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.
From a+ to d
Macro Location Analysis
EvoEstate Risk rating is of an informative nature only & can not be considered investment advice.
Loan To value
This property is located at 26 Green Street, Padiham, Burnley BB12 7AT. A traditional terraced house in need of renovation convenient for the Town Centre. The property briefly comprises the ground floor, front lounge/diner and rear kitchen. On the first floor, there are two bedrooms and a bathroom.
Some key points about the developer:
- The developer has done over 240 of these projects in the last 4 years with the same social housing provider
- He already has a buyer, which guarantees excellent security of exit.
- The developer also has its own construction teams in place
Interest per annum
Buy to sell
Loan To Value (LTV)
Total Loan Cover (TLC)
The loan will be paid out to the solicitor’s bank account to purchase the property and establish the legal charge, after which the remainder will be made available to the fundraiser.
The currency exchange risk is borne by the fundraiser.
A first rank mortgage valued at € 164,300 will be established on behalf of investors to secure the loan. This value is calculated from the lowest from (A) loan amount, a minimum of 2 years interest and 10% coverage for execution cost (€ 164,300) and (B) agreed sales price (€ 213,590). This results in a loan to value (LTV) of 80,5% and a Total Loan Coverage (TLC) of 124.3%.
Corbelo Capital LTD has a C rating from Creditsafe, indicating a moderate risk. The identified risks are estimated as limited. The project owner is confirmed to be very experienced in real estate investing. This loan has been assigned a score of C on the basis of the risk analysis.
Below mortgage will be established on behalf of investors to secure this loan.
TYPE OF PROPERTY
No result found.
Renovation not completed on time / within budget
The project developer has a detailed business plan and fixed renovation quotes. Risk considered to be low and sufficient slack in timeline and budget to cover any setbacks that may occur.
Economic downturn could affect property market/values.
Given the area, this risk is considered to be low. The project owner is flexible in terms of exit strategy.
The loan is in Euro and as the property is located in the UK, everything is in GBP. The currency exchange risk is borne by the fundraiser.
C/O Alexander and Co Centurion House, 129 Deansgate M3 3WR Manchester United Kingdom
Corbelo Group Ltd
Message from fundraiser
After university, I moved straight to London where I found a role in an estate agency which is where my property career began. During my years at the estate agency, I learned everything from accounting, staff management, lettings, sales, negotiation, business growth and marketing. I knew I wanted to learn and grow with the intention of getting into property development.
My passion is in the North of England where I can make a real difference in the housing community and where there is a huge demand for good social housing. In the first lockdown, I quit my job having realised my specialism was social housing. In the last 15-16 months I started my own thing full time, namely ‘The Corbelo Group’. I have completed over 65 social housing projects, several pub conversions and two commercial to residential conversions. I now have a small team of people, which is growing substantially at the moment and we are flying through our targets. As a company, we know exactly what we are doing, we have the best people supporting us, we have mitigated every risk we possibly can and have a very clear path on what we are doing and how we will achieve what we have targeted.
The Corbelo Group consists of the following companies; Corbelo Capital - buys our own assets and undertakes all flips. Corbelo Property Group - this is our sourcing company where we find property for our clients. Corbelo Construction - we have our own construction team in house. Corbelo Housing CIC - this is our newest company which is a non-profit organization, which suits my passion to provide social housing for the community.