Project update

Update from the originator: 

The originator would like to inform that the inspection of the pledged property has been agreed and must take place on Friday of next week. The borrower informs that he has two potential buyers of the mortgaged property with whom negotiations have begun regarding the sale of the property. The originator will inform you about the completed inspection and the sales negotiation process as soon as they have any news.

Update from the originator: 

The originator informs that the property valuations are delayed due to the business of the appointed property appraiser. The property inspection will take place this week, after which the property will be ready for valuations in 1-2 weeks. After receiving the property valuation, the originator will decide on the next steps. Currently, there are two ways: 1. Tenders 2. Correction of the payment schedule. The originator is constantly communicating with the borrower, who promises the sale of other assets, from which funds would be obtained if the borrower covers at least 50% of the currently overdue amounts and after assessing other circumstances, the restructuring of the settlement agreement would be considered.

Update from the originator: 

The originator would like to inform you that they have requested through the bailiff to appoint NEWSEC VALUATIONS appraiser Dr. Andrii Stasiulionis. The bailiff should appoint an appraiser in the coming days. The recovery process is carried out according to the sequence of steps. The originator is also communicating with the borrower, he promises to get the loan and cover all or most of the late interest payments, so they are not terminating the settlement agreement yet. If the promised payments are not made before the property appraisal report, the originator will terminate the settlement agreement and ask the bailiff to start the bidding process.

Update from the originator: 

The originator informs you that the borrower promises to make delayed interest payments after the sale of the property (not pledged for the implementation of the loan). The enforcement record for the pledged property was submitted to the bailiff's office, on the basis of which the enforcement case was initiated and a call to pay the debt voluntarily was sent. The call deadline will be December 27, if late interest payments are not paid by this date, the settlement agreement will be terminated and the process of determining the value of the property will begin, followed by bidding. The borrower promises to pay the overdue installments by the specified deadline.

Update from the originator: 

The originator informs you that a settlement agreement was signed with the Borrower for a period of 12 months. In order to compensate for the inconvenience caused by the extension of the loan repayment term, the originator increased the annual interest rate payable by the borrower to 13%. The main loan agreement stipulated an annual interest rate of 11.5%. After evaluating the information provided by the borrower about the progress of project development and the reasons for the delay in implementation, the originator has decided that forced recovery would not be the most effective means of solving the situation at the moment, because after terminating the contract and seizing the pledged assets, further development of the project would no longer be possible. Most likely, it would take 1 to 3 years to sell the mortgaged property. However, the originator would like to emphasize that they are preparing for forced collection and they are asking the notary to issue a writ of execution, which will be submitted to the bailiff if the borrower does not fulfill the terms of the settlement agreement. The originator expect that the settlement will allow the borrower to continue to develop and complete the project, while earning the investor a higher than anticipated return.

Update from the originator: 

The originator informs you that they are currently in intensive communication with the borrower regarding the further situation of the loan. The borrower informed the originator that he is currently looking for other refinancing options and should return on July 5 with an answer regarding remote actions. When the borrower did not receive a refinancing offer from another financial institution, the originator tentatively agreed with the borrower that a settlement agreement will be concluded for a period of 12 months. When signing the settlement agreement, it is planned to increase the interest rate by 1% point, and the originator will also negotiate for an additional guarantee. IT team is working to make it possible to sell the investment included in the settlement agreement on the secondary market (preliminary launch date of the functionality - the end of August this year). On behalf of the entire team, the originator sincerely apologizes for the inconvenience caused. They are looking for the best solution.

This project is still in the loan gathering phase. The interest for this project will start to be calculated when all the paperwork is done.

Update from the originator: