We present the new stage of staged financing project – „P00000946-13". The owner of the project will use the pooled amount to develop the property. The amount to be raised at this stage is EUR 60 900.
About the project owner:
The project owner has experience in real estate. The property owner has experience in real estate projects with a total area of approximately 15 000 square metres.
Project objective:
The owner of the project is developing a 15-apartment gated project called „Faustinos namai“. The first phase of construction consists of 3 semi-detached houses and 1 single house. More about the project here. On the Profitus platform, the project owner finances the first construction phase by mortgaging 4 plots of land with building permits on which the project is being developed. The total buildable area of the first phase is 695.75 square metres, with apartment areas of 95 - 115 square metres. The one-bedroom house has already been sold. The apartments in the semi-detached house will be sold fully finished. Estimated sales revenue of EUR 920 000 including VAT.
Project progress:
According to the data of the Centre of Registers, the apartments at Faustinos st. 13B-1, 13B-2, 13F-1 and 13F-2 are 48% complete, and the apartments at Faustinos st. 13E-1 and 13E-2 are 51% complete. The apartments are in the process of interior finishing works. The developer will use the funds raised in this phase to continue further construction works.
The maximum financed amount: EUR 700 000 (EUR 639 100 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 62%.
Risk category (probability of default) of this project: 6/12.
Interest by investment amount:
– From EUR 100 to EUR 499 – 9.2%
– From EUR 500 to EUR 999 – 9.7%
– From EUR 1 000 to EUR 1 999 – 9.95%
– From EUR 2 000 to EUR 4 999 – 10.2%
– From EUR 5 000 – 10.7%
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.
