|Criteria||From a+ to d||Project rating|
Macro Location Analysis
EvoEstate Risk rating is of an informative nature only & can not be considered investment advice.
Loan To value
Purpose of the loan
After the two previous successful fundraises, the borrower Cube Investment is looking for financing for the purchase and renovation a complete mansion consisting of 5 apartments, located 200 meters from Antwerp's central station. The property can be purchased significantly below its current market value. The apartments are currently rented out and the property is in need of maintenance.
The plan is to completely renovate the property, giving up one of the current apartments to serve as storage space for the other apartments. Financing of € 975,000 is sought for the purchase and complete renovation of the property with a minimum of € 750,000 to cover the purchase and minimum work required.
The aim is to split the property and then to be rented out or sold separately. The required permit has yet to be applied for, but all eligibility requirements have been met. The permit is not required to carry out the renovation or to rent out the apartments. The term of the loan is more than sufficient for the application for the permit. At the end of the term, the apartments are either sold or the property refinanced to pay off the loan.
The term for this loan is 20 months. The interest will be 8%, paid monthly. A first ranking mortgage will be established on behalf of investors to secure the loan and an additional business guarantee on the loan of €100,000 will be put up by both founding companies Caluro B.V. and Ipando Holding B.V.
Plantin en Moretuslei 79 Antwerpen 2018 Belgium
Interest per annum
Loan To Value (LTV)
Total Loan Cover (TLC)
|Purchase of property||€625,000.00|
Payment of the loan takes place in phases that correspond to the execution of the work: phase I (€ 625,000), phase II (€ 175,000) and phase III (remaining amount). Phase I will be made available to the notary to establish the first mortgage right and is intended for the purchase of the property, architect and demolition work. After a phase I has been completed, phase II will be made available for repairs & renovations to be carried out. Once these have been completed, phase III will be made available for the stucco work and making the apartments ready for rent/sale. Payment of phases II and III will be made to the fundraiser’s bank account.
No additional terms & conditions apply to this loan.
A first rank mortgage of €1.350,000 including 35% execution costs will be established on behalf of investors to secure the loan. If a lower amount is successfully raised at or above the minimum of € 750,000, the amount of the first rank mortgage is adjusted pro-rata. Both personal holdings behind Cube Investment offer additional securities in the form of a business guarantee on the loan of €100,000 each. These business guarantees are partly material.
Cube Investment has a C rating and both personal holdings have a B rating from Creditsafe, indicating a fairly low risk. This loan has been assigned a score of C on the basis of the risk analysis.
The financial position of Cube Investment and the holdings are considered healthy and are considered sufficient to be able to meet the financial obligations from this loan. Combined with an experienced team and track record in real estate. The risk that the loan will default, is considered below.
Below mortgage will be established on behalf of investors to secure this loan.
|TYPE OF PROPERTY||MORTGAGE RANK||AMOUNT||LC|
|TYPE OF SECURITY||QUALIFICATION||MODE||AMOUNT||SECURITY GRANTOR|
|Business Guarantee||Partly material||Constant||€100,000.00||Caluro B.V.|
|Business Guarantee||Partly material||Constant||€100,000.00||Ipando Holding B.V.|
|Required permit for the cadastral division to be obtained||Medium||All pre-conditions required are met. Sufficient duration is foreseen to obtain the license. Not blocking renovation and renting out of the apartments|
|Unforeseen costs from renovation||Medium||An inventory of required works and costs has been drawn up in consultation with the implementing contractor. In the event that unforeseen costs still arise, the lender will bear them.|
|Refinance delayed/denied||Low||Cube Investments has strong existing relationships with refinancing partners, which they have already used to refinance over 20 properties to date.|
|Not all studios rented out according to plan||Low||In view of the location and local demand, this risk is considered small. Cube Investment has sufficient income from the existing portfolio to be able to meet the financial obligations, regardless of whether the apartments are rented out.|
Ibrahim Moustafapad 24 1034WD AMSTERDAM Netherlands
Cube Investment BV
Message from fundraiser
Cube Investment B.V. was founded in 2019 by Caluro B.V. and Ipando Holding B.V. With Cube Investment we aim to provide great housing for students and young professionals. We buy properties in urban areas that need a little bit of love and attention. We turn these into high-class, furnished studios and student rooms. The people behind Cube are highly experienced in the real estate industry:
Esther Dekker: Esther is the managing director of Max Rentals. She has worked in the world of real estate for over 10 years and now boasts an abundance of experience in the Dutch property market. She is highly qualified to provide professional advice on many real estate issues, having earned a postgraduate title in social sciences (specializing in real estate). Esther hosts a real estate podcast with thousands of listeners and provides training on investing in real estate.
Edwin de Pijper: Edwin has been an independent entrepreneur for almost 30 years. Since 2005, he has been focusing on the real estate industry, starting a franchise in the property rental sector and subsequently growing his empire. Edwin is the managing director of Max Rentals, a field in which he has held expertise for more than 18 years. Edwin has also involved in the purchase of real estate assets on behalf of Max Property Group and other investors.
Olivier Karg: Olivier has a strong background in growth hacking training/coaching trajectories for Start-Ups and Scale-Ups and has joined Cube as co-founder and managing director to build a current investment portfolio in the Rotterdam Area.