Project updates

Descripton

Title of the project	Number of the construction permit for the project	Address of the project	Area of the object (building)
Loan for real estate development – stage X of “Loftai, Elektrenu st.”. The company will use the borrowed funds for conversion of administrative premises into appartments. Construction / reconstruction permits have been obtained for the project and reconstruction works have already begun. The developer has acquired two administrative premises at Elektrenai str. 8N, Kaunas. The reconstruction of 116 lofts / flats has started on these premises. On the first floor, the walls and partitions of the apartments have been formed, the floor covering before laying the floor has been prepared, the ceiling has been prepared before painting, water and sewage inlets and electrical inlets have been prepared. Painting work started. On the second floor, the walls and partitions of the apartments are being completed. Once the apartments are fully finished, they will be rented. Also, the developer has already developed and rented 35 lofts / flats in other premises at the same address. Assets at Elektrenai str. 8n, Kaunas: two administrative premises with a total area of 3,810 sq. m and 35 rented, 14-40 sq. m of apartments with a floor area of 794 sq. m. are mortgaged to protect the interests of investors. Completeness of the pledged apartments - 100%. 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 55%. Investors of all stages will be pledged with a primary mortgage. An annex to the first-stage loan agreement will be concluded with the project owner regarding the payment of the additional amount, leaving a lien on the same property. 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. 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.
Loftai, Kaunas X	LIPR-21-170420-00035	Elektrenu str. 8N - 101; 201;	3810sq.m.

Number of floors in the object (building)	Duration of repair/construction	Description of the site of the project	Description of repair/construction (detailed)
4	12 months.	Everything that may be needed for a comfortable life is located around the project. There are several schools, kindergartens, supermarket, sports complex, bazaar, clinic, pharmacy, cafes, banks, university and other service points important for the modern man.	Currently, painting works on the first floor have ended. The apartments are equipped. On the second floor, the walls and partitions of the apartments are being completed.

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 55%. Investors of all stages will be pledged with a primary mortgage.

Property		Unique nr.
Administrative premises		4400-4758-4660:6007
Administrative premises		4400-4758-4670:6008
Appartment		4400-4897-5591:4801
Appartment		4400-4897-5604:4802
Appartment		4400-4897-5615:4803
Appartment		4400-4897-5626:4804
Appartment		4400-4897-5637:4805
Appartment		4400-4897-5648:4806
Appartment		4400-4898-0003:4807
Appartment		4400-4898-0036:4808
Appartment		4400-4898-0047:4809
Appartment		4400-4898-0058:4810
Appartment		4400-4898-0069:4811
Appartment		44004898-0076:4812
Appartment		4400-4898-0080:4813
Appartment		4400-4898-0090:4814
Appartment		4400-4898-0114:4815
Appartment		4400-4898-0125:4816
Appartment		4400-4898-0178:4820
Appartment		4400-4898-0147:4817
Appartment		4400-4898-0158:4818
Appartment		4400-4898-0169:4819
Appartment		4400-4898-0203:4821
Appartment		4400-4898-0214:4822
Appartment		4400-4898-0225:4823
Appartment		4400-4898-0236:4824
Appartment		4400-4898-0247:4825
Appartment		4400-4898-0258:4826
Appartment		4400-4898-0290:4827
Appartment		4400-4898-0325:4828
Appartment		4400-4898-0336:4829
Appartment		4400-4898-0347:4830
Appartment		4400-4898-0358:4831
Appartment		4400-4898-0658:4835
Appartment		4400-4898-0369:4832
Appartment		4400-4898-0370:4833
Appartment		4400-4898-0384:4834

Address of the pledged asset	Independent assessor	Value of the pledged asset by independent assessment
Elektrenu str. 8N - 101; 201; 8N 1-35	UAB "Baltijos turto vertinimo agentūra"	1 436 100 €

Type	Investment purpose	Requested amount to be funded	Investment period*
Loan	Conversion of administrative premises into appartments	34 000 €	18 month
LTV	Time remaining	Investment repayment form	Frequency of payment of interest
30% (maks. 55%)	7 days	At the end of the period	Once per quarter
Source of payment of interest	Annual interest rate
Company funds, rent income	8-9%
*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).

Ask a question

${q.userNickname} | ${q.date}

${q.text}

EvoEstate | ${q.answerDate}

${q.answer}

Documents

Payment schedule

Date	Status	Late	Assignment date
30.09.2020	Paid	No	01 October 2020, 20:00
30.12.2020	Paid	No	31 December 2020, 00:00
30.03.2021		No	-
30.06.2021		No	-
30.09.2021		No	-
30.12.2021		No	-

Loftai, Kaunas X

Project updates

Descripton

Ask a question

Documents

Payment schedule