We present a new phased financing project “Gedimino G2-1”. Funds from this round will be used for refinancing the existing loan and for working capital. The amount collected at this stage is 253,900 euros. This loan will be covered by the proceeds of the sale of the mortgaged apartment.
About the project:
“Gedimino 2” is a luxury apartment building in a prestigious part of the city of Palanga, at the intersection of Gedimino Street and Birute Alley. The project has 8 apartments in total, with underground parking and storage rooms. Special attention is paid to well-being, and in order to ensure the maximum privacy of the apartment residents, roller coasters, higher and denser vegetation, corten strip fence, paths, fountains, exclusive lighting, security systems, and others are formed. The holiday apartments are built using the highest quality materials, characterized by durability, resistance, and ecology.
The aim of the project:
The owner of the project is collecting funds in order to refinance the loan balance of the project “Gedimino 2” and to extend the term of the loan, since the sale of this apartment is planned for the next summer season. Currently, other apartments in the project have already been sold. Also, the collected funds will be used to improve well-being: covering, lighting, and landscaping works. The apartment is already registered with RC, its completion is 90%. Estimated selling price from 12,000 euros per square meter.
To ensure the interests of investors, real estate is pledged with a primary mortgage:
To ensure the interests of investors, a 110.15 square meter holiday apartment, an 8.43 square meter warehouse, a 44.17 square meter car storage area, and a 2.24-acre plot of land (lease right) at Gedimino st. 2, 2-1, 2-R1, 2-R8, Palanga. According to the last available and valid valuation performed by an independent real estate appraiser of UAB Ober-Haus, the value of the property pledged to investors is 1,250,000 euros.
The maximum planned amount of Project financing: 1,560,000 euros. 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 carried out and the further stages of financing of the Project will be announced and collected only if the set maximum LTV is not exceeded. The loan-to-mortgage value ratio (LTV) at this stage is 21%.
Interest according to the size of the investment:
– From EUR 100 to EUR 999 – 9%
– From EUR 1,000 to EUR 4,999 – 9.5%
– From EUR 5,000 to EUR 9,999 – 10%
– From EUR 10,000 to EUR 29,999 – 10.5%
– From EUR 30,000 to EUR 49,999 – 11%
– From EUR 50,000 – 11.5%
Important: individual investments are not aggregated and cannot be combined.
We plan to collect the collected amount within 7 days with the possibility of extending it until the 21st. without fundraising.