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Apartments Vaivorykstes st. Palanga

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44 %
  • Status active
  • Goal 245,000 EUR (€)
  • Raised 107,989 EUR (€)
  • Investors 262
  • Interest rate 10.2%
  • Credit Duration 12 month
  • The owner of the project will use the pooled amount to develop the property and refinance the existing loan. The total development period of the project is 36 months. The project started development in February 2022, the project owner has a short term financing and therefore this refinancing was planned;
  • The project owner is developing a multi-family residential building in Palanga. The developer has taken into account the needs of today’s market and built A+ economy class housing for young families. More about the project can be found here;
  • The Baltic Sea is only 2 kilometres away;
  • The owner of the project mortgages the fully developed project, 17/27 fully furnished apartments have already been sold, with sales proceeds of approximately EUR 1.2 million;
  • The developer has completed 3 000 square meters of real estate projects;
  • The project owner has invested about 20% of his own funds.

About the project owner:
The project owner has experience in real estate development. He 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 sqm each).aunas (88 sq.m.), development of a project (18 apartments, 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 square metres. The estimated proceeds from the sale of the 10 apartments will amount to EUR 1,135 mln. The loan will be covered by 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. 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 the project will be announced and collected only if the set maximum LTV is not exceeded. The loan-to-value ratio (LTV) with VAT at this stage is 23%.

Interest by investment amount:
– From EUR 100 to EUR 249– 10.2%
– From EUR 250 to EUR 749 – 10.7%
– From EUR 750 to EUR 999 – 11.2%
– From EUR 1 000 to EUR 9 999 – 11.7%
– From EUR 10 000 to EUR 34 999 – 12.2%
– From EUR 35 000 – 13%
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.

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