Emporda IN Phase 1
During the 12 months, the borrower has established electricity, water and phone infrastructure, which was required to urbanize the landplot. Currently, the borrower is awaiting for the road department to complete final steps for urbanisation since the beginning of the year. Due to Covid-19 with 99 days with state of alarm all the public workers didn’t work, that were required to complete the urbanisation. It is estimated that the project can have a delay in its repayment.
Why are we investing our personal capital?
Inveslar historically has been very succesful with equity development deals and has performed higher than expected returns, please note that equity deals can bring both higher and lower returns. The place where the property will be located has an active market for premium class developments, however it's not Barcelona or Madrid therefore the number of buyers is lower. In this location (20km outside Girona) people acquire properties for both purposes: primary and secondary residence.
Data on Idealista.com also shows that the price is competetive even to the old constructions. This is a high risk investment, because it is just a land plot. At current stage the money will be used to make a technical project of the landplot.
The main 2 risks with this project are: 1. no buyer; 2. the developer will not receive building permit.
However, inveslar informed that they have talked with the municipality already and when the next stage of financing comes, the permit will be granted.
The developer intends to sell the property as soon as possible, but it will be much easier to sell it when the technical project is completed. If there will be no buyer after 1st stage financing they will raise 2nd stage financing and move forward until they complete the construction or find a buyer.
Emporda In Phase 1 is the first phase of the construction of a single-family house on one floor with a pool, on a fantastic plot of 724 square meters in the heart of the historic Empordà region, known for its high tourist attraction and its wine culture. It is a phased project where commercialization will begin as soon as the works permit is available. In the later phases the urbanization, structure and construction of this single-family home will be developed. The enclave is ideal to enjoy tranquility, whether enjoying a holiday or as a habitual residence, in a house where you can see magnificent views given its privileged situation.
Located on the Costa Brava, Crüilles is an amazing town known for its medieval architecture, its towers, churches and monasteries. In the area the luxury of large houses, farms and farmhouses coexists with the tradition and rural charm of the Catalan Baix Empordà. In addition, it is surrounded by a large part of the Gavarres massif, an enviable territory that occupies 28,000 hectares completely populated by a wide variety of holm oaks and cork oaks that form admirable forests, declared since 1992 as spaces of natural interest.
In this first phase the financing of the architect and rigger costs will be carried out in order to be able to obtain the executive project to request the permit of works corresponding to the City Council, the costs of urbanization of the plot, the taxes associated with the new work and the initial phase of housing construction, which will consist of foundation and structure.
* The project images are only a reference and the final construction may vary
A modern and efficient construction will be carried out, combining technology with design in order to obtain a house with a low environmental impact responsible with the environment, as well as the maximum energy savings possible thanks to the latest technological and constructive solutions. In order to give added value to this project, an outdoor pool has been projected taking advantage of the large plot available.