Project update

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.

Update from the originator: 

The originator informs that the lawyers of partners EOS Group in Spain have announced that they are ready to apply to the court for forced debt collection. The application will be submitted in the near future. The borrower himself informs that he has a mortgaged buyer and will finish coordinating the final terms of the sales contract in the near future. The originator is instructing the lawyers to start the legal process and await progress updates.

Update from the originator: 

During the implementation of projects in Spain, The originator received complaints from several borrowers regarding the excessively high compensatory interest rate stipulated in the loan agreement, which does not comply with the legislation in force in Spain. The originator has turned to their legal and recovery partners to address these complaints and to determine the objective truth. The originator received an explanation from a law firm in Spain that the late interest rate of 0.4% for each day of delay is significantly excessive and considered unfair, therefore it cannot be applied and even more so recovered. According to court practice and their interpretations, the rate of late payment interest should not exceed 0.025% for each day of delay if the borrower or pledger is a natural person and 0.05% if the borrower and pledger is a legal entity. In this project, a compensatory interest rate of 0.05% was applied in accordance with the above-mentioned interpretation and in order to avoid potential additional costs when challenging this contract clause in court. The originator apologizes for any inconvenience this change may cause. Please note that administrative fee calculated from the recovered compensatory interest will not be applied in this project. This change in the contract is implemented in accordance with 13.6 of the general conditions of the loan contract.

Update from the originator: 

This loan agreement is being terminated. Unfortunately, however, the originator has to inform you that the refinancing transaction has fallen through, so a notice has been sent to the borrower to terminate this loan agreement within 14 days if the overdue amount is not paid. The refinancing agreement has been terminated because the borrower does not have sufficient funds to pay the fees for concluding the agreement. The borrower promises to receive funds for partial payments in the near future, so there is a chance that a settlement agreement will be concluded with him. The originator is currently preparing to transfer the case to their partners in Spain, where foreclosure will begin.

Update fromthe originator: 

Loan refinancing funds have been collected. The signing of the mortgage and other documents is coordinated. The loan will be repaid in the near future.

Update from the originator: 

The originator has collected money, but still need to sign the documents. The originator expects this to be done within the next week.

Update from the originator: 

A reminder of breach of payment was sent to the Debtor.

Update from the originator:

The debtor has informed the originator of a delay for the last payment.

Update from the originator: The debtor has informed the originator of the possible delay in this interest payment.