Project update

Update from the originator: 

The processes of realizing the procejt are under the supervision of the recovery companies, which are currently working on it. There is no news at the moment, but this process should take about 24 months, so until then the originator may not have much information. In any case, since this is sensitive information, as soon as the originator knows anything, they plan to update. Please note that once a debt has been transferred to a collection agency, legally the intermediary or the person who transferred the debt to a collection company does not have the power to interfere with the negotiations that the collection agency and the debtor carry out, nor with the speed at which they are carried out, but it is the collection agency that carries out the relevant timelines. As soon as the collection agency provides the originator with any kind of update, no matter how minimal, they will immediately inform you with a communication on the timing of the project, since, again, they are aware that this is sensitive information.

Additional documents have been added regarding the recovery process of this project.

Update from the originator:

The following solution for this project was approved: "I agree to unilaterally end the loan contract signed with the developer due to non-payment following stipulation 7.1.1 and, so, I agree to transfer the debt to the company specializing in recovery (PROCOBRO DEBT SOLUTIONS, S.L.), assuming a possible partial or total loss of your investment".

More information will follow.

Update from the originator:

The originator would like to inform you that, following the procedure established by our Legal Department and with the intention of regularising the situation of the MONTIGALA I project, SITECNO, S.A., the developer of the aforementioned project, has been included in the ASNEF list.

Update from the originator:

The developer communicated that he wishes to extend the loan.

A new document has been added to the documents section.

Update from the originator:

The originator informs investors that SITECNO S.A., promoter of the MONTIGALA project, has communicated that it wishes to activate the "FLEX" option provided for in the contract signed between the promoter and the investors. In this way, the deadline for completion of the aforementioned project set for 10 December 2020 is automatically extended until 10 May 2021. In return, and as contractually envisaged, the interest for investors in the project is increased by 0.75% per year, from 9% per year to 9.75% per year. This increase in interest will be applied as from the entry into force of the Flex option, from 11 December 2020.

Update from the developer:

During the month of July and August, the developer has advanced a lot since it was important to finish the structure as soon as possible. This month the developer has completely finished the structure and now the developer is working on the installation for the next months. The developer is maintaining the marked times. Regarding the sale of homes, as the developer explained in the last preview, the developer already has an agency called Finques Montigala who will lead the sales process. Beginning of September, there are many scheduled appointments from potential buyers who will visit the agency to start the sales process. The developer believes and according to the agency's forecast, during the month of September, the developer will have the four units sold.

A document with pictures of the progress was added.