• The funds will be used to develop the property, which is already about 75% complete;
• Since January, the real estate agency has started with sales and has already signed 4 preliminary sales contracts worth EUR 374 000;
• The property is located in a residential area of Kaunas, with well-developed social and engineering infrastructure, good accessibility by private and public transport to Kaunas city centre and other districts;
• The owner of the project together with Profitus has been developing the project for 3 years now, and has been paying the interest to the investors on time. 

About the project owner:
The project owner has developed more than 2 600 square metres of projects. The developer has the status of a reliable real estate developer and together with PROFITUS has developed „Pazaislio apartamentai" and „Gedimino 2" projects. Both projects have paid interest to investors on time and all investments have also been repaid.

The aim of the project:
The owner of the project is developing a 1 323 square metre apartment building with ground parking and bicycle storage on 0.5564 hectares of land (adjacent to its developed project Pažaislis apartamentai). The apartment block will comprise a total of 24 apartments with a floor area of 34-63 square metres. The apartments are planned to be sold with partial finishing. The sale proceeds for all apartments, parking spaces and bicycle storage will amount to EUR 2 400 000.

• Photos 6-9 show a visualisation of the project.

Project progress:
The funds mobilised in the last phases have been used to complete the building's structure and roof (insulation of the slab, installation of rainwater harvesting in the roof). Partial electrical wiring was installed on the ground, first, second and third floors, underfloor heating piping was laid, the floors of the apartments were concreted and the walls of 18 apartments were plastered. A heat unit and security cameras have also been installed. The air-conditioning inlets are currently being installed and the funds raised in this phase will be used by the project owner to continue the construction works.

Maximum planned amount of funding for the project: EUR 1 300 000 (EUR 687 100 already raised). 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 ratio (LTV) without VAT at this stage – 78%.

Interest by investment amount:
– From EUR 100 to EUR 499 – 9.9%
– From EUR 500 to EUR 999 – 10.4%
– From EUR 1 000 – 10.9%
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 21 days if we do not raise funds.