- The funds will be used for real estate development;
- The mortgaged property is attractive from a residential point of view due to its proximity to recreational areas (walking and cycling trails, a stream) and the environment is dominated by higher-priced detached residential buildings;
- Developer has extensive experience in real estate;
- The project owner has already invested EUR 480 000 of his own money.
About the project owner:
The project owner has experience in real estate. Has developed various real estate projects with a total area of approximately 5 743 square metres.
Project objective:
The developer will mobilise a sum of money for the conversion of a 1 554.70 square metre building - a school - into flats, for which a building permit has already been obtained. The plan is to provide 25 apartments with balconies. The total floor area of the planned apartment building is 1 853 square metres. The owner of the project intends to furnish the apartments in a modern way with all appliances and furniture, as well as complete landscaping. Once these works are completed, the apartments will be sold. Notarial transactions are expected to start in June 2024. In addition, 20 preliminary sales contracts have already been signed. The estimated sales revenue is EUR 2 200 000. The loan will be repaid from the proceeds of sales.
The maximum planned amount of financing for the Project: EUR 554 000 (EUR 244 500 already raised). The project is financed according to the current valuation of the mortgaged property until it reaches the set maximum LTV of 70%. Once the maximum LTV has been reached, a new valuation of the property will be carried out and further rounds of financing for the Project will only be advertised and collected if the maximum LTV is not exceeded. The loan-to-value (LTV) ratio with VAT at this stage is 27%.
Interest by investment amount:
– From EUR 100 to EUR 499 – 10.9%
– From EUR 500 to EUR 999 – 11.4%
– From EUR 1 000 to EUR 1 999 – 11.65%
– From EUR 2 000 – 11.9%
Important: Individual investments are not aggregated and cannot be combined.
We plan to raise the amount within 7 days, with the possibility of extending it to 21 days in the event of non-collection.
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.
