Foresta Phase I
Spain
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Descripton
Project description
Foresta is a promotion of 6 isolated single-family homes on 400 m² plots in Malaga. They have a closed area of about 160 m2 distributed over 2 floors. The program is 3 bedrooms on the upper floor and common areas on the ground floor in relation to the garden and the individual pool. The ground floors are designed as an open concept with a large living room that connects to the kitchen. All the houses have large windows that let in natural light and allow you to enjoy the views of the surroundings. The development is located in the Pinar de Torremolinos, a quiet residential area, close to the N-340 and the AP7 motorway and therefore well connected, less than ten minutes from Malaga international airport and fifteen minutes from the city center.
All the houses are sold and the works have reached 40% of the total work budget, which has been financed with the developer's own funds.
The financing is intended to cover a part of the costs of the work. A second financing project is expected in the coming months to cover the final phase of construction until the delivery of the houses.
The project
Key details of the loan
Guarantee
• Promise of mortgage and irrevocable powers of attorney to establish mortgages on three properties if necessary
• Purchase option for 80% of the appraised value of three of the properties
• Guarantee of a group company
LOAN AMORTIZATION
Although the total duration of the loan is 16 months, the developer can make a full amortization before month six from the beginning, although he will have to pay the interest corresponding to the full six months
If you make an early repayment after month six, it may be partial or total. If it is partial, it must be for an amount greater than € 100,000. Amortization after month six will only include ordinary interest accrued to date
Risks
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