Why EvoEstate has skin in the game in this project?
9 apartments (total of 731 square meters) are being built on 3 plots of 282 m² in Madrid. The planed sales prices is 0-10% bigger as in the market, however data suggests that people are willing to pay more for new construction in main Spanish cities. Developer, is taking a loan with first rank mortgage with LTV of 45% only- comparative listings indicate that the third-party valuation should be accurate.
‐ Mortgage will be constituted on the three plots in favor of a lender that will act as a joint creditor in defense of all the lenders and investors.
‐ The shares of the company Villa Lacedón, S.L. will be constituted as collateral in favor of investors represented by CIVISLEND.
Financing for the purchase of land for the construction of 9 homes with one, two and three bedrooms plus 9 storage rooms. The promotion is located in the center of Villaviciosa de Odón, a municipality west of Madrid capital with little housing offer and that together with Boadilla del Monte and Pozuelo de Alarcón has experienced a strong revaluation of housing. It is the headquarters of the European University of Madrid.
Below we see the principal amortization table and the payment of interest to the lenders:
In this project the figure of the developer and the real estate owner coincide. Developer: The sole administrator of the developer company has, through the company Gloser Real Estate, SL, more than 10 years of experience in private development of all types of real estate, in which it provides a careful innovative and energetically sustainable design with the commitment of attention personalized and committed to each promotion and subject to strict execution control standards. Residencial Alcazar consists of 2 buildings to the latest architectural trend, has 13 homes. Homes with 2 and 3 bedrooms with an efficient distribution, as well as a current design proposal that includes Basses and Penthouses with terraces.In addition, it has a storage room and parking space for each house. The promotion is focused on achieving the highest energy rating to reduce consumption and be an example of sustainable building.