The operation is located at 91, avenue du Mamelon Vert à Cauterets in the heart of the Pyrenees National Park at an altitude of 950 m. Cauterets is a ski resort with two ski areas, the Cirque du Lys and the Pont d'Espagne, and also offers many activities in summer (hiking, canyoning, mountain biking, etc.).
The transaction is led by Cenoli MDB, held by Mr. Linard. It consists of the purchase and resale of a 9.12-hectare park with a property complex used as a holiday center. It consists of various buildings :
* A 3-story main chalet of about 3,200 m² dedicated to group accommodation
* A 200 m² barn
* A small chalet of 360 m² offering premises for the reception of the staff
* A building of approximately 270 m² dedicated to the camping activity and three flats.
* A toilet block
Part of the plots is kept by Cenoli MDB as a land reserve. Mr. Linard hopes to eventually build a leisure center there.
The other part is sold as is and is under a promise to sell without any suspensive conditions at a price of 500 000 €. The purchasers are four private individuals who wish to create future housing and sell them on a plateau.
The operator has carried out a plot division in order to detach these two plots:
Based on the main chalet, the price per m² is 156€/m², which can be explained by the state of the buildings and the numerous works to be carried out to rehabilitate it. Taking into account the cost of the work of 2,000 €/m², the price of the rehabilitated chalet is 2,156 €/m², slightly below the prices observed on the local market.
The transaction is being carried out by SASU Cenoli MDB, with a capital of 1,000 euros, registered in the Tarbes Trade and Companies Register under number 889 824 017, on 09/10/2020. It is also this company that will carry the bond issue.
SASU Cenoli MDB is wholly owned by Mr. Linard.
In order to comply with the regulatory requirements for the bond issue, SASU Cenoli MDB will have to carry out an asset/liability review.
The bond issue will be issued by SASU Cenoli MDB at a fixed rate of 4%, for a term of 3 months (target rate of 16% per annum). This rate will be increased by 1% for each additional month (5% over 4 months, 6% over 7 months, etc...). Interest is paid annually but guaranteed for a minimum period of 3 months.
In order to provide additional guarantees, the repayment of the bond is guaranteed by:
* Irrevocable notarised repayment order at the time of transfer
* Prohibition to alienate
* Mr. Linard's personal guarantee
The bond contract provides for early redemption if:
* Resale of the lots
All the documents associated with this fundraising are available in the "documentation" tab.
*The prohibition of alienation is a notarial deed that is registered with the Land Registry. This prohibition obliges the Issuer to ask Raizers to lift this prohibition in the event that it wishes to sell the property or register a mortgage on it. This enables the Raizers bondholders to be informed in the event of actions being carried out on the property.
The valuation of the land reserve is based on the building with three equipped flats:
After working in various trades as a technician, Mr. Linard began his career at Alstom in 2006 in the quality department. At the same time, he carried out several operations in his own name, where he himself carried out all renovations before renting:
In 2020, he conventionally breaks his contract with Alstom to devote himself to real estate following a real estate training course.
As the company has just been created (October 2020), no financial statements are available.