CROWDESTOR would like to announce a new investment opportunity in the low-rise small and medium-size apartment building development - Apartment building - Vitrupes Street 1 | Round 06.
Current investment opportunity offers CROWDESTOR investors to make a loan with a 22% annual interest rate. The target to be raised in this fundraising phase is 20 000 EUR, minimum target: 10 000EUR.
The loan is secured with a first-hand pledge on real estate.
The Borrower plans to refinance the project and pay back the loan to CROWDESTOR investors once half of the renovation works have been carried out, reducing the interest rate to a one-digit number in local real estate funding companies or specialized real estate crowdfunding platforms.
| Borrower: | SIA “AMATUM”, registration number 40203247830 |
| Maximum target: | 20 000 EUR |
| Minimum target: | 10 000 EUR |
| Loan period: | 12 months |
| Interest rate: | 22% p.a. |
| Repayment: | Interest and principal in full at the end of the Loan Term |
| Collateral: | The loan is secured by the first-hand pledge on real estate in Riga, Vitrupes Street 1 |
| Location: | Latvia |
Remember - interest payments start calculating from the day you make your investment!
According to the latest global real estate trend, many queuing up for small/medium-sized but perfectly formed living space apartments (20 m² - 30 m²) in well-developed infrastructure areas.
Project in Vitrupes Street 1 will be developed based on these trends. The funds will be used to purchase and reconstruct a low-rise building with a total area of 480.2m²; after reconstruction, the building will have 21 apartments and 21 storage rooms (4m²-5m²) located on the basement floor. The total area of the building will be extended to 733.7 m². District - Jaunmilgravis located 12km from the city center.
Total funds necessary - 352 400 EUR. Valuation once the object is renovated - 590 000 EUR ensuring an FLTV of 60%. This is the first stage of fundraising. Further funds will be collected once/twice a month from December 2020 till June 2021.
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In late years there has been a significant increase in demand for apartments with a smaller floor area, fewer rooms, and a more rational layout (eliminating and reducing inefficient spaces). Analyzing the real estate market situation in the renovated houses in the Jaunmilgravis districts of Riga, in the segment of 1-room apartments, real estate appraisal concludes that the supply of similar apartments balances the demand.
The funds will be used to purchase and reconstruct a low-rise building with a total area of 480.2m²; after reconstruction, the building will have 21 apartments and 21 storage rooms (3m²-5m²) located in the basement floor. The total area of the building will be extended to 733.7 m². The building is expected to be commissioned by the end of 2021, and apartments will be put for sale.
The layout of the building, the premises, and the materials will follow modern requirements. The technical condition of the building is generally excellent. The interior of the building will meet modern requirements. The required amounts depending on the fully finished area for 1-room apartments are from 1200 EUR/m² to 1500 EUR/m².
The property is free of the following encumbrances: lease agreements, mortgages, pledge marks, debts, or other encumbrances that affect extinguishing property rights.
| The building's total area: | 480.2 m² |
| The building's total area after reconstruction: | 733.7 m² |
| Saleable (apartments) area: | 464 m² |
| Storage area: | 108.5 m² |
| The Land plot total area | 1 202 m² |
| Cadaster No. of the building | 0100 0680 3100 01 |
| Cadaster No. of the land plot | 0100 0680 310 |
The real estate under assessment is located in the Jaunmilgravis district of Riga. It is about 12 km or 25 minutes from the Riga city center (Riga Central Station) car ride. Public transport to Riga city center and other districts is provided by bus, minibus, and tram routes. The nearest bus and minibus stop is on Viestura Avenue. The nearest tram stop is next to Ezera Street. To the nearest railway station, "Mangaļi" is about 200 m. In general, the location of the evaluation object in Riga's city is considered good; there is a railroad nearby which means more noises but outstanding flexibility.
The assessors assume that high-quality materials will be used in the construction works. The works will be performed following the submitted floor plans, visualization documentation, and approximate costs with the necessary construction and reconstruction works. Construction works will be performed following the project agreed in Latvian legislation. The apartments will be divided into apartment properties with their cadastral number of the supposed part of the apartment house and land. The building will be reconstructed following technological requirements and in good quality.
The building will be used as a low-rise apartment building for the sale of apartments.
The layout of the building, the premises, the materials used are following modern requirements. The technical condition of the building is generally excellent.
The object is located in Jaunmilgravis -12 km from the Riga city center. Good public transport infrastructure - tram, bus, and minibus networks.
| Total investments | 352 400 EUR |
| Funds raised in a fundraising Round 01 | 62 000 EUR |
| Funds raised in a fundraising Round 02 | 42 670 EUR |
| Funds raised in a fundraising Round 03 | 16 396 EUR |
| Funds raised in a fundraising Round 04 | 22 000 EUR |
| Funds raised in a fundraising Round 05 | 15 000 EUR |
| Funds raised in a fundraising Round 06 | 20 000 EUR |
| Funds raised in a fundraising Round 07 | 64 778 EUR |
| Funds raised in a fundraising Round 08 | 109 556 EUR |
| Valuation once the project is finished | 590 000 EUR |
| FLTV | 60% |
|
Useful area, m² |
Sharing area of premises, m² |
The total area, m² |
Price, EUR/m² |
Total estimated revenue without VAT, EUR |
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Basement - 21 (5 m²) storage room |
108.57 | 75.18 | 183.75 |
300 |
32 571 |
|
1st floor |
155.00 | 28.78 | 183.78 |
1 370 |
212 350 |
|
2nd floor |
152.94 | 31.01 | 183.95 |
1 370 |
209 528 |
|
3rd floor |
156.18 | 26.01 | 182.19 |
1 370 |
213 967 |
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TOTAL: |
572.69 | 160.98 | 733.67 |
|
668 415 |
| Floor | Unit type | m2 | Target sales price |
| -1 | storage (21 unit) | 108.57 | 32,571 |
| 1 | apartment | 22.95 | 31,442 |
| 1 | apartment | 19.36 | 26,523 |
| 1 | apartment | 22.95 | 31,442 |
| 1 | apartment | 19.77 | 27,085 |
| 1 | apartment | 22.94 | 31,428 |
| 1 | apartment | 24.08 | 32,990 |
| 2 | apartment | 22.95 | 31,442 |
| 2 | apartment | 22.95 | 31,442 |
| 2 | apartment | 19.36 | 26,523 |
| 2 | apartment | 22.95 | 31,442 |
| 2 | apartment | 19.77 | 27,085 |
| 2 | apartment | 22.94 | 31,428 |
| 2 | apartment | 22.95 | 31,442 |
| 2 | apartment | 22.02 | 30,167 |
| 3 | apartment | 22.95 | 31,442 |
| 3 | apartment | 22.95 | 31,442 |
| 3 | apartment | 22.60 | 30,962 |
| 3 | apartment | 19.77 | 27,085 |
| 3 | apartment | 22.94 | 31,428 |
| 3 | apartment | 22.95 | 31,442 |
| 3 | apartment | 22.02 | 30,167 |
| 572.69 m2 | EUR 668,415 |
| Basement plan - 21 (5 m²) storage room | 1st-floor plan |
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| 2nd-floor plan | 3rd-floor plan |
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Valuation report
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