We present the second stage of the phased financing project "Dvibutis Norku g.". The raised funds will be used for the development of the RE project. The amount to be raised at this stage is EUR 36 000.
About the borrower:
The developer has a lot of experience, having developed about 4 thousand square meters (as a manager) and about 6 thousand square meters of real estate projects under the company's name. The developer previously received financing on the Profitus platform and has completed 9 real estate projects. Projects were successfully finished, and investors were paid back on time.
The aim of the project:
The owner of the project is developing a 315.26 square meter, A++ energy class semi-detached house. Apartments in semi-detached house have an area of 113 square meters, of which 50 square meters is a garage. Currently, according to the Registry Center, the semi-detached house is registered as completed - 45%. The semi-detached house will be sold partially or fully furnished. The planned sales revenue of the project is about EUR 533 000.
Progress of the project:
With the funds raised for the first stage, the owner of the project installed wastewater treatment facilities, post-winter rain collection wells, a water well and an electrical outlet. He also insulated the roof and floor of the semi-detached house, routed the recuperator ducts, installed the garage door. At the moment, the electrical installation is being carried out in the house.
To secure the interests of investors, real estate is pledged with a primary mortgage:
To secure the interests of investors, a semi-detached house with an area of 315.26 square meters, energy class A++ and a plot of land with an area of 7.4 acres are pledged at Norku st. 18, Vilnius. According to an independent real estate appraiser, the value of the property pledged to investors is EUR 451 000.
Maximum planned amount of funding for the project: EUR 400 000. The project is funded based on the current mortgage valuation until it reaches the maximum LTV set. When maximum LTV is reached, a new valuation of the property will be required and further project funding stages will be announced and collected only if the maximum LTV set is not exceeded.
Interest by investment amount:
- From 100 EUR to 499 EUR – 9,5%
- From 500 EUR to 2 999 EUR – 10%
- From 3 000 EUR 10,5%
separately are not aggregated.
We plan to collect the accumulated amount within 7 days with the possibility to extend it to 21 days without raising 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.
