Project updates

Descripton

Title of the project	Type of asset	Number of the construction permit for the project	Address of the project
Stage project "Maluno 6", the purpose of the loan - premises located in Maluno st. 6, Palanga, reconstruction. 415.22 sq.m. area of non-residential premises, where the premises will be overhauled and the purpose will be changed to recreation and trade. In the premises pledged to investors, 24 fully equipped 24-48 sq.m. leisure and commercial premises. The total useful floor area will be 759.56 sq.m - 12 rooms on the first and second floors each. The ground floor premises will be loft type, with a mezzanine, will have private courtyards. High ceilings and shop windows throughout the building. There will be a parking lot in the courtyard. The planned selling price of one square meter of premises is EUR 2,000-2,658, the selling price of parking spaces is 3,000-5,000 EUR / unit. The price of the acquired premises is EUR 400,000, the project developer invests EUR 300,000 from his own funds. The project developer has already signed 10 reservation contracts for premises with a total sales amount of EUR 668,336. 7 parking spaces are also reserved. As a guarantee to investors, real estate is pledged: non-residential premises - workshops (208.42 sq.m.) and non-residential premises - hall (206.8 sq.m.), at Maluno st. 6, Palanga. Investors at all stages will be pledged the property with a primary mortgage. The company has experience in the field of real estate as a contractor (Business Center "Arka" in Kaunas) and developer (Skalviu Villas). This loan will be repaid from the proceeds of the sale of the property. The maximum planned amount of project financing: EUR 400,000. The borrower will have the right to borrow additionally in other stages, provided that it does not exceed the maximum LTV of 70%. The project is financed according to the current valuation of the mortgaged property. 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. 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 provided.
Malūno 6	Lofts	RPP-33-151109-00140'	Maluno st. 6, Palanga
Area of the object (building)
737sq.m.

Current installation of the object	Number of floors in the object (building)	Duration of repair/construction	Description of the site of the project
Water, Electricity, Sewer system	2	9 months.	The premises are located in the central part of Palanga city, with developed infrastructure, good connections by individual and public transport. Given the peculiarities of the location of the premises, this location can be seen as attractive and promising, and the form of adaptation of the premises separately in the premises, as can be seen from the human property management scenario.
Description of repair/construction (detailed)
The following main works are planned for the implementation of the project: demolition of walls, concreting of foundations, installation of structural and above-ground floors, laying of floors, concreting of stairs, installation of internal walls and full.

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

Real estate is pledged to investors: non-residential premises - workshops (208.42 sq.m.) and non-residential premises - hall (206.8 sq.m.), at Maluno st. 6, Palanga. The premises are on a plot of land leased from the Republic of Lithuania. Lease agreement until April 25, 2073. The right to lease the land together with the premises will be pledged to investors. Investors at all stages will be pledged the property with a primary mortgage.

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 - 70%.

When investing into this project, during this 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.

Turto tipas	Adresas	Unikalus Nr.	Plotas
Non-residential premises - workshops	Maluno st. 6, Palanga	4400-1175-9512:3301	208.42 sq. m.
Non-residential premises - hall	Maluno st. 6, Palanga	4400-1175-9556:3302	206.80 sq. m.

Address of the pledged asset	Independent assessor	Value of the pledged asset by independent assessment
Maluno st. 6, Palanga	UAB „OBER-HAUS“	290 000 €

Type	Investment purpose	Requested amount to be funded	Investment period*
Loan	Development	150 000 €	12 month
LTV	Time remaining	Investment repayment form	Frequency of payment of interest
52% (Max. 70%)	7 days	At the end of the period	Once per quarter
Source of payment of interest	Annual interest rate
Re sales	7%
*Note. The real estate developer can repay part or all of the loan earlier, but the co-paid interest must be at least for 3 months

Type	Title of the company	Company code
Legal entity	UAB GENRANGA GROUP	304962820

Ask a question

${q.userNickname} | ${q.date}

${q.text}

EvoEstate | ${q.answerDate}

${q.answer}

Documents

Payment schedule

Date	Status	Late	Assignment date
30.03.2021	Paid	No	14 January 2021, 00:00
30.06.2021		No	-
30.09.2021		No	-
30.12.2021		No	-

Malūno 6

Project updates

Descripton

Ask a question

Documents

Payment schedule