|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 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.
Elektrenu st. 8 N -201, Kaunas
Elektrenu st. 8 N -1, Kaunas
Elektrenu st. 8 N -2, Kaunas
Elektrenu st. 8 N -3, Kaunas
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Elektrenu st. 8 N - 55 Kaunas
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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|
|28.02.2021||Paid||No||01 March 2021, 23:27|
|31.05.2021||Paid||No||31 May 2021, 11:14|