|Sixteenth project„ Lofts, Elektrenu str. “Financing phase. This is the first stage after the new valuation of the property, then the official value of the property is currently EUR 2,304,400. The purpose of the loan is the conversion of administrative premises into apartments. Also, the developer at the same address The cost of the loan covered by the rental income from these apartments buses is 35 lofts, which he has already leased.|
The developer has acquired two administrative premises at Elektrenu str. 8N - 101; 201, Kaunas. 116 lofts/apartments are being installed on these premises.
We share the latest information on the development of this project:
• The first floor is ready for rent, the apartments are fully finished. There are 24 apartments on this floor, which are registered to this day and changed their purpose to residential / apartments. The planned rental income is 57,600 euros per year.
• Another 30 apartments have been formed on the second floor. The formation of apartments consists of G / K partitions, G / K ceilings, ventilation systems, water, sewage, electrical inlets. Full finishing of 15 apartments will be done by 2020-10-01, the remaining apartments will be installed by 2020-11-30. The ordered furniture, after which these apartments will be rented for 200-250 euros per month. The planned rental income is 72,000 euros per year.
• Another 30 apartments are being formed on the third floor. Water, sewage and electricity inlets for 15 apartments have already been brought. The first 15 apartments are planned to be completed by 14/09/2020.
To protect the interests of investors, the property is pledged at Elektrenu str. 8N - 101; 201, Kaunas: 35 equipped apartments with a total area of 794 sq. km. m. and two administrative premises with a total area of 3,810 sq. m. m. Completeness of pledged assets - 100%
For investors at all stages, the property is pledged as a primary mortgage
The borrower will have the right to borrow additionally in other stages, provided that the LTV does not exceed 55%. At this stage, the loan-to-value ratio (LTV) is 36%
We plan to collect the accumulated amount within 7 days with the possibility to extend it to 21 days.
|Number of floors in the object (building)||Description of the site of the project||Description of repair/construction (detailed)|
|4||Everything that may be needed for a comfortable life is located around the project. There are several schools, kindergartens, supermarkets, sports complexes, bazaars, clinics, pharmacy, cafes, banks, universities and other service points important for the modern man.||There are already 24 lofts on the ground floor, fully finished and furnished, which will be rented soon. Another 30 apartments have been formed on the second floor. Another 30 apartments are being formed on the third floor.|
Investors of all stages will be pledged with a primary mortgage.
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.
When investing in 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|
|Elektrenu st. 8N - 101; 201; 8N 1-35||UAB "Kovertas"||2 304 400 €|
|Type||Investment purpose||Requested amount to be funded||Investment period*|
|Loan||Conversion of administrative premises into apartments||120 000 €||18 month|
|LTV||Time remaining||Investment repayment form||Frequency of payment of interest|
|36% (max. 55%)||7 days||At the end of the period||Once per quarter|
|Source of payment of interest||Annual interest rate|
|Company funds, rent income||7%|
|*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|
|Legal entity||UAB "Pagal mus"||304310362|
|30.12.2020||Paid||No||31 December 2020, 00:00|