Project update

Update from the originator: 

The promoter of the  Nerja project | Proyecto Huertos 70, of which you are an investor/lender, has communicated the delay in the cancellation of the debt, initially scheduled for September 25.

As reported by the promoter, the promotion is already completely finished and sold, but it has not been possible to carry out the deed of the houses due to the delay in the report of the water supply company (Aguas de Narxia), necessary to Obtain the Certificate of Completion of Work. 

All buyers are waiting to be able to sign as soon as possible.

Under these circumstances, It is important to highlight that the loan is not at risk, as the Business Plan of the promotion has been fulfilled, and this small delay will allow improving the profitability of the investment, thanks to the application of the default interest that enters into effect from the expiration date.

The final date of cancellation of the loan is difficult to specify, as it depends on an external body, but the promoter trusts that it will not be extended beyond a few weeks.

Update from the originator:

A new document has been added to the document section.

Update from the developer:

The developer informs you that once the financing of € 800,000 was completed, on March 25, the appropriate documents were formalized before a notary public. On the other hand, the developer informs you of the current situation of the housing development and the next steps to take:

1. COMMERCIAL - Contracts have been renewed with all customers who initially purchased a home in this promotion, remembering a new delivery date according to the calendar planned, and a new form of payment to finance the works, was done successfully with 100% of the customers.

2. WORK LICENSE / WORK START-UP AND SCHEDULE FORECAST - It must be reported that the work license obtained is fully valid upon completion of the terms "PERIOD FOR EXECUTION OF THE WORK: ONE YEAR FOR STARTING AND THREE FOR COMPLETION (Art. 22.1 RDUA)" The supplies of work have been managed to be able to restart the work, which will be available in a few days, and the developer plans to restart the work in the week of April 5-10. The forecast for the execution of the work is estimated in just 12 months.

3.DATE OF FORMALIZATION OF THE LOAN AND BEGINNING OF INTEREST EARNINGS - On March 23, 2021, the loan was formalized, and therefore the accrual of interest. As the developer pointed out previously, dated March 25, proceeded to the cancellation of the mortgage on the site and it is estimated that the registration of the registration cancellation of the mortgage can be formalized in the week from 12 to April 16, 2021. As soon as it is registered the developer will provide a simple note.