- The pooled funds will be used for property acquisition, property development and working capital. So far, land has been acquired and the funds from this phase are used to settle the first phase investors;
- The property to be developed is located in Pagiriiai, Vilnius, in a newly developed block of individual houses;
- The owner of the project has developed real estate projects with an area of approximately 1 600 square metres.
About the project owner:
The project owner has developed different real estate projects (11 houses - Spanguoliu st., Vilnius, Zemaiciu Alkos st., Palanga).
Project objective:
The project owner has acquired plots of land totalling 0.6033 hectares on which he is developing four semi-detached houses. Each apartment in the semi-detached house will be 95 square metres. The houses will be sold with partial or full finishes. The estimated sales proceeds of the duplexes are around EUR 1 710 000 including VAT. This loan will be reimbursed from the sales proceeds of the duplexes.
* Photos 1-2 show a visualisation of the project, while photos 4-5 show the development of a similar project.
Project progress:
The developer has already invested EUR 90 000 of its own money to buy the plots and to improve the infrastructure and pour the foundations.The project owner also plans to separate the 4 plots of land into 8 property units.
Maximum amount to be financed: EUR 600 000 (EUR 127 300 already raised). The project is financed on the basis of the current valuation of the collateral until it reaches the maximum LTV of 70%. Once the maximum LTV has been reached, a new appraisal 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. The Loan to Value (LTV) with VAT for this stage is 49%.
Interest based on the size of the investment:
– From EUR 100 to EUR 499 – 9.2%
– From EUR 500 to EUR 999 – 9.7%
– From EUR 1 000 to EUR 1 999 – 9.95%
– From EUR 2 000 to EUR 4 999 – 10.2%
– From 5 000 – 10.7%
Important: Individual investments are not aggregated and cannot be pooled.
We plan to raise the amount within 7 days, with the possibility of an extension to 21 days if the funds are not raised.
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.
