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Update from the originator:
The originator would like to inform that after applying to the court, an order was received to correct the mortgage data in the public registers. Lawyers are working on this matter with the notary who registered the mortgage. The shortcoming should be fixed in the near future.
Criteria | From a+ to d | Project rating |
---|---|---|
Macro Location Analysis | B+ | B Originator rating A EvoEstate Risk rating is of an informative nature only & can not be considered investment advice. |
Financial Cost | C- | |
Loan To value | A+ | |
Purpose | A+ | |
Experience Developer | D+ | |
Presales | D- | |
Mortgage Guarantee | A+ |
After successfully raising the first tranche to be used to purchase the asset and perform the initial reworking company will use the new proceeding to complete the refurbishment and promote the property sales on national and international portals as the locationis attractive for many british and northern european vacationers
Real estate company has an option to buy a very good house in El Campello, in a very good area of coves, between the city of Alicante and Benidorm. The owners earned the asset by heritage and are keen to sell below the market value. It is in need of renovation but owners don't want to do it, they are too old and don't want to spend money.
The option on the house is to sell it for 320.000 euros. The house is appraised at 478,000 euros . The renovation it needs is just over 18,000 euros. The real estate company pays for the renovation. In addition they will use additional +100,000 euros in cash for the complete purchase and other expenses. The requested loan amount is EUR 220,000, which can be divided into 2 stages (but not more than 50% of the LTV indicator). Real estate agents are confident that it could very easily sell for more than 450,000 euros. With renderings of the reform, and putting it on the market from now on, the plan to sell the property in 3 or 4 months, making a profit of 100,000 euros.
Minimum loan period 6 months.
If the Debtor repays the Loan earlier than after the specified minimum loan period, it undertakes to pay interest to the Lender for the entire specified minimum period.
Company title Sierra Verde SL
Company code ESB42529859
Company website www.sierraverde.co.uk
Sierra Verde SL is a young real estate development company operating in Spain, precisely in the areas of Alicante, Altea, Denia.
Mostly focused in development of luxury villas in rural or coast areas with high potential of growth. They are also active in flipping operation buying undervalued assets in strategic areas, refurbishing and offering back to the market to still very attracting prices
Report preparation date
2021-05-04
Assessor
Instituto de valoraciones S.A.
The property under valuation is located in one of the most touristic areas of the city, with the presence of many buildings and sites that are key to attracting tourists.
Date | Status | Late | Assignment date |
---|---|---|---|
22.03.2022 | Paid | No | 22 March 2022, 21:17 |
22.06.2022 | Paid | No | 04 July 2022, 14:15 |
22.09.2022 | Paid | No | 28 September 2022, 14:31 |
22.12.2022 | Paid | No | 18 May 2023, 11:25 |
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Amount €