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Macro Location Analysis
EvoEstate Risk rating is of an informative nature only & can not be considered investment advice.
Purpose of the loan
This operation, which consists of financing the purchase of land in order to cut it into 6 parcels and sell them, is located in the 13th arrondissement of Marseille, a few minutes from the Valentine shopping center and the Allauch golf course. It is a popular area because of its calm and its location ten minutes from the city center and less than three kilometers from the business center Technopôle de Château Gombert.
The initial state of the land
The parcel is located in a wooded environment, close to shops, transport, on the heights of the hill.
The parcel will be cut up and resold lot by lot.
Assets are defined as follows:
The visit of the plots can start the day of the acquisition of the plots by the operator, but several visits are already planned.
Two land reserves (the land with a house and the 460 m² lands) will be kept in the operator's patrimony in order to build two future detached houses.
The operator will carry out works up to 120 000€ including all taxes in order to improve the interior of the existing buildings before reselling them.
The average price of the transaction is within the current market, as the houses are sold as-is without major renovations.
A certificate of value dated 16/09/2020 from the marketer - L’immobilière des Collines - also validates the selling price grid.
Similar properties currently for sale:
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Villa Marseille 13th: Big House of 127m² composed of a living room-dining room giving onto a big semi-covered terrace, a kitchen, a storeroom, an office and a bedroom on the first floor. In the second floor: 3 bedrooms, a dressing, a bathroom, a release, toilet. Swimming pool, garage, workshop,
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In Marseille 13th district, sector the Red Cross, near Allauch, Plan-de-Cuques, this beautiful apartment of 116 m², with garden and swimming pool. This former bastide has been divided into 3 apartments. The apartment is composed of a very large living room with an open fitted kitchen, a shower room and 3 bedrooms, one of which of 25 m² with a dressing of 6 m². A private corner with garden and swimming pool accompanies this property. Possibility to park two vehicles inside the co-ownership.
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The operation is carried out by SAS MIRABELLE, with a capital of 100 euros, registered in the Marseille Trade and Companies Register under number 889276770, on 24/09/2020.
SAS MIRABELLE, which carries out the operation, is 100% owned by SAS ML FINANCES, which will provide its First Demand Guarantee.
The bond will be issued by SAS MIRABELLE at an annual rate of 10% per year, for a period of 18 months.
In order to provide additional guarantees, the repayment of the bond loan is guaranteed by :
* A 1st rank mortgage in favor of Raizers representing the mass of bondholders
* A 1st rank mortgage on Mr. MANAI's main residence
* Personal guarantee Lassaad Manai
* ML Finances First Demand Guarantee
The bond loan may be amortized and repaid by the operator as sales are made, with interest paid annually, but guaranteed for a minimum period of 6 months.
The bond issue is covered at 177% by the turnover of the four lots, each with a house on it.
If 3 out of 4 lots with a building are sold, the bond will be fully repaid.
There is also provision for repayment if the two land reserves are sold during the term of the bond.
Example of calculation for the repayment of an instalment:
The issue date of the bond is November 30, 2020.
The bastide is sold 6 months later, then SAS MIRABELLE will pay the investor realizing 10 000 € of investment :
* 65% of the lent capital, i.e. 6 500 € paid back the day of the sale of the apartment.
* 6 months of interest at an annual rate of 10%, i.e. €325 of interest (€6,500 x 10% annual/12 months x 6 months).
When the bond and its interests are reimbursed at 100%, the 1st rank mortgage will no longer be registered on the remaining lots.
All the documents associated with this fundraising are available in the "documentation" tab.
NB: This financial statement does not take into account the two land reserves held in the operator's assets.
Masons from father to son, Mr. Manai knew how to evolve very quickly and became a recognized company manager who has realized many constructions.
As much for private individuals with prestigious houses as for the France comfort group, he can justify more than thirty annual realizations for which quality tests have been carried out and awards have been given to him.
His interest in building and his thirst to learn has enabled him to complete his career in order to move towards promotion and the activity of property merchant.
He declared 95 000€ of income from his personal business in 2018 and 2019 and owns a 200 m² main residence in the residential area of the 12th district of Marseille.
Balance sheet ML Finances
Income result ML Finances
Balance sheet Manai Lassaad - single-person company
Income result Manai Lassaad - single-person company