Project update

Update from the originator:

After having failed to fulfill the commitment to repay the loan in full and the accrued interest within the stipulated period, the promoter has anticipated its intention to transfer the funds owed (including the default interest that has been generated) on the 13th of April. Consequently, the originator expects to be able to pay the funds to investors the week after Easter, after making the relevant tax withholdings.

Update from the originator:

The promoter is paying now 400.000€, which is 57% of the current debt (principal + interests), and will pay the remaining, including penalty interests, most probably by April 11th.

The originator will be transferring these initial funds by the end of this week.

The originator has been in close contact with them, and the originator feels assured by their explanation and the originator is not particularly concerned by the possibility of an unpayment.

Update from the originator:

October update has been added to the documents section.

Update from the originator:

July report has been added to the documents section.

A new document has been added to the documents section.

Update from the developer:

Regarding the state of construction of the development, at this time the developer has already started the works of the project, and the developer is already executing the earthworks, together with part of the foundation of the first of the 3 blocks. The execution period will be determined by the regulations of the Sant Josep de Sa Talaia City Council that, although it does not allow constructions in the summer period, last summer, as an exceptional measure, it did allow the works continued during that period. In this sense, the developer estimate that, if the developer can continue working during the summer period, the developer could have the work completed in its entirety in the next 24 months.

The execution of the work is divided into three phases or batches and is studied in detail, with the developer's architects and technicians so that once the promotion has started, the execution is carried out in methodically applying the most modern construction systems. It is the originator's goal to run the project in accordance with BREEAM standards, demonstrating their commitment to sustainability and the environment. Regarding the commercial aspect, the developer is currently having many visits on our website future clients very interested in the promotion, and many of them are waiting to be able to travel to the island from their countries of origin and to be able to know first-hand the property, visit it and be able to make a decision about it. The developer is very optimistic in this regard, and the developer is sure of the success of our promotion, for the quality, design and views of it, and for the limited supply of Similar new construction projects on the island of Ibiza. In fact, since the issuance of debt to date the developer already had a reservation of a home and we are negotiating with two new clients signing two more reservations.