- The project owner will use the pooled amount to refinance the existing loan and develop the property;
- The property to be developed is located near Tartu, in a well-regarded private residential area;
- Fully developed engineering infrastructure with asphalted road and lighting is already in place;
- The developer has already developed a similar project.
About the project owner:
Rehetare Arendus OÜ is SPV for developing the Rehetare residential development project. Rehetare Arendus OÜ is part of the TTK Development group and owned by Osaühing TK Priority Asset Management. Main business activity of the group is development and construction of own real estate, rental of own real estate, and rental of construction equipment. TTK Development offers customers timelessly stylish and valuable real estate investments for homes and businesses that maintain their value over time, backed by a customer-centric approach, personalized solutions, and trend analysis to ensure sustainable and future-oriented investments. The company was established 9.5 years ago and has developed over 8 635.1 square metres of office-warehouse single and duplex projects since 2017. The website of the project owner can be found here.
About the project:
The project owner is developing a residential block in Rehetare Street. Building permit has already been obtained for Rehetare tee 11, while the documentation for the building permit for Rehetare 13 and 15 is being processed. The developer plans to build 2-storey dwellings with a total of 8 apartments. One is planned with 4 apartments of 146.4 square metres each. There will also be 2 duplexes, for a total of 4 units, with an area of 150.8 square metres each. Each apartment in a duplex will have its own garage of 19-22 square metres, sauna, terrace and balcony. The developer intends to furnish the dwellings in a fully finished condition and sell them. The project owner is currently seeking to refinance an existing obligation to Rehepapi kodu OÜ, a loan granted for the acquisition of land plots.
Maximum amount to be financed: EUR 1 000 000. The project is financed on the basis of the current valuation of the collateral until it reaches the maximum LTV of 65%. Once the maximum LTV has been reached, a new appraisal will have to be carried out and further rounds of financing for the Project will only be advertised and collected if the set maximum LTV is not exceeded. The Loan to Value (LTV) without VAT for this stage is 48%.
Interest by investment amount:
– From EUR 100 to EUR 999 – 8.6%
– From EUR 1 000 to EUR 1 999 – 9.35%
– From EUR 2 000 to EUR 7 499 – 9.6%
– From EUR 7 500 to EUR 14 999 – 10.1%
– From EUR 15 000 – 10.6%
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.
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.
