We present the staged financing project “Gedimino 2”. The raised amount will be used for the development of luxury apartments in Palanga. The amount raised is EUR 220 000.
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 1461 square meters, including 677 square meters of underground storage, 784 square meters of the main building. Prior to the project, the recreation building currently on the plot will be demolished. Construction is expected to end on September 1, 2022.
The apartments under construction will be sold:
The estimated selling price is from EUR 6 500 euros per square meter. Preliminary contracts worth around EUR 2 000 000 have already been signed. The planned sales revenue of the whole project starts from EUR 5 656 021. This loan will be covered by the proceeds from the sale of the project.
To secure the interests of investors, real estate is pledged with a primary mortgage:
To secure the interests of investors, a 30.36 acre land lease right with buildings is pledged. The land plot has a building permit issued. According to the assessment performed by an independent real estate appraiser of UAB Inreal, the value of the property 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 – 10%.
Interest by investment amount:
– From 100 EUR to 999 EUR – 6,5%
– From 1 000 EUR to 4 999 EUR – 7%
– From 5 000 EUR – 7,5%
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.