We present a new staged financing project “Rykantu namai”. Project funds will be allocated for the development of real estate – for the implementation of construction works of 4 residential houses.
The project owner is building four 154-175 sq. mresidential houses at Rykantu 1, 3, 7, 9, in Vilnius. The project consists of A ++ class utility class houses with a heated floor system, 7-9 acres of yard, with an outdoor terrace. The infrastructure will be developed in the area: the road will be paved and lighting installed. The built houses will be sold for 215-239 thousand euros. The planned sales revenue of the whole project is 900-960 thousand euros.
Documents for a building permit are currently being submitted. Construction work is scheduled to begin on June 20, 2021. Construction work is expected to be completed by June 20, 2022.
In the interests of investors, 4 plots of land with a total area of 32.52 ares are pledged at Rykantu str. 1,3,7,9, Vilnius. According to an independent real estate appraiser, the value of the mortgaged property is 122 500 euros.
The project owner’s company has been engaged in real estate development for 9 years. The owner has the status of a reliable developer and has experience in the construction of houses and two-apartment houses. Previously, the project owner successfully implemented 8 real estate projects on the Profitus platform and always paid interest on time and repaid loans to investors.
The maximum amount financed is EUR 400 000. The project is financed according to the current valuation of the mortgaged property until it reaches the set maximum LTV – 70%. Once the maximum LTV is reached, a new valuation of the property will have to be performed and further stages of the Project financing will be announced and collected only if the set maximum LTV is not exceeded. The loan-to-value ratio (LTV) is currently 49%.
Interest by investment amount:
– From EUR 100 to EUR 499 – 7,5%
– From EUR 500 to EUR 4999 – 8%
– From EUR 5 000 to 8,5%
Important: separately made investments are not aggregated.
We plan to collect the accumulated amount within 7 days with the possibility to extend it to 21 days without raising funds.