Apartment "Panauja"

Development loan

Project listed: 15.09.2020

Vilnius,
Lithuania

Annual yield

70%

LTV

Term: 6 months

Mortgage rank:
First

Interest payment schedule:
Quarterly

Interest payments

30.12.2020

Pending

Project updates

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.

Risk rating

Criteria	From -2 to 2
Property type	0
LTV	2
Loan Structure	0
Pre-sales	-2
Experience	0
License	0
Macro-location	0
Micro-location	2
Purpose of the loan	0
Investment length	0
EBITDA Margin	2

EvoEstate Risk rating is of an informative nature only and can not be considered investment advice.

Project rating

Originator rating

A-

Descripton

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
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
Apartment "Panauja"	Panevezio st. 23, Vilnius	Daugiabučių gyvenamųjų pastatų ir bendrabučių teritorija. 0,101 ha	2020
Area of the object (building)
1346sq.m.

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.

Object	Address	Unique no.	Area
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
RE sales	9-9.5%
* 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.

Type	Title of the company	Company code	VAT payer’s code
Legal entity	UAB Pranašumas	303180994	LT100012627114

Project originated by:

Documentation