Loftai, Kaunas XXIProfitus
The twenty-first stage of financing the project “Loftai, Elektrenu st.”. The purpose of the loan is the conversion of administrative premises into apartments.
116 lofts / apartments are being installed in the premises pledged to investors.
• Of these, 24 apartments, on the ground floor, are already rented and generate rental income. The planned rental income is EUR 57,600 per year.
• 16 apartments are already for rent on the second floor (full finish). The remaining 15 apartments on the second floor will be ready for rent on 20/11/2020 (currently all construction work is being done, furniture is being assembled). The planned rental income is 72,000 euros per year.
• 24 apartments have been formed on the third floor, of which 18 apartments have been installed (fully finished, furniture is currently being assembled), which will be rented on 20/11/2020. Another 6 and 7 apartments, respectively, will be released for rent every 2 weeks – November 30, 2020 and December 14, 2020 with full finishing, furniture. The entire floor has been released for rent until December 14, 2020. The planned rental income is 72,000 euros per year.
• 4a. work is currently in progress. Cotton wool is placed in 12 apartments. Next week, the second layers of plaster will be laid and the ceiling will be installed. Another 12 units are currently conducting communications and the next week we will start laying cotton wool.
Also, the borrower has installed 35 lofts in other premises at the same address that he has already rented. The rental income of these apartments covers the loan costs.
A total of 59 fully equipped apartments (with a total area of ??2172.34 sq.m) and administrative premises (2371.12 sq.m) were pledged to investors.
For investors at all stages, the property is pledged as a primary mortgage.
Maximum planned amount of project financing: Eur 1,300,000. 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 51%.
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.