- Reliable project owner: The company belongs to UAB "KAITA Group", an experienced player in the real estate market, which has successfully completed numerous projects in Vilnius and Prague. The company's investment in these projects exceeds EUR 82 million, which demonstrates its financial stability and long-term vision.
- The project owner is committed to the project's success: The developer's investment of 3,562,642 EUR in the project is a clear indication of their confidence in its success. This significant commitment underscores their determination to bring the project to fruition.
- High project popularity: Over half of the apartments (56%) have already been reserved, representing a total of 3 843.46 m² of reserved living space. This high level of interest demonstrates the project's appeal and strong market demand.
About the Project Owner:
The company is part of the KAITA Group group of companies. The group's core business is real estate project development and management. The group has implemented and is currently developing 24 projects (78,589 m² of residential projects developed). More information can be found here.
About the project:
The loan will be used for the development of the project. The project owner is developing a two apartment building located at Riteriu st. 16, Vilnius (the address of the apartment block under development has changed, before that it was Zirmunu st. 2G). On a 0.69 ha plot of land, industrial premises are being reconstructed into a two apartment building (with a total of 162 property units). The apartment building will be a low-rise building, energy class A+, with a total area of 11,407 m² and a usable area of 6,877 m², with underground parking. After the apartments have been partially finished and landscaped, they will be sold for a projected sale proceeds of EUR 18,740,000 excluding VAT. This loan will be covered from sales proceeds, and interest will be paid to investors from the project owner's operating income.
Project progress:
The underground floor has been completed with the funds mobilised in the last phases, walls are being built, slabs are being installed, windows are being installed, engineering systems are being installed, façade insulation works are underway, and masonry work has started on the third floor and windows are being installed. The project owner will use the funds raised during this phase to continue further construction works.
Competitive landscape:
2024 this area of Siaures miestelis is at the beginning of major changes - new apartment buildings are rising on the sites of former large factories and garages, and former light industrial premises are being reconstructed into lofts. The companies that previously operated here have profitably sold their land plots and moved to the suburbs, thus opening up the possibility for new housing development. At the beginning of the year, ~600 properties were for sale in this location, of which 233 apartments and lofts were sold in 6 months, at an average price of EUR 3,250-3,295/m². The average selling price of lofts was ~2,760 EUR/m². In addition, it is currently one of the most expensive places to rent an apartment (due to the new construction houses), where the average monthly rent for an apartment is EUR 16.15/m² (~710-780 EUR/month for a 44-46 m² apartment).
The maximum amount to be financed: EUR 5,000,000 (EUR 4,244,500 already raised). The project is financed on the basis of the current valuation of the collateral until it reaches the established maximum loan-to-value ratio of 65% LTV. Once the maximum LTV has been reached, a new valuation of the property will have to be carried out and further rounds of financing for the Project will only be advertised and collected if the set maximum LTV is not exceeded.
Interest by investment amount:
– From EUR 100 to EUR 299 – 8.00%
– From EUR 300 to EUR 749 – 8.50%
– From EUR 750 to EUR 3 499 – 9.00%
– From EUR 3 500 to EUR 14 999 – 9.50%
– From EUR 15 000 to EUR 49 999 – 10.00%
– From EUR 50 000 to EUR 99 999 – 10.50%
– From EUR 100 000 – 11.00%
Important: investments made separately are not aggregated and cannot be pooled.
We plan to raise the amount within 7 days, with the option of extending it to 30 days if we do not raise funds.
About the Profitus
Profitus is a crowdfunding and investment platform whose main goal is to make investment available to everyone. Investments start at 100 euros, and the platform is open 24/7. Investments are secured by pledging real estate and other collateral (e.g., indemnity or warranty). Different projects have different security tools that users can access in self-service for each project.
Profitus consults with the Bank of Lithuania in order to ensure perfect compliance with the law. Monetary operations on the platform are carried out in cooperation with Paysera and Trustly. The risk relating to the project and project owner are assessed on the basis of information provided by Creditinfo.
