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Loan To value
The operation is located at 256, Avenue du Prado in the city center of Marseille. The Prado beach can be reached in about 10 minutes by bus and the Old Port of Marseille by metro (30 minutes).
It is carried by SARL Calareau, a limited liability company wholly owned by Mr. Yoann Benhamou, who has carried out numerous property trading operations in Marseille.
This is a property dealer operation on a flat acquired by the operator in July 2020. The flat on the first floor of a major co-ownership building has been divided into three flats. Two lots have already been sold as-is without any work at the end of 2020. For the last lot, the operator is carrying out work, which has already begun, in order to sell a fully renovated flat.
The Raizers loan will allow to finance these works and to release part of the equity that the operator has already invested.
Cut of the original flat into three units
Visual of the unit for sale
Detail of the units
Two units were sold in the same condition without any works, explaining the difference in price/m².
An estimation was made on the remaining unit by the agency Evaltec Immobilier for an amount of 455 000 € on 04/02/2021.
There is no pre-commercialization on the remaining batch, marketing will start once the work is finalized and will be carried out by the operator.
The price/m² of the operation only takes into consideration the flat remaining for sale.
The price/m² of the operation is slightly above the prices observed in the 8th district of Marseille. This is due to the central location of the property as well as the fact that it is completely refurbished and the high standard of the property on offer.
The operation is being carried out by SARL Calareau, with a capital of 5,000 euros, registered with the Marseille Trade and Companies Register under number 798 137 063, on 28/10/2013.
The SARL carrying out the Prado operation is 100% owned by Mr. Benhamou, it is SAS BNH who will carry the bond issue.
In order to comply with the regulatory provisions governing the bond issue, SAS has carried out an asset/liability review.
The bond issue will be issued by SAS BNH at an annual rate of 10% per annum for a period of 18 months. Interest is paid annually but guaranteed for a minimum period of 6 months.
To provide additional guarantees, the repayment of the bond issue is guaranteed by:
*A 2nd rank mortgage in favor of Raizers representing the mass of bondholders (LTV* of 50%)
*Personal guarantee from Mr. Benhamou
* First Demand Guarantee from Calareau SARL which carries out the operation.
The bond contract provides for early redemption if:
* Sale of the remaining unit
All the documents associated with this fundraising are available in the "documentation" tab.
*LTV: Loan To Value, the ratio of the amount of the bond loan to the value of the asset financed.
A bank loan had been taken out for the acquisition of the property for an amount of €475,000. The first two sales enabled the repayment of this bank loan for the amount of €400,000. The bank, therefore, retains a €75,000 mortgage on the last remaining unit for sale.
The LTV of the 2nd rank mortgage in favor of Raizers is 50%.
Yoann Benhamou, 36 years old, French:
After a degree in economics and management in Marseille, Mr. Benhamou worked for 5 years as a supermarket manager before devoting himself to real estate via his property trading company (Calareau) in 2013. He has carried out more than fifteen property sales operations with and without works.
Link of the operator's Instagram with his achievements. It has not been updated since April 2020 as the operator has only carried out property trading operations without refurbishment since then.
The company carrying the bond issue was recently created, hence the absence of accounts to be presented.
Focus on the financial elements of the company carrying out the operation
Balance sheet SARL Calareau
Income statement SARL Calareau
*This is an interim situation, as the accounts at 31/12/2020 are not yet available.
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Invest in Avenue du Prado by BNH Finances,Marseille, France