Apartment "Panauja"

 Development loan
Project listed: 15.09.2020
Vilnius,
Lithuania
9%
Annual yield
70%
LTV
Term: 6 months
Mortgage rank:
First
Interest payment schedule:
Quarterly
Interest payments
30.12.2020
Pending

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September 15, 2020

Profitus has given this project a C level rating, due to the reason, that the developer has financed the property by being in debt to the contractor. The 500,000 EUR of this loan will be paid directly to the contractor (who currently holds the mortgage on the asset) by Profitus, while the remaining 243,000 EUR will be issued to the developer to complete the development works. Currently, 18 out of 24 apartments have been pre-sold, with a total sum in reservations equal to 195K and the general signed pre-sales contract value is 1.2M EUR. 

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Risk rating

CriteriaFrom -2 to 2
Property type0
LTV2
Loan Structure0
Pre-sales-2
Experience0
License0
Macro-location0
Micro-location2
Purpose of the loan0
Investment length0
EBITDA Margin2
EvoEstate Risk rating is of an informative nature only and can not be considered investment advice.
Project rating
A
Originator rating
A-

Descripton

Stage project "Panauja" - a loan for real estate development.

The company is developing the Panauja project, a residential apartment building. The apartment building has already been built, the actual completion is about 70%, the facade works have been completed, and the apartments are being partially finished. In total, the project has 24 apartments and 24 parking spaces. Of these, 18 apartments and 12 parking spaces are reserved, and preliminary sales agreements have been signed, the value of which amounts to 1.2 million. euros. At this stage of financing, the company will allocate the borrowed funds to settle with the construction contractors for the work already performed, for the further development of the project.

"Panauja" is a newly built apartment building, in a strategically convenient location, just a few minutes to Vilnius Old Town. The project is being developed taking into account the needs of potential residents, all apartments are equipped with autonomous underfloor heating, excellent sound insulation is provided, and a recuperation system is installed. The apartment building will be equipped with 24-hour video surveillance cameras.

Investors are pledged a 0.1010 ha plot of land with a 1345.55 sq.m multi-apartment building at Panev?žio str. 23, Vilnius. The residential apartment building being built on the pledged plot will also be pledged to investors. According to the assessment performed by an independent real estate appraiser (September 4, 2020), the value of the mortgaged property is EUR 1,062,000. And the loan-to-value ratio (LTV) is 70%.

Interest by investment amount:

From EUR 3,000 to EUR 9,999 - 9.5%;

Investors at all stages will be pledged the property with a primary mortgage.

Maximum planned amount of project financing: 1,200,000 Eur. The project is financed according to the current valuation of the mortgaged property until it reaches the set maximum LTV. Once the maximum LTV is reached, a new valuation of the property will have to be performed and further stages of the Project financing will be announced and collected only if the set maximum LTV is not exceeded - 70%.

We plan to collect the accumulated amount within 7 days with the possibility to extend it to 21 days. without raising funds.

Project visualizations are also provided. More information about the project: www.panauja.lt

Title of the projectAddress of the projectPurpose and area of the parcel of landYear of construction of the object of the project
Apartment "Panauja"Panevezio st. 23, VilniusDaugiabučių gyvenamųjų pastatų ir bendrabučių teritorija. 0,101 ha2020
Area of the object (building)
1346sq.m.

 

Number of floors in the object (building)Energy classDescription of the site of the projectDescription of repair/construction (detailed)
4AThe project is located in Naujininkai district. Naujininkai eldership is located in the southern part of Vilnius. The property is located in a residential area. The area is dominated by residential apartment buildings. Convenient access by asphalt road. There are various facilities nearby: a grocery store, bus and train stations and other institutions. Access to other areas of the city is convenient by private and public transport.

 

To ensure the interests of investors, a plot of land with an apartment building under construction is pledged. The building will be registered in the Real Estate Register in the near future. The real completion of the building is about 70%.

During this financing stage, the property pledged to investors will be used to secure the obligations of the project owner for other (additional) financing stages, provided that the project owner raises the value of the pledged property to such a level as to meet the maximum LTV of 70%. Currently, LTV reaches 70%.

When investing in this project, the funds invested in the subsequent financing stages will be returned to the investors only after the settlement with the investors who have invested in this financing stage. This condition does not affect the priority of the investor's right to the collateral, the overall ratio between the collateral and the investment amount. This condition also does not apply in the event of termination of the loan agreement.

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

ObjectAddressUnique no.Area 
Land plotPanevezio g. 23, Vilnius4400-4010-21100,1010 ha 
The building is an apartment housePanevezio g. 23, Vilnius4400-5139-55781345,55 kv.m
Address of the pledged assetUnique number of the pledged assetIndependent assessorValue of the pledged asset by independent assessment
Panevezio st. 23, Vilnius4400-4010-2110; 4400-5139-5578UAB Nillnill1 062 000 €

 

TypeInvestment purposeRequested amount to be fundedInvestment period*
LoanDevelopment743 000 €6 month
LTVTime remainingInvestment repayment form Frequency of payment of interest
70% (Max. 70%)7 daysAt the end of the periodOnce per quarter
Source of payment of interestAnnual interest rate
RE sales9-9.5%
* Note. The real estate developer can repay part or all of the loan before the due date, but the interest paid jointly must be at least 3 months.

 

TypeTitle of the companyCompany codeVAT payer’s code
Legal entityUAB Pranašumas303180994LT100012627114
Project originated by:

Documentation

9%
Annual yield
70%
LTV
Term: 6 months
Mortgage rank:
First
Interest payment schedule:
Quarterly
Interest payments
30.12.2020
Pending
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