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Savi namai III

Profitus
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100 %
  • Status funded
  • Goal 21,500 EUR (€)
  • Raised 21,500 EUR (€)
  • Investors 62
  • Interest rate 10%
  • Loan To Value(LTV) 70%
  • Credit Duration 9 month

We present the third stage of the staged financing project “Savi namai”. The raised funds will be used for the development of the real estate project. The amount to be raised at this stage is EUR 21 500.

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 two stages of financing, all plots of land in the project have building permits. Address: Sodzius st. 9 and 13, the structural parts of the house were built, and Sodzius st. In 9 houses under construction, communication inputs have already been brought in, floors have been poured, underfloor heating has been installed and houses have been registered, with 40% completion according to the data of the Registration Center. Also, windows were ordered for all 4 single-family houses, an advance was paid and materials were bought and brought to the construction site to start the roof work. All 4 single-family 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 48.16 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 219 700.

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 64%.

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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