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Vakaro Aleja VIII

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100 %
  • Status funded
  • Goal 150,000 EUR (€)
  • Raised 150,000 EUR (€)
  • Investors 158
  • Interest rate 11.9%
  • Credit Duration 12 month
  • The social infrastructure of the quarter is well developed and all the city’s engineering communications are available. Phase VII will be used to refinance Phases I and II and for working capital;
  • A contract has been signed with the new contractor UAB „Gelirija“;
  • The project owner has already invested EUR 750 000 of its own funds;

About the project owner:
The project owner has developed different real estate projects with a total area of more than 10 000 square metres.

Project objective:
The project owner will use the sum raised to develop a four-storey, 3 383 square metre, 68 apartment building in Palanga. The apartments in the apartment building have a floor area of 20-69 square metres. The developer had signed 23 preliminary contracts, but when it encountered problems with the contractor’s slow development, it decided by mutual agreement to cancel the preliminary contracts and refund the funds to the clients. Currently, 7 new preliminary contracts for the sale of apartments have been signed. The projected sales revenue for the whole project is EUR 6 000 000.

* Photos 8-12 show a visualisation of the project.

Project progress:
With the funds mobilised in the last phases, the project owner has installed the frame, completed the 4th floor, prepared the roof and ordered windows. The project owner will use the funds raised in this phase for the refinancing of Phases I and II and for working capital.

Maximum amount to be financed: EUR 2 200 000 (EUR 865 000 already raised). The project is financed on the basis of the current valuation of the collateral until it reaches the maximum LTV of 85%. 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 45%.

Interest based on the size of the investment:
– From EUR 100 to EUR 499 – 11.9%
– From EUR 500 to EUR 2 499 – 12.4%
– From EUR 2 500 to EUR 4 999 – 12.9%
– From EUR 5 000 to EUR 14 999 – 13.4%
– From 15 000 – 13.9%
Important: Individual investments are not aggregated and cannot be pooled.

We plan to raise the amount within 7 days, with the possibility of an extension to 21 days if the funds are not raised.

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