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Macro Location Analysis
Loan To value
Purpose of the loan
EvoEstate Risk rating is of an informative nature only & can not be considered investment advice.
The operation is located in Lieu-dit San Giuseppu on the heights of Propriano, in the Gulf of Valinco in Corsica. Propriano is a seaside resort halfway between Ajaccio and Bonifacio benefiting from a privileged setting with numerous water sports activities, restaurants and shops.
The operation is led by Yal Invest, of which Mr. Alphonse is the manager, and consists of the acquisition of a plot of land and the construction of a 29-unit residence. The building permit has been obtained and cleared of all claims.
The lots are sold as VEFA and the work is guaranteed by a Financial Completion Guarantee. 16 lots are under reservation contracts representing 55% of the operation's turnover.
The Raizers financing will enable the acquisition of the land and the launch of the works.
Zoom on the program
21 car parks and garages are also for sale for a total amount of €469,700 including tax.
The sale price of approximately €4,600 per m² is at the high end of the market price range, which is justified by the new character of the properties on offer.
Examples of similar programs offering T2 and T3 apartments for an average price of 4,900 €/m² with prices ranging from 4,300 to 5,300 €/m²: see the ad
The transaction is being carried out by SCI Yal Invest (in the process of being transformed into an SCCV), with a capital of €1,000 registered with the Paris Trade and Companies Register under number 852 712 678. It is 70% owned by SAS Laurent & Partners and 30% by Éric Alphonse.
The bond issue will be issued by SAS Laurent & Partners at an annual rate of 11% per annum for a period of 24 months. Interest is paid annually and guaranteed for a minimum period of 6 months.
In order to provide additional guarantees, the repayment of the bond issue is guaranteed by:
* A first-rank mortgage on the unsold lots in favor of Raizers, representing the bondholders' estate.
* Personal guarantee from Mr. Alphonse
* First Demand Guarantee from Yal Invest
The bond contract provides for early redemption if:
* Delivery of the transaction
All the documents associated with this fundraising are available in the "documentation" tab.
*Equity was invested in the set-up of the dossier (commercial, financial, administrative/legal, technical) and in the commercialization of the operation.
** Corresponding to the pre-marketing batches to date.
The cash disbursement of funds is carried out according to the following schedule:
* Reservation: 5%.
* Signature of the deed of sale: 25%.
* Completion of the foundations: 5%
* Completion of the low floor on the ground floor: 20%
* Completion of the top floor: 15%.
* Start partitioning the building: 20%.
* On completion of the works: 5%.
* On delivery of the property: 5%.
The SCI Yal Invest is in the process of being transformed into a SCCV (société civile de construction-vente).
Éric Alphonse, 52 years old, French:
Eric Alphonse is the Chairman of Laurent & Partners which he created in 2015 after more than 20 years of experience in the real estate sector. He began as a project manager before becoming a project manager in architecture firms and then program manager at Kaufmann & Broad and Les Nouveaux Constructeurs.
As SCI YAL Invest has had no activity yet, its accounts will be filed in May 2021.
Focus on the financial elements of Laurent & Partners, carrying the bond issue
Balance sheet Laurent & Partners
Income statement Laurent & Partners