Project update

Update from the originator: 

Previously, this loan was extended until 01-12-2023 following a request for an extension from the developer. However, the borrower has now indicated that they can still repay a significant portion of the loan before 01-06-2023.

Currently, the outstanding loan amount, excluding interest and other costs, is €267,800.00, and the developer will be able to repay approximately €250,209.01.
The interest on the remaining outstanding amount after 01-06-2023 will remain at 12% per annum.

For the repayment of the first portion, the entire mortgage security will be released, and a personal guarantee will remain for the remaining amount, which will be signed by the Borrower.

Update from the originator: 

This loan is currently scheduled to be repaid on 01-06-2023, but the originator has received a request from the borrower to extend the loan by 6 months until 01-12-2023 . The reason for this is that the development of the project has been delayed.

In addition to extending the loan by 6 months, the project developer will increase the interest rate to 12% per year. All other conditions remain the same.

Update from the originator:

Previously, you received an email about a request from the developer to extend the loan. The results are in and a majority of the investors pro rato have agreed to the new terms. The loan is extended by 6 months until 01-06-2023. 

In addition to extending the loan by 6 months, the project developer will increase the interest to 10% per year. All other conditions remain the same.

Update from the originator:

We would kindly like to inform you about a few changes regarding the terms and conditions of the loan:

• Borrower, “Avanti Housing CIC”, provides a loan to its directors in private so that the intended property is purchased as presented and is converted in accordance with the purpose as stipulated in the loan agreement.
• As an added security, an initial mortgage is privately offered to the Security Trustee by the owners since it favours investors. The initial mortgage is therefore not provided by the company, as is currently stated.
• Under English law, the mortgage cannot exceed the principal sum of the loan (€ 267,800) plus all additional interest, penalties and costs owed by the borrower. It, therefore, remains the same in relation to the principal sum of the loan.
• The private security deposit of €125,000 is unchanged and remains applicable.

Update from the originator:

The originator has received the note from admin: since planning approval is expected to take another 3 months, we have lowered the minimum loan amount to € 250,000 which will cover the purchase of the property. All other loan terms remain as-is.