Den Oever, 1779 GJ, Netherlands

Den Oever, The Netherlands

422 500 €

Raised 422 500 €

8% Gross annual
yield
74%LTV
12 Months

Listed: 2022-01-24

Type: Development loan

Mortgage rank: First

Interest payment schedule: Monthly

Min. amount of investment - € 0

Project originated by:

Project updates

January 31, 2022

Update from the originator:

Together with the project developer, the originator has decided to divide the loan. Since there are several plots for holiday homes, the coverage is spread over the loans. The term and the interest rate will not change. The developer is still considering whether to publish the other plots together or separately. There may be a candidate for a peer-to-peer loan for one of the two remaining plots.

It is still possible to invest in the loan for two plots, this loan is currently about 78% filled.

Risk Rating

Criteria	From a+ to d	Project rating
Macro Location Analysis	C+	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	B-
Purpose	B+
Experience Developer	C+
Presales	D-
Mortgage Guarantee	A+

Detail Descripton

Executive Summary

The goal of the project is to realize and sell four-holiday homes on the chalet park named ‘Chaletpark De Wierde’, which is located in the rural area at the edge of the village of Den Oever (North-Holland). The developer has signed option agreements to purchase the last four plots, which are conveniently located in the park.

The houses have already been designed and will be built sustainably in accordance with the Dutch 2012 Building Decree.
Each house has a floor area of 90m2, three bedrooms and a study room, which means that it offers space for 6 to 8 people.
In addition, the houses are equipped with:

3 bedrooms
1 study room
High insulation (so winter-proof)
Heat pump
Underfloor heating
Solar panels (optional)
Air conditioning (optional)
Sauna (optional)

During and after the realization the houses will be put up for sale.

Loan terms

Target amount

€828,000.00

Minimum amount

€800,000.00

Interest per annum

8.00%

Profit share

0.00%

Term

12 Months

Payment frequency

1 months

Loan purpose

Development

Type

Bullet

Mortgage rank

First Rank

Loan To Value (LTV)

74.35%

Total Loan Cover (TLC)

122.10%

Investment plan

DESCRIPTION	AMOUNT
Purchase Plots	€259,500.00
Preparation & Structure Purchase	€404,000.00
House Assembly & Finishings	€152,000.00
Miscellaneous Expenses	€12,500.00

Payment terms

Payment of the loan takes place in phases that correspond to the execution of the work: I (€ 315,000), II (€ 350,000). III (€ 65,000) and IV (remaining amount). Phase I will be made available to the notary to purchase the land and establish the mortgages. Next stages will be released to fundraiser's bank account when approved.

Additional terms

No additional terms & conditions apply to this loan.

Collateral

Multiple first rank mortgages will be established on behalf of investors to secure the loan, these combined are valued at € 1,023,725. This value is calculated from the lowest from (A) loan amount, a minimum of 2 years interest and 10% coverage for execution cost (€ 1,330,842) and (B) projected sales price (€ 1,023,725). In addition, a business guarantee of € 60,000 will be provided by Sirrapa Holding B.V which is considered to be Material. Furthermore, a personal guarantee from mister Parris himself is added which is good for the amount of € 30,000. This results in a loan to value (LTV) of 74.3% and a Total Loan Coverage (TLC) of 122.1%

Sirrapa Vastgoed B.V. has a B rating from Creditsafe, indicating a moderate risk. The identified risks are estimated as limited. This loan has been assigned a score of B on the basis of the risk analysis.

Mortgage

Below mortgage will be established on behalf of investors to secure this loan.

TYPE OF PROPERTY	MORTGAGE RANK	AMOUNT	LC
Residential	First Rank	€244,425.00	26.57%
Residential	First Rank	€261,300.00	28.40%
Residential	First Rank	€259,000.00	28.15%
Residential	First Rank	€259,000.00	28.15%

Additional securities

TYPE OF SECURITY	QUALIFICATION	MODE	AMOUNT	SECURITY GRANTOR
Personal Guarantee	Material	Constant	€30,000.00	Armand Parris
Business Guarantee	Material	Constant	€60,000.00	Sirrapa Holding B.V.

Risks

RISK	SCORE	MEASURE
Building not completed on time / within budget	Low	The project developer has a detailed business plan and fixed building 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.	Low	Given the area, this risk is considered to be low. The project owner is flexible in terms of exit strategy.
Unforeseen costs for the development of the land	Low	The development budget is fixed and offers the necessary reserves to cope with setbacks. The valuation report does not contain any indications that the reserves are insufficient.

Fundraiser

Registration number

84677406

Address

De Praam 15 1747 TK Tuitjenhorn Netherlands

Contact

Sirrapa Vastgoed B.V.

E-mail

armand.parris@sirrapavastgoed.nl

Message from fundraiser

My name is Armand Parris, owner of Sirrapa Vastgoed B.V. I have been working in the ICT industry since 1994 and have been able to successfully contribute to my ICT projects for 27 years. In addition, I decided 11 years ago that it was time to start my own business in the form of Sirrapa B.V.
I provide my ICT services from this company, with an annual turnover of € 140,000.

Since late 2020 I have decided to guarantee my pension by setting up a family business and managing capital growth. Real estate is the means by which I want to achieve this.
In addition to insuring my family, I also believe that I can make a social contribution by investing in real estate. In 2021 I followed several courses, a coaching program and started to build my network. To increase my knowledge about housing, I started a new construction project together with a friend and his contractor at the end of 2020.

We aimed for high quality for a good price. The complex construction of the house is timber frame and was produced in prefab parts. After thorough preparation, the house was installed without problems in Wapenveld in August 2021 and is now in the completion phase.
After helping to carry out a new construction project, I now want to carry out projects myself and use my network for knowledge and experience.

Payment schedule

Date	Status	Late	Assignment date
30.03.2022	Paid	No	29 March 2022, 13:16
30.04.2022	Paid	No	04 May 2022, 14:32
30.05.2022		No	-
30.06.2022		No	-
30.07.2022		No	-
30.08.2022		No	-
30.09.2022		No	-
30.10.2022		No	-
30.11.2022		No	-
30.12.2022		No	-
30.01.2023		No	-
28.02.2023		No	-

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