Loftai, Kaunas XVIIIProfitus
The eighteenth stage of financing the project “Lofts, Elektrenu str.” This is the third stage after the valuation of the new real estate, so the official value of the property is currently EUR 2,304,400.
We share the latest information on the success of this project:
During the financing period, 60 apartments have already been formed. Of these, 24 apartments, on the ground floor, are already rented and generate rental income. The planned rental income is 57,600 euros per year.
• On the second floor, 24 apartments are being prepared, maintained and cleaned. 2010-10-16 will start renting. The remaining 7 apartments on the second floor will be ready for 2020-11-20. The planned rental income is 72,000 euros per year.
• 12 apartments have been formed on the third floor, they are ready for finishing. It is planned to start renting 12 apartments on the third floor after 5-6 weeks.
• Installation of aluminum profiles on the fourth floor has started.
Also, the borrower has installed 35 lofts in other premises at the same address that he has already rented. The rental income from these apartments covers the loan costs.
For investors at all stages, the property is pledged as a primary mortgage.
Maximum planned amount of project financing: 1,300,000 Eur. The borrower will have the right to borrow additionally in other stages, provided that it does not exceed the maximum LTV of 55%. 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 performed and further stages of the Project financing will be announced and collected only if the set maximum LTV is not exceeded. At this stage, the loan-to-value ratio (LTV) is 42%.
The borrower pays interest to upstream investors on time. An experienced developer has previously successfully implemented similar projects.
We plan to collect the accumulated amount within 7 days with the possibility to extend it to 21 days. without raising funds.