The new seaside
Lithuania
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Descripton
| Loan for real estate development – „The new seaside“ Phase I. The company is developing 51 residential houses on the seaside. At this stage, the company will use the borrowed funds for environmental management and development of 4 demonstration houses with full finishing. The developer has signed reservation agreements for three houses, sales are worth 390 000 Eur. „The new seaside“ is a completely new quarter of houses for living and recreation with the use of environmentally friendly “green” energy, located in the calm resort town of Sventoji, on Elijos Street, just 1 kilometre or 15 minutes walk to the sea . This is a complex of houses designed on a land plot of 9 hectares. 72 sq. m and 126 sq. m houses are being developed in this project, with full or partial housing decoration. Each house will be equipped with a solar power plant (solar panels integrated on the roof). The architecture will prevail in the whole quarter, each house will have a private plot of land and its own terrace. All engineering networks are planned: water supply, domestic sewage, electricity. The environment and infrastructure have been arranged: paved streets, street lighting, pedestrian and bicycle paths. 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. For those who invest more than EUR 5,000 +1%, and from EUR 50,000 + 2% of annual interest. For more information, please call +370 637 60 776 or write by e-mail info@profitus.lt. For all investors, real estate is mortgaged with a primary mortgage. We plan to raise the amount within 7 days, with the option of extending it to 21 days if we do not raise funds. Learn more about this project: www.naujasispajuris.lt | |||
| Title of the project | Address of the project | ||
|---|---|---|---|
| The new seaside | Elijos str. 9 F, Palanga | ||
| Number of floors in the object (building) | Description of the site of the project |
|---|---|
| 2 | The project is being developed in a quiet location, just a 3-minute drive or a 15-minute walk from the sea. 1 km to kindergarten, 1.2 km to Palanga Sventoji basic school, 1.5 km to the nearest shop. |
A parcel of land at Elijos Str., Palanga will be mortgaged to protect the interests of investors. Houses planned to be built on the parcels of land will also be mortgaged to investors.
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 60%. 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.
| Address of the pledged asset | Independent assessor | Value of the pledged asset by independent assessment |
|---|---|---|
| Elijos str. 9 F, Palanga | UAB "Kovertas“ | 500 000 € |
| Type | Investment purpose | Requested amount to be funded | Investment period* |
|---|---|---|---|
| Loan | RE development | 100 000 € | 12 month |
| LTV | Time remaining | Investment repayment form | Frequency of payment of interest |
| 20% (max 60%) | 7 days | At the end of the period | Once per quarter |
| Source of payment of interest | Annual interest rate | ||
| Company Funds | 12-14% | ||
| *Note. If the real estate developer repays a part of the loan earlier, he has to pay an additional 1 month. interest on the amount repaid (however, the interest on that part will, in general, be paid for not less than three months but not more than the term of the loan). | |||
| Type | Title of the company | Company code | VAT payer’s code |
|---|---|---|---|
| Legal entity | UAB ALITE BONA | 125763392 | LT25763392 |
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