Loftai, Kaunas XVIII

 Development loan
Project listed: 13.10.2020
Kaunas,
Lithuania
7%
Annual yield
42%
LTV
Term: 18 months
Mortgage rank:
First
Interest payment schedule:
Quarterly
Interest payments
30.01.2021
Pending

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Risk rating

CriteriaRating
Macro Location AnalysisA+
Financial CostC+
Loan To valueA+
Purpose of the loanB+
Development's licenceA+
Borrower's experienceB+
PresalesA-
Mortgage GuaranteeA+
EvoEstate Risk rating is of an informative nature only and can not be considered investment advice.
Project rating
A
Originator rating
A-

Descripton

The eighteenth stage of financing the project "Lofts, Elektrenu str." This is the third stage after the valuation of the new real estate, so the official value of the property is currently EUR 2,304,400.

We share the latest information on the success of this project:
During the financing period, 60 apartments have already been formed. Of these, 24 apartments, on the ground floor, are already rented and generate rental income. The planned rental income is 57,600 euros per year.
• On the second floor, 24 apartments are being prepared, maintained and cleaned. 2010-10-16 will start renting. The remaining 7 apartments on the second floor will be ready for 2020-11-20. The planned rental income is 72,000 euros per year.
• 12 apartments have been formed on the third floor, they are ready for finishing. It is planned to start renting 12 apartments on the third floor after 5-6 weeks.
• Installation of aluminum profiles on the fourth floor has started.

Also, the borrower has installed 35 lofts in other premises at the same address that he has already rented. The rental income from these apartments covers the loan costs.

For investors at all stages, the property is pledged as a primary mortgage.

Maximum planned amount of project financing: 1,300,000 Eur. The borrower will have the right to borrow additionally in other stages, provided that it does not exceed the maximum LTV of 55%. 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. At this stage, the loan-to-value ratio (LTV) is 42%.

The borrower pays interest to upstream investors on time. An experienced developer has previously successfully implemented similar projects.

We plan to collect the accumulated amount within 7 days with the possibility to extend it to 21 days. without raising funds.
Title of the projectNumber of the construction permit for the projectAddress of the projectArea of the object (building)
Loftai, Kaunas XVIIILIPR-21-170420-00035Elektrenu st. 8N - 101; 201; 8N 1-613810sq.m.

 

Number of floors in the object (building)Description of the site of the projectDescription of repair/construction (detailed)
4Everything you need for a comfortable life is located around the project under development. Nearby are several schools, kindergartens, shopping center, sports complex, market, polyclinic, pharmacy, cafes, banks, university and other service points important for modern people.1fl. 24 apartments have already been rented. 2fl. 24 apartments are being prepared for rent. Rental will start on October 16th. The remaining 7 apartments will be ready by 20/11/2020. 3fl. formed 12 apartments, finishing. It is planned to start the lease.

 

UPDATED REAL ESTATE EVALUATION 2020-07-24. The loan-to-value ratio (LTV) at this stage is 42%. For investors at all stages, the property is pledged as a primary mortgage.

The assets 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 assets to such a level that corresponds to the set maximum LTV - 55%.

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.

Property

 

Unique nr.

 

Addres

Administrative premises

 

4400-4758-4660:6007

 

Elektrenu st. 8 N -101, Kaunas

Administrative premises

 

4400-4758-4670:6008

 

Elektrenu st. 8 N -201, Kaunas

Appartment

 

4400-4897-5591:4801

 

Elektrenu st. 8 N -1, Kaunas

Appartment

 

4400-4897-5604:4802

 

Elektrenu st. 8 N -2, Kaunas

Appartment

 

4400-4897-5615:4803

 

Elektrenu st. 8 N -3, Kaunas

Appartment

 

4400-4897-5626:4804

 

Elektrenu g. 8 N -4, Kaunas

Appartment

 

4400-4897-5637:4805

 

Elektrenu st. 8 N -5, Kaunas

Appartment

 

4400-4897-5648:4806

 

Elektrenu st. 8 N -6, Kaunas

Appartment

 

4400-4898-0003:4807

 

Elektrenu st. 8 N -7, Kaunas

Appartment

 

4400-4898-0036:4808

 

Elektrenu st. 8 N -8, Kaunas

Appartment

 

4400-4898-0047:4809

 

Elektrenu st. 8 N -9, Kaunas

Appartment

 

4400-4898-0058:4810

 

Elektrenu st. 8 N -10, Kaunas

Appartment

 

4400-4898-0069:4811

 

Elektrenu st. 8 N -11, Kaunas

Appartment

 

44004898-0076:4812

 

Elektrenu st. 8 N -12, Kaunas

Appartment

 

4400-4898-0080:4813

 

Elektrenu st. 8 N -13, Kaunas

Appartment

 

4400-4898-0090:4814

 

Elektrenu st. 8 N -14, Kaunas

Appartment

 

4400-4898-0114:4815

 

Elektrenu st. 8 N -15, Kaunas

Appartment

 

4400-4898-0125:4816

 

Elektrenu st. 8 N -16, Kaunas

Appartment

 

4400-4898-0178:4820

 

Elektrenu st. 8 N -17, Kaunas

Appartment

 

4400-4898-0147:4817

 

