Progress: €300'000
The amount has been raised

Western 32 I, Vilnius

LEARN MORE ABOUT THE PROJECT

ABOUT THE PROJECT

Project description:

Key facts:

  • The loan will be used to finance the construction and renovation works of the real estate project ‘Western 32’, located at Viršuliškių st. 32, Vilnius;
  • This loan is the Ist financing stage of the project;
  • The maximum loan that the developer can borrow through Röntgen platform is € 2 500 000;
  • The loan is secured by a primary pledge of the asset under development;
  • The value of the pledged property - € 710 000 + VAT;
  • LTV (loan-to-value) of the first stage – only 42%;
  • LTC (loan-to-cost) with the maximum loan amount – 67%;
  • Total expected sales value of the project – € 5 600 000 + VAT;
  • Interest payments are paid quarterly;
  • Investment contracts come into effect every Monday, but no sooner than the amount raised exceeds € 500 000.

 

Funded project: the funds will be used to finance the construction and renovation works of company’s ‘Amika LT’ project ‘Western 32’. The main collateral of the loan – pledge of the asset under development at Viršuliškių st. 32, Vilnius. Renovation works are currently underway in the project area. The loan will be repaid from the sale of the project premises upon completion of the construction work.

 

Loan stages: ‘Western 32’ funding is planned in several stages. The information on this page refers to the project's Ist financing stage. The loan amount to be raised during this stage is  300 000. The project owner can borrow through the platform additionally - up to a total of  2 500 000. During the subsequent financing stages the project must meet all the terms and conditions of the first stage loan. Investments at all funding stages are covered by the same collateral (primary mortgage).

 

Annual interest rate for the Ist stage investments. The interest rate depends on the investment amount:

  • 8.0%:  1 000 - 4 999;
  • 8.5%:  5 000 - 19 999;
  • 9.0%:  20 000 - 49 999;
  • 9.5%:  50 000 - 99 999;
  • 10.0%: from  100 000.

You can also check your expected return by using “Investment return calculator” on this page.

 

Interest payment schedule: interest is paid at the end of each quarter of a calendar year, according to the following interest payment schedule:

1) 2020.07.01 – 3 mos. interest;
2) 2020.10.01 – 3 mos. interest;

3) 2021.01.01 – 3 mos. interest;

4) 2021.04.01 – 3 mos. interest;

5) 2021.07.01 – 3 mos. interest;

6) 2021.10.01 – 3 mos. interest;

7) 2022.01.01 – 3 mos. interest;

8) 2022.04.01 – 3 mos. interest;

8) 2022.04.12 – loan repayment.

 

CollateralRöntgen investors‘ funds will be secured by a first rank mortgage of the asset under development at Viršuliškių st. 32, Vilnius

 

Loan pay-out control:

  • Up to 50% LTV* until the updated construction permit is obtained, but no more than € 500 000;
  • Up to 70% LTV after the updated construction permit is obtained, but no more than a total of € 1 000 000;
  • Subsequent payments (over € 1 000 000, from investments made during further stages of the loan) will be made according to the accrued costs of the construction works carried out.

 

*LTV (loan-to-value) – loan to value of the pledged assets ratio.

 

Loan to project’s value ratios:

  • Ist stage LTV - 42%
  • Maximum loan amount LTC – 67%

 

Loan duration - 24 months. The agreements will come into force on April 13th, if the minimum amount of € 200 000 is reached, or when the full amount of the first stage loan - € 300 000 - is raised. The funds are paid to the project owner only after the assets are pledged to the investors and all loan agreement conditions are fulfilled.

Property description

Building: 5-story former administrative building at Viršuliškių st. 32 was built in 1981 and is currently being reconstructed into a 7-storey multifunctional building with commercial premises, lofts and flats. The existing object is being reconstructed; two additional residential floors (6, 7) will be added and two commercial floors (1, 2) will be expanded. The estimated total useful floor area is 4 451 m2. The renovated building will consist of the following premises:

  • 1 804 m2 commercial (1st and 2nd floors);
  • 1 095 m2 loft apartments (3 - 7 floors);
  • 1 552 m2 apartments (3 - 7 floors).

