We present the new stage of the phased financing project – „Elniu namas Viciunuose IV". The project owner will use the funds to refinance the existing loan and for working capital. The amount to be raised at this stage is EUR 270 200.
About the project owner:
The project owner has experience in real estate development. The owner has experience in construction of 7 different construction projects with a total area of 6 400 square metres. The developer has financed 9 projects on the Profitus platform („Elniu namas Viciunuose", „Paslaugu patalpos Basanaviciaus al.", „Butas Vaidoto G192E–2“, „LOFT206”, „Savanoriu loftai”, „LOFT206B Savanoriuose”, „Loftai Savanoriuose”, „Savanoriu 206B”, „Basanaviciaus patalpos"). Interest is paid on time to investors. It has already repaid part of the funds in the projects „LOFT206“ and „Basanaviciaus patalpos“ and has repaid all the funds in the projects „Butas Sodu G66–33" and „Butas Vaidoto G192A–2“.
Project objective:
A year ago, the owner of the project applied for a refinancing of an existing loan and working capital for a two-year term. This year, the developer decided to extend the term of the loan as it is intensively developing a two-bedroom apartment project in Vytenai. The other projects „Loftai Savanoriuose" and „Basanaviciaus patalpos" are progressing according to schedule.
About the project under development:
The owner of the project is developing eight duplexes and two single-family dwellings on nine plots of land. Four houses are already reserved. The projected sales income for all houses is EUR 3 000 000. This loan will be reimbursed from the proceeds of the sale of these properties.
The maximum financed amount: EUR 378 400 (EUR 261 000 Existing active portfolio). The project is financed according to the current valuation of the mortgaged property until it reaches the set maximum LTV of 77%. 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) without VAT at this stage is 46%. The investment period for this phase is 11 months and the repayment date for this part of the investment is no later than 27/11/2024.
Risk category (probability of default) of this project: 7/12.
Interest by investment amount:
– From EUR 100 to EUR 499 – 10.3%
– From EUR 500 to EUR 1 499 – 10.8%
– From EUR 1 500 to EUR 2 999 – 11.05%
– From EUR 3 000 to EUR 9 999 – 11.3%
– From EUR 10 000 to EUR 24 999 – 11.8%
– From EUR 25 000 – 12.3%
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.
