|Criteria||From a+ to d||Project rating|
Macro Location Analysis
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Loan To value
Purpose of the loan
We present the 2nd stage of the stage financing project "Darzelis Kauno raj."
The funds of the second phase will be used to continue construction work.
The project is progressing rapidly. After the first stage of financing (June 28, 2021), the project included the installation of doors and windows, the covering of the roof, the maintenance of the facade, the installation of the electrical installation and the start of engineering works.
The project owner is building a 1947.27 sq. meters kindergarten in the Kaunas district. A 5-year lease is currently being negotiated with future reviewers with the option to extend it for another 5 years. The signing of the contract is scheduled for mid-July. The registered completion of the building is 40%, cadastral measurements were made on 02/04/2021. At present, the foundations have been laid, external walls have been built, a reinforced concrete floor has been installed between the first and second floors, block partitions have been laid, and monolithic floors have been laid. The construction is expected to be completed in October 2021. Once the construction works are completed and the kindergarten is rented, the project owner intends to refinance this loan with another financial institution.
An 87.93 acres plot of land and a building-kindergarten are pledged for the interests of investors in Kaunas district municipality, Garliava district, Jonuciai village, Slenio str. 2. According to an independent real estate appraiser, the value of real estate pledged to investors is EUR 617 000.
The maximum amount to be financed is EUR 1 500 000. The project is financed according to the current valuation of the mortgaged property until it reaches the set maximum LTV - 70%. 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. The loan-to-value ratio (LTV) is currently 46%.
We plan to raise the amount within 7 days, with the option of extending it to 21 days if we do not raise funds.
|Title of the project||Address of the project||Purpose and area of the parcel of land||Year of construction of the object of the project|
|Darzelis Kauno raj. II||Kauno district, Jonuciu II village., Slenio st. 2||0,8793 ha||2020|
|Area of the object (building)|
|Number of floors in the object (building)||Duration of repair/construction||Description of the site of the project||Description of repair/construction (detailed)|
|2||6 months.||The project is located in a quiet place of Kaunas district, Jonuciai II village, which is growing rapidly. From here it is convenient to reach the central part of the city and the countryside, so the area is popular with young families, and the new and modern kindergarten will increase the attractiveness of the place.||According to the construction schedule, it is planned to install doors, windows, floors, perform facade and roof works, install engineering and electrical systems, perform interior finishing and welfare works.|
To ensure the interests of investors, the plot of land and kindergarten, have been pledged.
The total area of land plots 0.8793 ha, Kaunas district, Jonuciu village II, Slenio st. 2.
Assets pledged to investors during this and previous funding stages will also be used to secure the obligations of the project owner in the next (additional) stages of financing, provided that the project owner raises the value of the pledged property to a maximum LTV of 70%.
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.
Investors of all stages will be pledged with a primary mortgage.
|Land plot||Kauno district, Jonuciu II village., Slenio st. 2|
|Kauno district, Jonuciu II village., Slenio st. 2|
1 947,27 sqm
|Address of the pledged asset||Unique number of the pledged asset||Independent assessor||Value of the pledged asset by independent assessment|
|Kauno district, Jonuciu II village., Slenio st. 2||4400-4471-6854; 4400-5589-6830||UAB "Marleksa"||617 000 €|
|Type||Title of the company||Company code||VAT payer’s code|
|Legal entity||UAB "S25"||305621430||LT100013517414|