|Criteria||From a+ to d||Project rating|
Macro Location Analysis
EvoEstate Risk rating is of an informative nature only & can not be considered investment advice.
Loan To value
Purpose of the loan
|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 project||Number of the construction permit for the project||Address of the project||Area of the object (building)|
|Loftai, Kaunas XVIII||LIPR-21-170420-00035||Elektrenu st. 8N - 101; 201; 8N 1-61||3810sq.m.|
|Number of floors in the object (building)||Description of the site of the project||Description of repair/construction (detailed)|
|4||Everything 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.
Elektrenu st. 8 N -101, Kaunas
Elektrenu st. 8 N -201, Kaunas
Elektrenu st. 8 N -1, Kaunas
Elektrenu st. 8 N -2, Kaunas
Elektrenu st. 8 N -3, Kaunas
Elektrenu g. 8 N -4, Kaunas
Elektrenu st. 8 N -5, Kaunas
Elektrenu st. 8 N -6, Kaunas
Elektrenu st. 8 N -7, Kaunas
Elektrenu st. 8 N -8, Kaunas
Elektrenu st. 8 N -9, Kaunas
Elektrenu st. 8 N -10, Kaunas
Elektrenu st. 8 N -11, Kaunas
Elektrenu st. 8 N -12, Kaunas
Elektrenu st. 8 N -13, Kaunas
Elektrenu st. 8 N -14, Kaunas
Elektrenu st. 8 N -15, Kaunas
Elektrenu st. 8 N -16, Kaunas
Elektrenu st. 8 N -17, Kaunas
Elektrenu st. 8 N -18, Kaunas
Elektrenu st. 8 N -19, Kaunas
Elektrenu st. 8 N -20, Kaunas
Elektrenu st. 8 N -21, Kaunas
Elektrenu st. 8 N -22, Kaunas
Elektrenu st. 8 N -23, Kaunas
Elektrenu st. 8 N -24, Kaunas
Elektrenu st. 8 N -25, Kaunas
Elektrenu st. 8 N -26, Kaunas
Elektrenu st. 8 N -27, Kaunas
Elektrenu st. 8 N -28, Kaunas
Elektrenu st. 8 N -29, Kaunas
Elektrenu st. 8 N -30, Kaunas
Elektrenu st. 8 N -31, Kaunas
Elektrenu st.8 N -32, Kaunas
Elektrenu st. 8 N -33, Kaunas
Elektrenu st. 8 N -34, Kaunas
Elektrenu st. 8 N -35, Kaunas
Elektrenu st. 8 N - 37, Kaunas
Elektrenu st. 8 N - 38, Kaunas
Elektrenu st. 8 N - 39, Kaunas
Elektrenu st. 8 N - 40, Kaunas
Elektrenu st. 8 N - 41, Kaunas
Elektrenu st. 8 N - 42, Kaunas
Elektrenu st. 8 N - 43, Kaunas
Elektrenu st. 8 N - 44, Kaunas
Elektrenu st. 8 N - 45, Kaunas
Elektrenu st. 8 N - 46, Kaunas
Elektrenu st. 8 N - 47, Kaunas
Elektrenu st. 8 N - 48, Kaunas
Elektrenu st. 8 N - 49, Kaunas
Elektrenu st. 8 N - 50, Kaunas
Elektrenu st. 8 N - 51, Kaunas
Elektrenu st. 8 N - 53, Kaunas
Elektrenu st. 8 N - 54, Kaunas
Elektrenu st. 8 N - 55 Kaunas
Elektrenu st. 8 N - 56, Kaunas
Elektrenu st. 8 N - 57, Kaunas
Elektrenu st. 8 N - 58, Kaunas
Elektrenu st. 8 N - 59, Kaunas
Elektrenu st. 8 N - 60, Kaunas
Elektrenu st. 8 N - 61, Kaunas
|Address of the pledged asset||Independent assessor||Value of the pledged asset by independent assessment|
|Elektrenu st. 8N - 101; 201; 8N 1-61||UAB "Kovertas"||2 304 400 €|
|Type||Investment purpose||Requested amount to be funded||Investment period*|
|Loan||Conversion of administrative premises into appartments||60 000 €||18 month|
|LTV||Time remaining||Investment repayment form||Frequency of payment of interest|
|42% (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|
|30.01.2021||Paid||No||02 February 2021, 01:14|
|30.04.2021||Paid||No||29 April 2021, 20:27|