• The developer will use the amount raised to refinance the existing loan with the aim of extending the term of the financing and developing a 40-residential estate in Palanga within 12 months;
• The development is located approximately 5 kilometres from Basanaviciaus Street in Palanga city centre and 3 kilometres from the Baltic Sea;
• The owner of the project is taking pre-bookings and already has six pre-bookings with advances amounting to EUR 179 625;
• The project owner is an experienced builder and has contributed to the development of Eglės Apartamentai in Palanga.

The project owner has experience in real estate and has been active in the real estate sector for 6 years. He has developed over 5 000 square metres of real estate projects.

About the project:
The owner of the project in Palanga owns 31 plots of land, which he intends to subdivide into 60 plots of 7,5 acres each, 20 plots will be sold with building permits and the sale price is expected to be EUR 3 500 per acre. On the remaining plots of land, the project owner will develop a block of 40 houses, in a total of three construction phases (based on reservations and demand), and the developer intends to improve the infrastructure around the development, with the construction of a pond already underway. The estimated floor area per house is approximately 230 sq. m, with a total project area of approximately 9 200 sq. m. The plot is currently already supplied with electricity and building permits are expected to be obtained within 2-3 months. The projected sales revenue will be around EUR 23 000 000 including VAT. The loan will be covered by the sales revenues of the project and the interest will be paid to the investors out of the operating income of the project owner. 

The maximum amount to be financed: EUR 389 000 (EUR 100 000 already mobilised). The project is financed on the basis of the current valuation of the collateral until it reaches the established maximum loan-to-value ratio of 50% LTV. Once the maximum LTV has been reached, a new valuation of the property will have to be carried out and further rounds of financing for the Project will only be advertised and collected if the set maximum LTV is not exceeded

Interest by investment amount:
– From EUR 100 to EUR 249 – 10.0%
– From EUR 250 to EUR 749 – 10.50%
– From EUR 750 to EUR 1 499 – 11.0%
– From EUR 1 500 to EUR 2 999 – 11.50%
– From EUR 3 000 to EUR 7 499 – 12.0%
– From EUR 7 500 to EUR 14 999 – 12.50%
– From EUR 15 000 – 13.0%
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.