Semi-detached house, Sumsko str.Profitus
Real Estate Development Loan – Phase I. The purpose of the loan – residential apartment house, Sumsko str. 58, Vilnius project development.
UAB Pakom is currently developing a two-bedroom house project on Šumsko Street, 10 km from the center of Vilnius.
The company has built five identical semi-detached houses, more than half of which have already been sold. The company needs the funds to complete the work on the mortuary and to develop further phases of the project.
Assets (parcels of land) pledged to investors during this and previous funding stages will also be used to secure the obligations of the project owner in the next (additional) stages of financing, provided that the project owner raises the value of the pledged property to a maximum LTV of 70%. Investors of all stages will be pledged with a primary mortgage.
When investing into this project, during the second and subsequent funding stages, the invested funds will be repaid to investors only after settlement with the investors who have invested in the previous funding stages. This condition does not affect the seniority of the investor’s right to the collateral, the overall ratio of the collateral to the amount of the investment. This provision will also not apply in the event of termination of the loan agreement.
Maximum planned amount of funding for the project: EUR 143 000.
The project is funded based on the current mortgage valuation until it reaches the maximum LTV set. When maximum LTV is reached, a new valuation of the property will be required and further project funding stages will be announced and collected only if the maximum LTV set is not exceeded.
We plan to raise the amount within 7 days, with the option of extending it to 21 days if we do not raise funds.