have to be carried out and further rounds of financing for the Project will only be advertised and collected if the set maximum LTV is not exceeded.
Interest by investment amount:
– From EUR 100 to EUR 249 – 10.20%
– From EUR 250 to EUR 749 – 10.70%
– From EUR 750 to EUR 999 – 11.20%
– From EUR 1 000 to EUR 9 999 – 11.70%
– From EUR 10 000 to EUR 34 999 – 12.20%
– From EUR 35 000 – 13.00%
Important: investments made separately are not aggregated and cannot be pooled.
We plan to raise the amount within 7 days, with the option of extending it to 21 days if we do not raise 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.
