Project update

Update from the originator: 

The originator would like to inform about the current sales status of the Esslinger Hauptstraße 41 project:

Apartments still available: 4 

Pitches still available: 5 

Sales volume of the apartments still for sale: € 1,696,000 plus garage spaces approx. € 120,000

Loan commitment: currently approx. € 120,000,

The issuer regrets the delay and is continuing to work hard to sell the last apartments. Furthermore, the issuer endeavors to repay the investors' loans, including interest and default interest, as soon as possible.

Update from the originator: 

The issuer of the project, has informed the originator that there are currently 5 residential units and garage spaces for sale. Marketing is currently being carried out by two independent brokerage firms.

According to information from the sales teams, there are enough interested parties to purchase the apartments. Unfortunately, current lending makes selling difficult.

At the same time, debt restructuring is in progress. Discussions are ongoing with various banks, but the issuer is currently having to wait longer than usual for feedback.

The contractually agreed interest and the statutory interest on arrears of 4.0 percent will accrue until the actual repayment date.

Update from the originator:

The issuer regrets the delay and continues to work at full speed on the sale of the last apartments; both in individual sales and in the package sale of the remaining apartments. EHL will launch a housing package for investors by the end of the year. 

Debt restructuring is being worked on at the same time; since the commitment is constantly being reduced, banks are ready to start talks at the beginning of 2023.

The issuer endeavors to repay the investors' loans, including interest and default interest, as soon as possible. At this time, however, the originator has to report that an exact date for the refund has not been set. 

Apartments still available: 7 (Top 1.10 deducted)

Parking spaces still available: 5 

Sales volume of the apartments still for sale: 2,978,000 plus garage spaces approx. € 120,000

Credit commitment: currently € 1,336,678 (purchase amount KV Top 1.10 € 235,000 was not deducted)

Update from the originator:

The originator would like to inform you about the current sales status of the Esslinger Hauptstraße 41 project:

Apartments still available: 8 (Top 2.01 deducted)

Parking spaces still available: 5 (garage space deducted for KV Top 2.01)

Sales volume of the apartments still for sale: 3,213,000.00 plus garage spaces approx. €120,000.00

Credit commitment: currently € 1,795,160 (purchase amount KV Top 2.01 € 505,000 was not deducted)

News: There is a countersigned offer for a garden apartment (Top 2.01) including a parking space. The purchase contract for this apartment will be signed by the end of the week. The credit commitment will then be reduced accordingly to around €1,300,000. Viewings are ongoing and the Issuer expects two more offers during the week.

The issuer regrets the delay and is working flat out to sell the last apartments; both in individual sales and in the package sale of the remaining apartments. According to the current progress of the sale, the issuer assumes that the investors will get their loans back together with interest and default interest by the end of the year.

Update from the originator:
 

No further developments have happened so far. As mentioned in the last communication the redemption date of the end of July 2022 cannot be met. The issuer has promised a repayment by the end of 2022 at the latest.

Update from the originator:

Essling41 Projektentwicklung, Verwertung und Beteiligungs GmbH is a subsidiary of EL-CO GmbH.

Insolvency proceedings were opened for EL-CO GmbH for a short period of time. However, this has now been rescinded with legal effect.

After the successful averting of the insolvency proceedings of EL-CO GmbH, which have now come into legal force, the various sales and settlement processes have to be resumed or started again.

In the course of the initiated insolvency proceedings, both the company's accounts and all payment flows were frozen, which is why there were still delays here that are not due to the company's illiquidity, but rather to the procedural settlement.

For this reason, the repayment date of the end of July 2022 communicated to us by the issuer cannot be met. The issuer has announced a repayment by the end of 2022 at the latest.

However, the sales process is in full swing and the issuer endeavors to process all property sales as quickly as possible in order to be able to guarantee a timely return.

The originator is in close and continuous communication with the lawyers and the company itself in this regard and is trying to bring the project to a positive conclusion as quickly as possible.

Update from the originator: The originator would like to inform you that 10 out of 21 residential units and 5 out of 12 garage spaces have currently already been sold. In addition, there are four interested parties who are currently waiting for a financing commitment. As soon as these offers arrive, the issuer will put the remaining units on the market as a WE package (5-6 units). Based on current information, the issuer expects to repay the capital by the end of July 2022.

Update from the originator:

Unfortunately, the originator has to inform you that the repayment of the capital will be delayed for a short time. The interest payment has already been instructed by the issuer and will be paid within the 5-day period.

Due to the corona situation of the last few months and the past lockdowns, the turnkey handover of the project at Esslinger Hauptstraße 41 took place with some delay at the end of January 2022. The handover of the first apartments to the end customers took place at the beginning of February.

A total of 5 apartments have currently been sold. An investor is interested in another 4 residential units and 4 parking spaces. The relevant sales contract is already being drawn up. Settlement is expected in the coming weeks. In addition, there are regular viewing appointments for the remaining residential units.

The issuer has informed the originator that it is working on a refinancing of the mezzanine capital and that the capital is to be repaid by the end of April 2022.

Update from the originator:

The construction project is proceeding according to plan. The roof is currently being sealed and the electrical and raw installation is currently being relocated. The planned completion in October 2021 should take place without any problems. Windows were delivered and installed last week. Sales will start in July 2021.

Update from the developer:

Completion of the shell is planned for the end of March 2021. The windows will also be installed at the end of March 2021. Sales will start at the beginning of April 2021. The turnkey handover should take place at the end of October 2021. The project is very well on schedule.

New pictures of the progress have been added.

Update from the developer:

The underground parking was completed. The ground floor is also available. The ceiling is currently being concreted on the 1st floor.

Photos of the progress have been added.