- Experienced Developer: The project is being developed by SIA Ultra MKP, a Latvian real estate development company whose team has completed more than 9,000 m² of residential developments. Its key projects include the apartment buildings at Asteru Street 14 and 17 in Jelgava (120 apartments), Philosophy Street 3 in Jelgava, and Talivalža Street 20 in Riga.
- Strengthening Riga Real Estate Market: Improving liquidity in the newly built residential housing market and steadily increasing property prices create favorable conditions for the project's development. Faster apartment sales and stronger pricing power enable developers to gradually increase selling prices and improve overall project performance.
- Attractive Location: The project is being developed at Zasulauka iela 6, approximately 3 km from Riga Old Town, in a promising part of the city where demand for newly built residential properties remains stable.
Interest Rates Based on Investment Amount:
– From 100 EUR to 299 EUR – 8.00%
– From 300 EUR to 699 EUR – 8.20%
– From 700 EUR to 1 999 EUR – 8.40%
– From 2 000 EUR to 4 999 EUR – 8.60%
– From 5 000 EUR to 9 999 EUR – 8.80%
– From 10 000 EUR – 9.00%
Important: Individual investments are not cumulative and cannot be combined.
About the Project:
The project owner intends to develop a residential project consisting of two apartment buildings at Zasulauka iela 6, Riga, Latvia. The project is located in a promising part of the city, approximately 3 km from Riga Old Town, where residential infrastructure is actively developing and demand for newly built apartments remains stable.
The project includes the construction of two apartment buildings with a total of 24 apartments. The development will be carried out in stages. First, the construction of the first apartment building and the sale of its apartments are planned. The profit generated will then be allocated to financing the second stage and the development of the second apartment building.
According to the project plan, revenue from apartment sales in the first building is expected to reach 1 692 925 EURexcluding VAT, while the second building is expected to generate 2 183 450 EUR excluding VAT. The total planned revenue from apartment sales will amount to 3 876 375 EUR excluding VAT.
Additionally, approximately 198 336 EUR excluding VAT is expected to be generated from the sale of parking spaces. The total planned project sales revenue amounts to 4 074 711 EUR. The entire project is expected to be completed within 12 months.
Loan Information:
The loan will be repaid from property sales proceeds or by refinancing the loan through another credit institution, while interest will be paid from advance payments and/or the company's operating income.
The maximum planned project financing amount is 2 000 000 EUR. The amount may be raised in stages. The project is financed based on the current valuation of the pledged property until the established maximum Loan-to-Value (LTV) ratio is reached. Once the maximum LTV is reached, a new property valuation must be carried out, and further project financing stages will be announced and funded only if the established maximum LTV is not exceeded.
We plan to raise the target amount within 7 d. with the possibility of extending the fundraising period to 30 d. if the required amount is not collected.
About the Profitus
Profitus is a crowdfunding and investment platform with a minimum investment of 100 euros. Profitus investments are secured by real estate mortgages, Your investment is secured by a first or second mortgage on the property, as well as by other collateral (e.g. a surety or guarantee). Transactions are managed through Lemonway, a regulated payment service provider.
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. Profitus operates with Lemonway, a regulated payment service provider.
