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Savi namai II

Profitus
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100 %
  • Status funded
  • Goal 32,100 EUR (€)
  • Raised 32,100 EUR (€)
  • Investors 112
  • Interest rate 10%
  • Loan To Value(LTV) 70%
  • Credit Duration 9 month

We present the second stage of the phased financing project “Savi namai”. The funds raised will be used for the development of a real estate project. The amount to be raised at this stage is EUR 32 100.

About the project:
The project owner is building a residential quarter on four plots of land. The project will have a total of 11 apartments. On a plot of land at Sodziaus st. 7, one three-apartment house will be built, at Sodziaus st. 11 – two semi-detached houses, and at Sodziaus st. 9 and 13 – two houses on each plot of land. The area of apartments will be 90-96 square meters, semi-detached houses will be two-story, others houses one-story, with sheds for cars. The apartments will be sold with partial finishing, the planned sale price is EUR 1 300 per square meter. Revenue from the sale of the entire project is estimated at around EUR 1 500 000.

Progress of the project:
After the first stage of financing, the structural part of four houses was completed in the project – external and internal walls were laid, ceilings were covered. Electricity was brought to the plots, and communications are being installed. A building permit has also been obtained for the construction of the three-aptarments house, so building permits are already available for all the houses in the project. All 4 houses are reserved, preliminary contracts worth EUR 576 000 have been signed.

To ensure the interests of investors, a real estate primary mortgage is pledged:
To protect the interests of investors, 4 plots of land with a total area of 48.85 ares and 4 Buildings-Dwelling houses are pleged with a primary mortgage, at Sodziaus st. In addition, a conditional mortgage is pledged at Sodziaus st. 11, residential houses under construction, not yet registered. As soon as the houses is registered, it will be mortgaged on the primary mortgage. Homes under construction on mortgaged plots will also be mortgaged to investors. According to an independent real estate appraiser, the value of the mortgaged real estate is EUR 167 300.

The maximum amount financed is EUR 700 000. 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) in this phase 70%.

Interest by investment amount:
– From EUR 100 to EUR 499 – 10%
– From EUR 500 to EUR 999 – 10,5%
– From EUR 1 000 – 11%
Important: investments made separately 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.

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