We present the second stage of the phased financing project "Gedimino G2-2". The funds of this stage will be used for the development of the project. The amount to be raisesd at this stage is EUR 250 000.
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 raising funds to refinance the loan balance of the Gedimino 2 project and to extend the term of the loan, as the sale of this apartment is planned for next summer season. At the moment, notarial sale and purchase agreements have already been signed for other apartments in the project and the funds have been returned to the investors. The majority of the funds raised will also be used for landscaping improvements such as paving, lighting and landscaping works. The apartment is already registered with the RC and is 90% complete. The estimated selling price starts from EUR 12 000 per square metre.
To ensure the interests of investors, real estate is pledged with a primary mortgage:
To ensure the interests of investors, a 110.14 square meter holiday apartment, an 8.73 square meter warehouse, a 68.67 square meter car storage area, and a 2.96-acre plot of land (lease right) are pledged at Gedimino st. 2, 2-2, 2-R1, 2-R9, 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 EUR 1 250 000
The maximum planned amount of Project financing: EUR 1 560 000. 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 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 41%.
Interest by investment amount:
- 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: 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.
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.
