Project update

Update from the originator:

As of today, the insurance documents have been fully settled, and the new lender has approved the insurance policy. It is expected that the Borrowing company will make the first part of the loan repayment tomorrow, while the repayment from the new lender is expected one business day later.

Update from the originator:

The refinancing campaign on the EstateGuru platform has been successfully finished and funds have been collected. All the paperwork will be finalized within the next 2 weeks, and after the pledge is registered, the funds will be released and late payments will be settled.

Update from the originator:

The refinancing agreement is expected to be signed next week. The delayed payments will be repaid once the deal is finalized (registration of collateral to the new creditor etc), the originator expects this to happen during the next three weeks. After the refinancing, the construction works of the project will be continued/finished.

Update from the originator:

Refinancing of the Miera Street project is in progress. It is planned that funds from all campaigns of this Project will be repaid once the process is over, expected in January 2021. While the project is in the refinancing process, the originator considers it is crucially important to invest an additional 65k EUR in the real estate to avoid a reduction of the value in the following months due to the winter weather conditions. The originator launched a fundraising round for this purpose. Funds will be used to complete the roof repair, complete the foundation strengthening, insulation works, hydroisolation, finalization of the rainwater sewerage system etc.

Update from the originator:

On 17.11 the originator has received an indicative offer of refinancing and co-financing further reconstruction of the object. Once the originator has a binding offer, the originator will be able to proceed with the deal and repay the current loans.

Update from the originator:

The originator is proud to facilitate the re-development of the building and the originator has successfully raised 1,065,000 EUR in 5 tranches as a loan to a development company. At the moment, 70% of all renovation works are done, and 104,743 EUR was paid to investors as an interest, and a third of apartments are pre-booked and have potential tenants.

As with many businesses, COVID-19 induced crisis has brought interruption to the construction process. The finalization of the project has been delayed due to several factors: Closure of Municipality Building Authority, slower pace of fundraising, delays in negotiation with potential buyers, and refinancing negotiations with senior lenders. This has put a strain on the principal repayment and as a result, the first tranche worth 750,000 EUR due on the 26^th of July 2020 is delayed. The second tranche due in November 2020 will be delayed as well.

This is an unforeseen situation that hurts a great investment opportunity and attractive real estate. In order to finish the project on Miera Street 21, the originator needs to raise an additional 300,000 EUR.

The originator has prepared an offer that will motivate the existing investors and will compensate for the delays in principal repayment (which are caused by unforeseen external factors).

The offer will be announced in the following weeks.

Update from the developer:

The economic downturn that was caused by the pandemic, created some delays in funding the construction and refinancing the object. 

The developer wants to inform you that they have developed a mechanism on how to settle payments with this project. However, the developer needs to finalize the legal side of the proposed deal before announcing the course of action. 

The announcement will be made public by the 15th of October 2020 and shortly after this, the developer will be able to start repayments.

Update from the developer:

Crowdestor would like to give you an update about the project CRP-2073 - Renovation of a historical apartment building on Miera Street. The renovation of the object is in the process. More than 70% of the budget is spent and construction works are moving to the finalization phase. Negotiations with the credit institution to refinance loan is in a process. The loan will be repaid once it is refinanced by the senior lender and it is expected to be done in August/September.