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Loftai, Kaunas XIV

Profitus
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100 %
  • Status funded
  • Goal 70,000 EUR (€)
  • Raised 70,000 EUR (€)
  • Investors 66
  • Interest rate 7%
  • Loan To Value(LTV) 45%
  • Credit Duration 18 month

Loan for real estate development – stage XIV of “Loftai, Elektrenu st.”. The company will use the borrowed funds for conversion of administrative premises into appartments.

Construction / reconstruction permits have been obtained for the project and reconstruction works have already begun.

The developer has two administrative premises at Elektrenai str. 8N, Kaunas. The reconstruction of 116 lofts / flats has started on these premises. The first floor already has 24 apartments, with full finishing and furniture, which will be rented soon. It is planned to install another 30 apartments on the second floor – all apartments are fully formed, separated by walls, the internal walls of the apartments are ready for painting, and communications are installed. It is planned to form 30 apartments on the third floor – apartment partitions will be installed, apartments will be separated from each other, communications will be installed. Once the apartments are fully finished, they will be rented too.

Assets at Elektrenai str. 8n, Kaunas: two administrative premises with a total area of 3,810 sq. m and 35 rented, 14-40 sq. m of apartments with a floor area of 794 sq. m. are mortgaged to protect the interests of investors. Completeness of the pledged apartments – 100%.

Assets (parcels of land) pledged to investors during this and previous funding stages will also be used to secure the obligations of the project owner in the next (additional) stages of financing, provided that the project owner raises the value of the pledged property to a maximum LTV of 55%. Investors of all stages will be pledged with a primary mortgage.

An annex to the first-stage loan agreement will be concluded with the project owner regarding the payment of the additional amount, leaving a lien on the same property.

When investing into this project, during the second and subsequent funding stages, the invested funds will be repaid to investors only after settlement with the investors who have invested in the previous funding stages. This condition does not affect the seniority of the investor’s right to the collateral, the overall ratio of the collateral to the amount of the investment. This provision will also not apply in the event of termination of the loan agreement.

The project is funded based on the current mortgage valuation until it reaches the maximum LTV set. When maximum LTV is reached, a new valuation of the property will be required and further project funding stages will be announced and collected only if the maximum LTV set is not exceeded.

We plan to raise the amount within 7 days, with the option of extending it to 21 days if we do not raise funds.

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