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Bernardinu butai II

Profitus
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100 %
  • Status funded
  • Goal 38,400 EUR (€)
  • Raised 38,400 EUR (€)
  • Investors 108
  • Interest rate 10.5%
  • Loan To Value(LTV) 70%
  • Credit Duration 12 month

We present the new stage of the phased financing project – „Bernardinu butai II”.  The owner of the project will use the pooled amount for real estate development. The amount to be raised is EUR 38 400.

About the project owner: 
The project owner has experience in real estate and has developed different construction projects with a total area of 2 000 square metres. The developer has financed 2 projects on the Profitus platform („Girios butai” and „Truikis namai”). It pays interest to investors on time.

Project objective:
The project owner has acquired 9 apartments in a residential building with a total area of 426.35 square metres. The project owner intends to furnish the apartments in a modern style with all appliances and furniture. After completion of these works, the apartments will be sold. The estimated sales proceeds are EUR 746 000. This loan will be covered by the sales proceeds.

Project progress:
With the funds raised in the first phase, the project owner completely renovated the exterior façade, insulated the roof, installed a gas boiler, the house heating system, sound insulation and electrical wiring. The developer will use the funds raised in this phase to continue the interior finishing works.

The maximum financed amount: EUR 360 000 (EUR 250 000 already raised). 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 70%.

Risk category (probability of default) of this project: 9.

Interest by investment amount:
– From EUR 100 to EUR  499 – 10.5%
– From EUR 500 to EUR 999 – 11%
– From EUR 1 000 to EUR 1 999 – 11.25%
– From EUR 2 000  11.5%
Important: Individual investments 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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