Gedimino 2 VProfitus
We present the fifth stage of the phased financing project “Gedimino 2”. The raised amount will be used for the development of luxury apartments in Palanga. The amount raised is EUR 100 000.
About the project owner:
The owner of the project has the status of a reliable developer and together with PROFITUS has successfully developed the project “Pazaislio Apartments”, paid interest to investors of all stages on time.
About the project:
Gedimino 2 is a luxury apartment being built in the prestigious part of Palanga, at the intersection of Gedimino Street and Birute Alley. A total of 8 apartments are being developed in the project, with underground parking and warehouses. The apartments on the second and attic floors have balconies. Attic apartments are designed over two floors. They will have not only balconies but also loggias. Particular attention is paid to well-being in order to ensure maximum privacy of the apartment residents – the formation of hills, higher and denser vegetation, cardboard strip fence, paths, fountains, exclusive lighting, security systems and more. The holiday apartments are built using the highest quality materials with durability, durability and ecology.
The aim of the project:
The project owner is developing a luxury apartment project on a 30.36 acre plot at Gedimino st. 2, in Palanga. The project envisages the construction of a building in which 8 apartments will be formed. The estimated area of the apartments is 75 – 110 square meters, the total area of all buildings will reach 1 461 square meters, including 677 square meters of underground storage, 784 square meters of the main building. Construction is expected to end on September 1, 2022.
Progress of the project:
From the beginning of the financing of the project, after obtaining a building permit, the old building was demolished, the ground excavated and the underground parking lot and warehouses were reinforced. At present, the foundations of the building have been fully prepared and an underground parking lot with warehouses has been formed in the project. The foundation will soon be registered and the first floor will be laid. The developer also purchased the materials needed for the construction with the proceeds to avoid disruptions in the supply of materials.
The apartments under construction will be sold:
The estimated selling price is from EUR 6 500 per square meter. Preliminary contracts worth around EUR 3 612 000 have already been signed. The planned sales revenue of the whole project starts from EUR 5 656 021. This loan will be repaid by the proceeds from the sale of the project.
To secure the interests of investors, real estate is pledged with a primary mortgage:
To ensure the interests of investors, a plot of land of 30.36 ares is pledged. Also in the first stage, other courtyard buildings were pledged, which are currently demolished to build a new facility on the plot. The land plot has a building permit issued. According to an independent real estate appraiser, the value of real estate pledged to investors is EUR 2 426 050.
The maximum planned amount of project financing: EUR 1 500 000. The project is financed according to the current valuation of the mortgaged property until it reaches the set maximum LTV. Once the maximum LTV is reached, a new valuation of the property will have to be performed and further stages of the Project financing will be announced and collected only if the set maximum LTV of 70% is not exceeded. LTV at this stage – 26%.
Interest by investment amount:
– From 100 EUR to 499 EUR – 9%
– From 500 EUR to 4 999 EUR – 9,5%
– From 5 000 EUR – 10%
Important: investments made separately are not aggregated.
We plan to raise the amount within 7 days, with the option of extending it to 21 days if we do not raise funds.