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.
Stage project "Panauja" - a loan for real estate development.
Interest by investment amount:
From EUR 3,000 to EUR 9,999 - 9.5%;
|Title of the project||Address of the project||Purpose and area of the parcel of land||Year of construction of the object of the project|
|Apartment "Panauja"||Panevezio st. 23, Vilnius||Daugiabučių gyvenamųjų pastatų ir bendrabučių teritorija. 0,101 ha||2020|
|Area of the object (building)|
|Number of floors in the object (building)||Energy class||Description of the site of the project||Description of repair/construction (detailed)|
|4||A||The 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.
|Land plot||Panevezio g. 23, Vilnius||4400-4010-2110||0,1010 ha|
|The building is an apartment house||Panevezio g. 23, Vilnius||4400-5139-5578||1345,55 kv.m|
|Address of the pledged asset||Unique number of the pledged asset||Independent assessor||Value of the pledged asset by independent assessment|
|Panevezio st. 23, Vilnius||4400-4010-2110; 4400-5139-5578||UAB Nillnill||1 062 000 €|
|Type||Investment purpose||Requested amount to be funded||Investment period*|
|Loan||Development||743 000 €||6 month|
|LTV||Time remaining||Investment repayment form||Frequency of payment of interest|
|70% (Max. 70%)||7 days||At the end of the period||Once per quarter|
|Source of payment of interest||Annual interest rate|
|* 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.|
|Type||Title of the company||Company code||VAT payer’s code|
|Legal entity||UAB Pranašumas||303180994||LT100012627114|