J7 Berzas VIIIProfitus
We present phased financing project “J7 Berzas” eighth phase. The funds raised will be used for the development of a real estate project. The amount to be raised at this stage is EUR 290 000.
About the project:
The project owner is developing a 62 apartments project on nine plots of land. The houses under construction are semi-detached, four different sizes, with apartment areas ranging from 50 to 82 square meters. All apartments will be on two floors, on the first floor a common kitchen and living area, two or three bedrooms depending on the area of the apartment. There is also a shared lounge with a sauna and a heated outdoor pool, a barbecue area and a cinema in the dome. The apartments are for sale with full equipment and arranged infrastructure of the quarter. The sale price is EUR 3 000 per square meter. The planned sales revenue for the entire project is EUR 12 000 000. Currently, 42 apartments are reserved, the value of reservations is about EUR 8 000 000.
Progress of the project:
The walls of the first and second floors have been built for all semi-detached houses, and roof structures have been installed. Most of the semi-detached houses have covered roofs, windows have been installed, and facade finishing has begun. Currently, the semi-detached houses is also equipped with heating and ventilation and sewage disposal systems, concrete floors. Interior fitting works have been started for the highest-completed semi-detached houses. Cadastral measurements have been performed for all houses under construction.
To ensure the interests of investors, a real estate primary mortgage is pledged:
To protect the interests of investors, 9 plots of land with a total area of 153.14 ares are pledged at Latgalos st., Palanga. The plots where the houses are being built have building permits. Homes under construction on mortgaged land will also be mortgaged to investors as soon as they are registered. According to an independent real estate appraiser, the value of the mortgaged real estate is EUR 4 509 800. In addition to this loan, the company’s director and shareholder Aistis Bartkus provides a surety.
The maximum amount financed is EUR 3 000 000. The project is financed according to the current valuation of the mortgaged property until it reaches the set maximum LTV – 70%. 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 is not exceeded.
Interest by investment amount:
– From EUR 100 to EUR 999 – 10%
– From EUR 1 000 to EUR 9 999 – 11%
– From EUR 10 000 to EUR 49 999 – 12%
– From EUR 50 000 to EUR 99 999 – 13%
– From EUR 100 000 – 14%
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.