We present new phase of phased financing project – „Pazaislio namai V". The raised funds will be used for the development of real estate. The amount to be raised at this stage is EUR 88 700.
About the project owner:
The project owner has developed more than 2 600 square metres of projects. Developer has the status of a reliable real estate developer and together with PROFITUS developed the project „Pazaislio apartamentai", whose investments have already been returned to investors. His other project „Gedimino 2" in Palanga, also developed together with PROFITUS. In all phases of this project, the investors were paid interest on time. The investments have also been repaid.
The aim of the project:
The owner of the project is building a 1 323 square meter apartment building with an underground parking plot and bicycle storage areas on a 0.5564 hectares plot of land (adjacent to his developed project „Pazaislio apartamentai"). A total of 24 apartments will be formed in the apartment building, the areas of which will be 34-63 square meters. The construction permit has already been obtained for the project. Construction work has started – the foundations of the apartment building, which have not yet been registered in the registry center, have been poured. The apartments are planned to be sold with partial decoration. The income from the sale of all apartments, parking spaces and bicycle storage areas will amount witht VAT EUR 2 400 000.
Progress of the project:
In April, the owner of the project started construction work on the foundations of the apartment building, which have not yet been registered with the Registry Centre. At the beginning of August, according to the Centre of Registers, the completion rate is 25% and 2 apartments are reserved. The outdoor water, sewage and drainage networks are in place. In September the construction of the 2nd floor was completed and the 3rd floor is being bricked. Stairs and balconies have been installed. Underground utilities (except for district heating) are in place. Sewer lines are being installed.
Maximum planned amount of funding for the project EUR 1 300 000 (EUR 382 400 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) with VAT at this stage – 53%.
Interest by investment amount:
– From 100 EUR to 499 EUR – 9%
– From 500 EUR to 1 499 EUR – 9.5%
– From 1 500 EUR – 10%
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.
About the Profitus
Profitus is a crowdfunding and investment platform with a minimum investment of 100 euros. Profitus investments are secured by real estate mortgages, Your investment is secured by a first or second mortgage on the property, as well as by other collateral (e.g. a surety or guarantee). Transactions are managed through Lemonway, a regulated payment service provider.
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. Profitus operates with Lemonway, a regulated payment service provider.
