Project updates

Risk Rating

Criteria	From a+ to d	Project rating
Macro Location Analysis Financial Cost Loan To value Purpose of the loan Development's licence Borrower's experience Presales Guarantees	B+CA+B+A+B+AA+	A- Originator rating A- EvoEstate Risk rating is of an informative nature only & can not be considered investment advice.

Criteria

From a+ to d

Project rating

Macro Location Analysis

Financial Cost

Loan To value

Purpose of the loan

Development's licence

Borrower's experience

Presales

Guarantees

B+CA+B+A+B+AA+

A-

Originator rating

A-

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

Descripton

The twentieth financing stage of the project "Lofts, Elektrėnų St.". The purpose of the loan is the conversion of administrative premises into apartments.

116 lofts/apartments are being installed in the premises pledged to investors. 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.
• 16 apartments are already for rent on the second floor. The remaining 7 apartments on the second floor will be ready for rent on 20/11/2020. The planned rental income is 72,000 euros per year.
• 12 apartments have been formed on the third floor, finishing is being installed. 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 of these apartments covers the loan costs.

A total of 59 fully equipped apartments (with a total area of 2172.34 sq.m) and administrative premises (2371.12 sq.m) were pledged to investors.

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

The 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 47%.

The borrower pays interest to investors on time. This is an experienced developer that 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 XX	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, a supermarket, a sports complex, a market, a polyclinic, a pharmacy, cafes, banks, a university and other service points important for modern people.	1fl. 24 apartments have already been rented. 2fl. 24 apartments are rented. The remaining 7 apartments will be ready - 20/11/2020. 3fl. The rental is scheduled to start in 4-5 weeks. 4fl. start installing wall profiles.

UPDATED REAL ESTATE VALUATION 24-07-2020, the official value of the property is currently EUR 2,304,400. The loan-to-value ratio (LTV) at this stage is 47%.

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

Investors are pledged 59 apartments (with a total area of 2172.34 sq.m) and administrative premises (2371.12 sq.m). The assets 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 that would comply with the established maximum LTV - 55%.

When investing in 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.	Address
Administrative premises	4400-4758-4670:6008	Elektrenu st. 8 N -201, Kaunas
Administrative premises	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 st. 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 g. 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 g. 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 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	70 000 €	18 month
LTV	Time remaining	Investment repayment form	Frequency of payment of interest
47% (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

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Documents

Payment schedule

Date	Status	Late	Assignment date
28.02.2021	Paid	No	01 March 2021, 00:00
31.05.2021		No	-
31.08.2021		No	-
30.11.2021		No	-
28.02.2022		No	-
04.05.2022		No	-