Madrid: purchase, renovation and sale of flats

Madrid, Spain

SITG
The founders of EvoEstate invest their personal capital in this project.

600 000 €

Raised 600 000 €

6.75%Expected Return
6.35%Actual Return

12Months Expected Term
13Actual Months Term

Listed: 2019-11-06

Type: Purchase Loan

Mortgage rank: First

Interest payment schedule:

Min. amount of investment - € 0

Project originated by:

Project updates

Detail Descripton

EvoEstate description:

The funds for this project will be used to acquire multiple apartments and later sell them with capital gains. We are investing our personal capital into this deal, because investors get a first-charge mortgage on multiple properties. Please note, that the mortgage charge is not constituted from the beggining, however Civislend holds power of attorney to take over this property, which will be later registered into a mortgage with a notary.

Because this is not a development project, but a purchase loan with a renovation, in case of default the positive outlook is that there have been only 600,000 EUR borrowed against 1,388,100 EUR value of properties purchase price, but Civislend research suggests that the properties market value is 1,593,221 EUR.

Civis Lend description:

Project description

Financing for the purchase, reform and sale of flats in Madrid and its metropolitan area within a maximum period of six months. The average purchase amounts are around 250,000 euros and the maximum is 400,000 euros. These are homes with one to four bedrooms and areas between 80 and 160 square meters. TIKO will be the company in charge of buying and selling the floors. This is the first real estate in Spain that allows owners to sell their apartment in a matter of days.

The Promoter will reuse the loan amount as it is selling and buying new homes on which it will provide the corresponding guarantees.

Guarantee

• Pledge of the social participations: the pledge of the social participations is carried out on behalf of the investors who are going to invest in the project.

• Deposit of the company that owns the promoter company.

• Mortgage promise and irrevocable notarial powers to constitute a mortgage: the developer grants investors represented by CIVISLEND a mortgage promise as well as specific powers to establish a mortgage on each of the farms. Mortgage may be constituted in the event that six months from the purchase in public deed of a property without it being sold.

Contribution of the promoter's own funds to the project: € 788,100
Asset purchase price: € 1,388,100
Asset valuation value: € 1,593,221
Interest payment: Quarterly

Payment schedule

Date	Status	Late	Assignment date
28.03.2020	Paid	No	07 April 2020, 09:30
28.07.2020	Paid	No	28 July 2020, 16:52
28.11.2020	Paid	No	06 December 2020, 00:21

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