Project update

Update from the originator: 

- The general services of the works were completed. The originator is currently finalizing the final deed for the final act of construction.

Sales: - The number of contracts formalized is 9 out of a total of 11 homes; the marketing process for the remaining homes continues.

The marketing process for the remaining homes continues.

Update from the originator: 

The Promoter ZEDANT Arturo Soria, SL notified the originator that the works on the properties that are the subject of this opportunity are practically finished. That the work has suffered a significant delay due to the shortage of materials and the cost of acquiring them during the year 2022 and that they had to negotiate costs again with the construction company and the work was slowed down for a few months, but that now only The final certificate of work is missing and the administrative procedures can begin.

Based on the above, it will not be able to deliver the homes within the initially planned period and it has been forced to modify the final schedule for the delivery of the 9 homes sold, so consequently it will not be able to return the capital lent in the initially scheduled deadline, next 01/31/2024

They therefore request a new deferral of payment until 05/31/2024.

During this entire new loan extension period, it will accrue 11.5% interest, being settled quarterly as has been happening to date, so based on the last accrued quarter the next interest payment will be on 03/13/2024.

If they formalized before that date they would cancel before that expiration.

Update from the originator: 

Works:
- The degree of work progress stands at 95.69% of the services executed.
Sales:
- The number of contracts formalized is 9 out of a total of 11 homes; the marketing process continues for the remaining homes.
The marketing process continues for the remaining homes.

Update from the originator: 

The borrower inford the originator that the works on the properties that are the subject of this opportunity are in the construction phase. That the work has suffered a significant delay due to the shortage of materials and the cost of acquiring them during the year 2022 and that costs had to be negotiated again with the construction company and the work was slowed down for a few months.

Based on the above, it will not be able to deliver the homes within the initially planned period and it has been forced to modify the final schedule of the work again, expecting that it will be completed and for sale at the end of 2023, so consequently will not be able to return the borrowed capital within the initially planned period, next September 13, 2023.

Mention that the work is 90% complete and that of the 11 planned units, deposits have already been formalized for 9 of the units.

They therefore request a new deferral of payment until 01/31/2024.

During this entire new loan extension period, it will accrue 11.5% interest, being settled quarterly as has been the case to date.

If they formalized before that date they would cancel before that expiration.

Update from the originator:

After a decision was taken the originator will want to inform you that the maturity date is modified until 13.09.2023 as agreed upon between both parties.

A new document containing pictures of the progress has been added.