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Haigru 20a, Kristiine III

Profitus
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96 %
  • Status active
  • Goal 70,000 EUR (€)
  • Raised 66,946 EUR (€)
  • Investors 129
  • Interest rate 8.2%
  • Credit Duration 12 month
  • The financing will be used for RE development, that is mortgaged to investors and the value of the pledged asset is continuously being increased. Since February, when Profitus community started financing the project, the developer has already laid the foundations and built the first floor walls;
  • Future valuation upon 100% completion of the building is EUR 2 032 000 with VAT;
  • The owner of the project has 16 years of experience in the construction sector together with the best in Estonia: Merko and Nordecon;
  • The company’s board member provides a personal guarantee for the loan;
  • The location of the mortgaged property is in the rapidly developing urban area of Kristiine, a pleasant residential environment close to the city centre of Tallinn. The advantage of the location ensures proximity to the city and privacy.

About the project owner:
Giraldo OÜ specializes in construction and building finishing, primarily serving as a subcontractor for major general contractors, as well as managing general construction projects. Main partners of the company: AS Merko Ehitus, AS Merko Tartu, AS Nordecon Ehitus.

Project objective:
The project owner intends to develop a modern, two-story building with a total floor area of 452.5 square meters, divided into four four-bedroom apartments. The building has an energy label A, which ensures low utility costs for each unit. The average area per apartment will be 112.9 square metres. On the ground floor there will be a common living room and kitchen area, a hallway with a spacious wardrobe, a pantry, a bathroom and an appliance room with a bath. On the second floor there will be a bathroom and three bedrooms. Each apartment will also have its own terrace. The apartments are planned to be sold upon completion. The expected sales revenue for all apartments is EUR 2 032 000.

Project current and future status:
Since the first loan stage in February, the following has been done:
Construction of trails and temporary roads, completion of excavations and foundation work, installation of utilities,  design of geothermal heating systems, prepayments for the windows, construction of the first floor walls and ceiling.
The main objective of the current funding is to use the resources to complete the construction of the house’s structure. Complete the utility installations on the first floor and pour the floor.

The maximum planned amount of funding for the project is EUR 750 000 (EUR 150 000 has already been raised). The project is financed according to the current valuation of the mortgaged property until it reaches the maximum LTV of 85%. Once the maximum LTV is reached, a new valuation of the property will be carried out, and the further stages of financing the Project will be announced and collected only if the maximum LTV is not exceeded. The loan-to-value (LTV) without VAT at this stage is 46%.

Interest by investment amount:
– From 100 EUR to 499 EUR – 8.2%
– From 500 EUR to 999 EUR – 8.7%
– From 1 000 EUR to 1999 EUR – 8.95%
– From 2 000 EUR to 4999 EUR – 9.2%
– From 5 000 EUR – 9.7%
Important: investments made separately are not aggregated.

We plan to collect the target amount within 7 days with the possibility to extend it to 21 days if the target is not reached.

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