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Project update

Nave Menorca

March 22, 2024

Nave Menorca project

Please be advised that Inveslar is presently encountering technical difficulties that are impeding the updating of project payment data. Subsequent to the discovery of this issue, our team has awaited a resolution by Inveslar. Regrettably, as the issue persists unresolved, official legal notice and claim were issued to Inveslar by our legal representatives earlier this week. We are currently engaged in legal proceedings aimed at expediting the resolution of the aforementioned technical issue. Rest assured, we will provide updates on the progress of this matter in due course.


October 05, 2022

Update from the originator:

The originator is still waiting on the court's decision regarding this project.


July 13, 2022

Update from the originator: The originator is stating that they are still waiting on the auctioneers in order for the process to continue. The process with the other property that the borrower tries to sell in order to return the funds to investors is also moving forward. As soon as there is news, the originator will inform investors.


June 07, 2022

Update from the originator: The claim process has already begun. On the other hand, the originator comments the following: The eviction lawsuit for the other property that the borrower tries to sell in order to return the funds to investors has already been admitted to the court, but at the same time, the originator has received a call from the real estate company Finques Badia that the squatters are in the process of buying another house, so in one way or another the originator hopes to soon have the house empty so the originator can sell it and return the money owed to investors.


March 10, 2022

Update from the originator:

The claim process is already started.

On the other hand, the borrower tells the originator the following:

Now the borrower is going to do some sales and the borrower has thought about going returning the money of €10,000 in tranches so that the originator can start to return the funds to investors.

The originator is now trying to increase the amount of the tranches that will be paid by the borrower to at least €25,000.

The payments are supposed to happen periodically, but we don't have a fixed interval yet.


February 10, 2022

The originator is stating that there will be an update next week for this project.


October 19, 2021

Update from the originator:

"The auctioneer (subasteros) company informed us that they were going to sell the property in September, but just before the sale the buyer wanted to do a review and they saw that the roof beams were in poor condition and they backed out. This month they say that they are going to pay before the end of the year and return the capital + 10% of interest.

We understand that you are concerned, we are also investors in the project, but we will wait until the end of the year for them to return the capital.
As the project is well informed is a flash sale, the sale time is approximate and there are projects that are delayed.
If at the end of the year they do not pay, we will proceed to take the check to the bank since we have a debt contract.

Thanks."


October 04, 2021

Update from the originator:

The originator informed us that the borrower struggles to sell the property because it turns out that the roof beams are badly damaged. They are considering returning the money with the 10% guaranteed profitability.

An official update has been issued and added to the documents section.


September 20, 2021

Update from the originator:

The originator informed us that the borrower struggles to sell the property because it turns out that the roof beams are badly damaged. They are considering returning the money with the 10% guaranteed profitability.

 

As soon as we have more news, we will post a new update.


July 06, 2021

Update from the originator:

A new document has been added to the documents section.


March 09, 2021

Update from the originator:

In April the sale of the project will be signed and therefore the originator will proceed to the return of capital.


March 02, 2021

Update from the originator:

The project will be delayed until the end of this month as the originator is waiting for the registration that is taking longer than usual.


February 18, 2021

Update from the originator:

The project is supposed to be finalized at the end of this month or the beginning of March. Right now the paperwork is being done regarding this step.


November 11, 2020

Update from the originator:

1- The originator has received the firmness of the decree and this document serves as sufficient title to register the property in the originator's name, but the originator has to wait to receive the order of cancellation of charges.
 
2- The originator will receive the order for the cancellation of charges next month approximately.

After that, the originator can proceed with the process of selling the property.

 


October 08, 2020

Update from the originator:

There has been a delay caused by the COVID-19 crisis and due to the fact that August was a non-working month for many people. The documents should be done in about 3-4 weeks and after that, the originator can continue the agreement with the current tenant for buying the property.


July 31, 2020

Update from the originator:


1- The judicial auction has been made.


2- In a few weeks the originator will have the property in his name and therefore, the originator will proceed to make the sale, which already the originator has agreed with the current tenant.


June 16, 2020

The court informed the borrower that the document has already been sent by certified mail to be able to finish off the repossession of the asset. The court also added that the postal services are a bit saturated so it can take 2 weeks approximately to reach.


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