Detail Descripton

Purpose of the Loan

Land plot development, address Seinų st. 13, Panevėžys, plot area 0.2139ha, i/d No. 2701-0021-0174, intended use - Territories of multi-apartment residential buildings and dormitories. The loan will be repaid by selling the property under development or refinancing at another financial institution.

The plot is in an attractive location and a little further from the main Nemunas street in Panevezis town, Lithuania. Land plot is clean, without already demolished ground structures. Within a short distance from the territory - shops, kindergartens, schools, companies engaged in commercial activities. There are excellent connections to the city center, medical facilities, the A2 and A9 motorways.

Technical parameters of the designed building

• 4-storey residential apartment building with parking spaces (reconstruction)

• Designed 28 apartments, 33 parking spaces

• Plot area - 0.2139ha

• Building density of the plot - 44.29%

• Plot construction intensity - 134.78%.

The total area is 2882.90 m2

Estimated project cost

Construction price 869 EUR / sq.m. m. The total area is 2889 sq.m., the area for sale would be 1889.29 sq / m, the administrative area is 186.56 sq / m, the plinth / basement area is 590.16 sq/m.

Useful area vs total: 92.27 percent.

Planned income

The planned sale prices of apartments are 1115 EUR / sq.m. without VAT, with VAT 1350 EUR / sq.m. The total income from the sale of apartments is EUR 2 106 513 excluding VAT, EUR 2 548 881.64 EUR including VAT.

The planned income of administrative premises is 205,216 EUR without VAT, with VAT 248,311 EUR.

The planned income of parking places is 177,422 EUR without VAT, with VAT 214,680 EUR.

Planned basement / plinth income 413 112 EUR without VAT, with VAT 499 865 EUR.

Planned profitability

The planned profit is EUR 424,625

Planned project total profitability 18.36%

Interest

The Interest on the Loan Amount shall be calculated from and including the date of disbursement of the Loan Amount to the Debtor's Account or to such other account (or accounts) as notified by the Debtor to the Operator in writing prior to the disbursement of the Loan Amount.

Loan term and repayment

Loan period 12 mo.

Minimum loan period 6 mo.

Loan repayment At the end of the loan period

Estimated start date of the loan:*2021-07-27

Estimated loan repayment date:*2022-07-27

Debtor

Company title LTD Kėbulistas

Company code 304055488

Company website www.seinu13.lt

“Kėbulistas” is a company established 6 years ago, but a real estate project development as a main activity started in 2020, one of which is presented above at Seinų st. 13, Panevėžys for development. Project development is represented by an experienced team engaged in real estate project management in Panevėžys. Currently, the project already has an approved multi-apartment building construction permit and initial site preparation work has begun. As of 2020 finance statements sharehoulders equity was 50 TEUR, sales 57 TEUR, total asset value of a company 66 TEUR.

Loan protection collateral

Collateral

Real estate pledge

Guarantees / surety

Property type

Residential

Mortgage rank

First order mortgage

Value of collateral

194 000 €

LTV

60%

Documentation

Asset Valuation Report

Report preparation date

2021-07-02

Assessor

LTD Nill valuation

Land plot, collateral address Seinų st. 13, Panevėžys, plot area 0.2139ha, un. No. 2701-0021-0174, intended use - Territories of multi-apartment residential buildings.

Strengths and risks

Strengths:

• The first order of real estate pledge - mortgage.

Weaknesses:

• The guarantor was late in paying small amounts.

Possibilities:

• The annual interest rate payable by the borrower is 10.75.

Threats:

• The property is in the development stage.
• The rising cost of building materials.