Naujakuriu daugiabutis Kaune XVIProfitus
We present the new stage of staged financing project – „Naujakuriu daugiabutis Kaune XVI“. Project owner will use the pooled amount for real estate development, to continue construction work on apartment buildings. The amount to be raised at this stage is EUR 161 000.
About the project owner:
The project owner has experience in real estate. The developer has developed 4 700 square metres of projects in Kaunas („Ausrines st., Poderiskiu Village.”, „Giedros st. Ringaudai”, „Saules st., Poderiskiu Village.”, „V. Siugzdinio st. 17″).
The aim of the project:
The project owner is developing two apartment buildings with a total area of 2 152.59 square meters with a planned closed parking lot. The apartment buildings will have apartments of 50-75 square meters. One apartment building will consist of 18 apartments, the other – 15. The apartments are planned to be sold with partial finishing. Revenue from the sale of all apartments will amount to EUR 4 000 000. The loan will be repaid from the company’s operations and the proceeds from the sale of real estate.
Progress of the project:
The project owner used part of the project funds to refinance the loan, pay the designer, the infrastructure fee, make advances for materials, and start the construction of the apartment buildings. In one apartment building, windows and exterior doors have been installed, ducts have been installed, the roof is being completed, staircases on the 2nd and 3rd floors have been plastered, piles for balconies have been drilled and concreted, and facade works are underway. In another block of flats, the 3rd floor has been bricked up, the sewage inlets to the 1st floor flats have been installed, the lintels and the reinforced concrete have been laid, and the windows are being fitted. Currently, according to the data of the Centre of Registers, the registered partial completion rate of both apartment buildings is 8%. The actual completion rate of 118 Naujakuriu st. is 60%, the cadastral files are already being prepared and will soon be registered at the Registry Centre and the sale transaction will be notarised. The actual completion rate of the apartment building at 116 Naujakuriu st. is 47%.
The investment period for this phase is 2 months and the repayment date for this part of the investment is no later than 15/12/2023.
Maximum planned amount of funding for the project: EUR 1 400 000 (EUR 1 315 900 already raised, of which EUR 300 000 have been repaid). 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. The loan-to-value (LTV) with VAT at this stage is 53%.
Interest by investment amount:
– From 100 EUR to 999 EUR – 10%
– From 1 000 EUR to 4 999 EUR – 10.5%
– From 5 000 EUR – 11%
Important: investments made separately are not aggregated.
We plan to raise the amount within 7 days, with the option of extending it to 21 days if we do not raise funds.