Pazaislio apartamentai IIIProfitus
Loan for real estate development – stage III of “Pazaislio apartamentai”. The company will use the borrowed funds in the third stage for further development of the project.
Assets pledged to investors during this and previous funding stages will also be used to secure the obligations of the project owner in the next (additional) stages of financing, provided that the project owner raises the value of the pledged property to a maximum LTV of 50%. Investors of all stages will be pledged with a primary mortgage.
An annex to the first-stage loan agreement will be concluded with the project owner regarding the payment of the additional amount, leaving a lien on the same property.
When investing into this project, during the second and subsequent funding stages, the invested funds will be repaid to investors only after settlement with the investors who have invested in the previous funding stages. This condition does not affect the seniority of the investor’s right to the collateral, the overall ratio of the collateral to the amount of the investment. This provision will also not apply in the event of termination of the loan agreement.
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.