UAB "Senekta" is developing the project of one- and two-apartment residential buildings, "Užnerio butai," in Kaunas, Užnerio street (Vytėnai micro-district). The entire project includes 18 property units, of which 9 have already been sold. The remaining properties are registered; their average actual completion is about 60%. The properties of the developed project are being actively sold with the help of external partners.

To accelerate the development of the project and equip the properties under development to a condition suitable for sale, the developer borrowed funds, part of which was directed to cover the existing obligation in another credit institution and the other part - to further development of the project. For this purpose, UAB "Senekta" pledged 7 properties under development to the platform, the total area of ​​which is 953.23 m2. The value of the pledged properties, according to the property valuation report, is 1 271 000 EUR.

The developer plans to achieve partial completion of the property at EUR 900-1 000/m2 and to fully equip the property at up to EUR 1,600/m2. Approximately EUR 650 000 is still needed to equip the mortgaged property. It is planned that the sales revenue from selling the property with partial completion will be EUR 2 100/m2, and with full completion - EUR 3 100/m2. It is planned that the total sales revenue from the property mortgaged to Crowdpear will reach EUR 2.5 million.

The project "Užnerio butai" will be financed in several stages. The developer plans to borrow a total of EUR 1 360 000. During the three funding stages, the company is borrowed EUR 662 700. During the fourth funding stage, the developer borrows EUR 60 000 (LTV 57%).

To ensure investors' interests, the loan is additionally guaranteed by the director of UAB, "Senekta," who is also a shareholder of the company.

Interest will be paid from shareholder contributions, and the loan will be repaid from the sales proceeds of this project.

The developer has extensive experience in real estate project development—he has already developed projects with an area of ​​10 000 m2 in the second largest city of Lithuania, Kaunas.

Offer for investors

·        annual interest rate: 10%-11.5%*,

·        interest payment frequency: quarterly,

·        investment duration: 12 months,

·        repayment of the investment: after the end of the contract,

·        LTV: 57%,

·        project rating: C,

·        funding amount – EUR 60 000,

·        collateral value: EUR 1 271 000,

·        collateral: primary mortgage.

*The final interest rate for the investment in this project depends on the additional interest applied to the investor (up to +1%) and the amount invested in the project:

·        +0.25% additional interest is applied for investments from EUR 300,

·        +0.5% additional interest is applied for investments from EUR 600.

For the additional interest rates to be applied, make sure to invest a specified amount as one investment. Separate investments in the same project are not summed up.

Crowdpear employees, shareholders, and related persons also invest/can invest in the investment offers open on the Crowdpear platform and are subject to the same conditions as other investors. According to regulatory requirements, this is mandatory information disclosure, which should not be perceived as investment advice or a recommendation to invest in a loan.

Additional benefits for Crowdpear investors

On Crowdpear, the interest starts to be calculated from the first day of investment. It is a great advantage for our investors because, in the market (on other crowdfunding platforms), the interest starts to be calculated only the day after the entire loan is collected.

+1% welcome bonus

Additional +1% interest (welcome bonus) applies to all your investments made within 90 days of registration.

Up to 1% loyalty interest

Depending on the size of your investment portfolio, you are granted loyalty status and up to 1% higher interest. Read more about Crowdpear Loyalty Program.

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To secure the investments, five apartments with a total area of ​​564.15 m2, two residential houses with a total area of ​​389.08 m2, and four land plots with a total area of ​​0.2534 ha, including a 368/771 part of the fifth land plot (0.0771 ha), are pledged to the platform. The addresses of all pledged property are Kaunas,  Užnerio st. 62G-1, 62G-2, 62G, 95, 97B-2, 97B, 62F-1, 62F-2, 62F, 95.

Assets pledged to investors in this funding stage are and can be used to secure the obligations of the project owner in other (further) funding stages of this Project. The following stages of funding will be carried out when (if) the Project owner continues the development of the Project and increases the value of the pledged property.

The maximum expected LTV of the Project is 75 percent.

At all stages of the Project, the property will be pledged to the investors with a primary mortgage. The company's CEO and sole shareholder, Eugenijus Kovalkovas, guarantees the loan.

When investing in this staged funding Project, funds will be returned to Investors in separate stages, i.e., investors who invested in the first funding state of this Project will be settled first. Other repayments will be made to investors who have invested in the second, third and subsequent funding stages. This condition does not affect the priority of the investors' right to the collateral and the total ratio of the collateral to the invested amount. This condition also does not apply in case of termination of the Loan Agreement.

Real estate is pledged to secure the interests of investors:

1.      Property type – Apartment/Premises – apartment

2.      Property type – Apartment/Premises – apartment

3.      Property type – land plot

4.      Property type – (residential house)

5.      Property type – land plot

6.      Property type – Apartment/Premises – apartment

7.      Property type – land plot

8.      Property type – Apartment/Premises – apartment

9.      Property type – Apartment/Premises – apartment

10.   Property type – land plot

11.   Property type – building (residential house)

12.   Property type – land plot

The value of the mortgaged real estate was determined by:

·        Independent property appraiser: UAB “OBER-HAUS“.

·        The determined value of the mortgaged property (including VAT): EUR 1 271  000.

·        Value determination dates: 30.12.2024 and 22.01.2025.