Elektrenu st. 8 N -18, Kaunas

Appartment

 

4400-4898-0158:4818

 

Elektrenu st. 8 N -19, Kaunas

Appartment

 

4400-4898-0169:4819

 

Elektrenu st. 8 N -20, Kaunas

Appartment

 

4400-4898-0203:4821

 

Elektrenu st. 8 N -21, Kaunas

Appartment

 

4400-4898-0214:4822

 

Elektrenu st. 8 N -22, Kaunas

Appartment

 

4400-4898-0225:4823

 

Elektrenu st. 8 N -23, Kaunas

Appartment

 

4400-4898-0236:4824

 

Elektrenu st. 8 N -24, Kaunas

Appartment

 

4400-4898-0247:4825

 

Elektrenu st. 8 N -25, Kaunas

Appartment

 

4400-4898-0258:4826

 

Elektrenu st. 8 N -26, Kaunas

Appartment

 

4400-4898-0290:4827

 

Elektrenu st. 8 N -27, Kaunas

Appartment

 

4400-4898-0325:4828

 

Elektrenu st. 8 N -28, Kaunas

Appartment

 

4400-4898-0336:4829

 

Elektrenu st. 8 N -29, Kaunas

Appartment

 

4400-4898-0347:4830

 

Elektrenu st. 8 N -30, Kaunas

Appartment

 

4400-4898-0358:4831

 

Elektrenu st. 8 N -31, Kaunas

Appartment

 

4400-4898-0658:4835

 

Elektrenu st.8 N -32, Kaunas

Appartment

 

4400-4898-0369:4832

 

Elektrenu st. 8 N -33, Kaunas

Appartment

 

4400-4898-0370:4833

 

Elektrenu st. 8 N -34, Kaunas

Appartment

 

4400-4898-0384:4834

 

Elektrenu st. 8 N -35, Kaunas

Appartment

 

4400-5491-4511:8401

 

Elektrenu st. 8 N - 37, Kaunas

Appartment

 

4400-5491-4522:8402

 

Elektrenu st. 8 N - 38, Kaunas

Appartment

 

4400-5491-4533:8403

 

Elektrenu st. 8 N - 39, Kaunas

Appartment

 

4400-5491-4544:8404

 

Elektrenu st. 8 N - 40, Kaunas

Appartment

 

4400-5491-4555:8405

 

Elektrenu st. 8 N - 41, Kaunas

Appartment

 

4400-5491-4588:8406

 

Elektrenu st. 8 N - 42, Kaunas

Appartment

 

4400-5491-4599:8407

 

Elektrenu st. 8 N - 43, Kaunas

Appartment

 

4400-5491-4600:8408

 

Elektrenu st. 8 N - 44, Kaunas

Appartment

 

4400-5491-4611:8409

 

Elektrenu st. 8 N - 45, Kaunas

Appartment

 

4400-5491-4622:8410

 

Elektrenu st. 8 N - 46, Kaunas

Appartment

 

4400-5491-4633:8411

 

Elektrenu st. 8 N - 47, Kaunas

Appartment

 

4400-5491-4644:8412

 

Elektrenu st. 8 N - 48, Kaunas

Appartment

 

4400-5491-4655:8413

 

Elektrenu st. 8 N - 49, Kaunas

Appartment

 

4400-5491-4666:8414

 

Elektrenu st. 8 N - 50, Kaunas

Appartment

 

4400-5491-4677:8415

 

Elektrenu st. 8 N - 51, Kaunas

Appartment

 

4400-5491-4699:8417

 

Elektrenu st. 8 N - 53, Kaunas

Appartment

 

4400-5491-4700:8418

 

Elektrenu st. 8 N - 54, Kaunas

Appartment

 

4400-5491-4711:8419

 

Elektrenu st. 8 N - 55 Kaunas

Appartment

 

4400-5491-4722:8420

 

Elektrenu st. 8 N - 56, Kaunas

Appartment

 

400-5491-4744:8421

 

Elektrenu st. 8 N - 57, Kaunas

Appartment

 

4400-5491-4811:8426

 

Elektrenu st. 8 N - 58, Kaunas

Appartment

 

4400-5491-4755:8422

 

Elektrenu st. 8 N - 59, Kaunas

Appartment

 

4400-5491-4777:8423

 

Elektrenu st. 8 N - 60, Kaunas

Appartment

 

4400-5491-4799:8424

 

Elektrenu st. 8 N - 61, Kaunas

 

Address of the pledged assetIndependent assessorValue of the pledged asset by independent assessment
Elektrenu st. 8N - 101; 201; 8N 1-61UAB "Kovertas"2 304 400 €

 

TypeInvestment purposeRequested amount to be fundedInvestment period*
LoanConversion of administrative premises into appartments60 000 €18 month
LTVTime remainingInvestment repayment form Frequency of payment of interest
42% (max. 55%)7 daysAt the end of the periodOnce per quarter
Source of payment of interestAnnual interest rate
Company funds, rent income7%
*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).

 

TypeTitle of the companyCompany code
Legal entityUAB "Pagal mus"304310362
Project originated by:

Documentation

7%
Annual yield
42%
LTV
Term: 18 months
Mortgage rank:
First
Interest payment schedule:
Quarterly
Interest payments
30.01.2021
Pending
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