 

Uniqueness:

  • ‘Western 32’ is one of the few new residential development projects in Viršuliškės.
  • Residents will be provided two shared terraces - on the 3rd floor and 7th floor’s roof. Part of the terrace on the 3rd floor will be divided into lofts and flats in front of the terrace.
  • The building will have a two-story above-ground closed parking lot.
  • Competitive prices – prices of lofts and flats start at 1 400 €/m2 and the average price is 1 600 €/m2. This is about 20% cheaper than the recently started project ‘Viršuliškių stogai’ in which almost 50% of the apartments have already been sold.

 

Construction progress: works which are in line with the existing construction permit are currently underway. However, the project is being revised in order to simplify the superstructure construction works. The updated construction permit is planned to be obtained in April-May. Although there are no known circumstances that might prevent from obtaining a renewed construction permit, there is an additional construction permit risk which is controlled by a payout limit - the funds paid out prior to obtaining a renewed building permit may not exceed 50% of the pledged asset value (see more details above in the ‘Project description’ section). Loan to pledged asset value during the first loan stage is only 42%.

 

Location: the project is located in Vilnius residential district - Viršuliškės. The area is well-developed - has excellent infrastructure and easy access to the city center. Next to the project are two major streets of the city - Laisvės avenue and Western Bypass. Also, Pilaitės avenue, T. Narbuto st. and Ozo st. can be reached in few minutes by car.

 

Closest infracstructure:

200 m. – public transport stop;

200 m. – shopping mall „Mada“;

400 m. – kindergartens „Zylutė“ and „Gluosnis“;

500 m. – Viršuliškės middle school;

800 m. – sports complex „Sportima“ and „SEB Arena“;

1 000 m. – „Impuls“ sports club.

 

Access:

  • To Vilnius center – from 8 min by car or 30 minutes by public transport. 
  • Viršuliškės Business Park - from 5 min by car or 20 min on foot. 
  • Saltoniškės Business Park - from 5 min by car or 15 min by public transport.

About the developer

Project owner: the loan is granted to UAB ‘Amika LT’, real estate development and rental company. . This company is owned by Andzejevski Holding OÜ, (investment company) and ShipOil OÜ (international trade of petroleum products). Read more about the project owner in the detailed investment presentation in the Documents‘ section.

Röntgen risk evaluation

Criterion From 0 to 5
DSCR 0
LTV 3
EBITDA margin 3
Change in value 2
Developer finance 5
Capital structure 5
Location 5
Project type 5
Project duration 2
Market trends 0
Developer experience 3
Business plan 5
Risk classes
A+
A
A-
B+
B
B-
C+
C
C-
D+
D
D-
Investment rating
B+

The project assessment criteria are coordinated with the Bank of Lithuania. The rating is the platform operator's subjective assessment of the project risk. Röntgen rating is of an informative nature only and cannot be considered investment advice.

Finances

Information available only for registered users

Projekto kapitalas
+4240000

Nuosava dalis
+1200000
Avansai (10% nuo visų pardavimų)
+540000
Röntgen paskola
+2500000

Sąnaudos
-4240000

Sklypo ir pastato įsigijimas
-900000
Statybos darbai
-2800000
Finansavimo kaštai
-410000
Pardavimo sąnaudos
-100000
Administraciniai kaštai
-30000

Pardavimo pajamos (be avansų)
+5060000

Butų pardavimo pajamos (90% nuo visų pardavimų)
+4810000
Parkingo pardavimo pajamos
+250000

Röntgen paskolos grąžinimas
-2500000

Savininko likutis
+2460000

Nuosavo kapitalo dalies grąžinimas
-1200000

Savininko pelnas
+1260000

All prices are given without VAT

Safe investments

First-rank mortgage

Investment return calculator

Investment

Annual interest:

8 %

Loan duration:

24 months

Growth:

16 %

Expected return:

0

Please be advised: this calculator is intended as a preliminary evaluation and is a tool of an illustrative nature only.

Information available only for registered users

Documents

  • 1. Western 32 I pristatymas (LT).pdf
  • 2. Western 32 I presentation (EN).pdf
  • 3. Informacinis dokumentas.pdf
  • 4. Paskolos sutarties projektas.pdf
  • 5. Turto vertinimas.pdf

Location

Viršuliškių g. 32, Vilnius