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September 28, 2022

Update from the originator:

This is sold as part of the 14-property deal they have made with a buyer. Expected completion is 4-6 weeks from now.

August 25, 2022

Update from the originator:

The originator is waiting for an update from the developer on this project.

August 09, 2022

Update from the originator:

Since the renovations are being carried out, albeit, with delay, it has, for the moment, been decided not to proceed with the execution. The preparation for a possible execution has been done so that the originator can do this at any time. The originator would like to emphasize that this is not a desirable situation. The execution of Corbelo Group's properties will be a long legal process in which capital loss for investors cannot be ruled out. This is a scenario that the originator obviously wants to avoid.

For now, there are still a number of loan repayments on the agenda for the coming weeks, and the originator is in close contact with the solicitor of Corbelo Group. The originator realise that this is an unpleasant situation for everyone, but the originator would like to emphasize that both the originator and Corbelo Group are doing everything they can to repay the loans plus arrears to investors.

June 30, 2022

Update from the originator: Due to persistent problems with the English land registry, it was not possible for Corbelo Group to sell their properties, because they were simply not registered in their name. The delays have created cash flow problems, causing interest payments to fall behind. These delays still apply, but between now and the 31st of July, 2022, 9 property transactions will be completed. Through the sale of these properties, Corbelo Group will receive sufficient funds to meet all outstanding interest payments up to and including the 30th of June. From July 1st, 2022, all Corbelo Group loans will be changed to a "full bullet loan". This means that the interest and capital repayment are paid at the end of the term. This way, Corbelo can use the proceeds (profits after interest and capital repayment of course) from the sale of the 9 properties and also the proceeds from the sale of the other properties to complete the renovations faster and make up for delays. The originator has chosen this solution to prevent the Group from ending up in the same situation again in a few weeks. As you know, the originator has the first right of mortgage on the properties and this will remain the same. The reason the originator has made this choice and is not currently executing on the securities is that the discussions with the Corbelo Group have been amicable and transparent and there are more than sufficient profit margins on the projects. Executing the securities may also take longer than the term of the loans and there is the potential of loss of capital for the investors since the profits are achieved because of the renovations, letting out and sale of the renovated project. The property developer, Challon Smith, will soon be recording a video explaining the above and once the originator receives it they will share it with all investors.

April 05, 2022

Update from the originator:

Unfortunately due to Covid-19, there are serious delays in registering new owners with several of the local Land Registries in the UK. As a result, it is not possible for Corbelo Group to sell the homes within the agreed terms. This is because the houses are still not in his name and therefore the loans cannot yet be repaid.

Given the delays, it is difficult to estimate how long it will take before Corbelo Group can repay the various loans. That is why it has been decided to let the loans continue until further notice and of course, you will receive the interest on these loans every month. The originator is in direct contact with all solicitors so that the originator can keep track of everything case by case. It is an unfortunate situation for all parties and the originator hopes that it can be resolved quickly.

At the moment it only applies to the loans of Corbelo Group, as many loans from this party will have to be repaid in short term.

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