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Macro Location Analysis
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Purpose of the loan
The operation is being led by Eric Teisseire, who has ten years of experience in the restoration of old buildings, which he commercialises through tax incentives.
The project is located in the centre of Béziers at 77 avenue Gambetta, in the immediate vicinity of the train station and the Paul Riquet walkways.
The operator is commercialising the 17 housings under the Denormandie tax scheme and under the VIR (sale of buildings for renovation) scheme. To date, it has pre-commercialised 59% of the program.
The reiteration of the deed of acquisition of the land is scheduled for 11/06/2021, the signing of the deeds of sale and the start of the work is planned for July 2021.
The restoration of the building is being carried out by the general contractor SRI, belonging to the same group, and should be completed in December 2022.
Raizers is involved in financing the land and the acquisition costs and will be guaranteed by :
* Eric Teisseire's personal guarantee
* A security trust on the shares of the SARL Le jardin des Poètes granted by the SAS
A security trust consists of temporarily transferring the ownership of the shares of the SARL in this operation to a third party, the trustee, who will ensure the management in accordance with the missions defined for the benefit of Raizers in order to guarantee the bond loan.
The program is a building, located in a protected sector, comprising 3 floors and 17 flats, from studio to T4 duplex, located in front of the train station and along the Poets' Garden. The facade and flats have been fully restored and will offer excellent amenities. Eligible for the Denormandie law or furnished rental, the Jardin des Poètes is suitable for both investors and primary residences.
Of the 10 pre-commercialised units, 6 have already received their loan offers or agreement in principle from their bank.
The complete renovation of the building will be carried out: roofing, facade, joinery, kitchen, bathrooms, electricity, plumbing, floor and wall coverings....
The structural work will be carried out by the operator SRI. The finishing work will be carried out by subcontractors. The cost of the renovation is expected to be 1070 € excl. tax/m².
The operation is being commercialised by Forsis, at a cost of 7%, as a Sale of Building to Renovate (VIR) in order to benefit from the De Normandie tax scheme: introduced by the 2019 finance law, it allows taxpayers to obtain a tax reduction when they make a rental investment in old buildings.
Currently, 59% of the lots are marketed, corresponding to 47% of sales.
The reservation contract also provides for nine payment tranches:
* A first instalment of 50% payable at the time of signing the deed, corresponding to the existing land
* The following eight instalments payable according to the following schedule, corresponding to the works portion:
The operator's selling price per m² is higher than the market price: however, these are old properties (the housing stock in Béziers is very old) compared to the properties being sold, which will be fully renovated, with good amenities and which will benefit from a tax reduction scheme. The average price for two new developments currently available in the town is €3346/m².
The sales prices are also validated by the program's 59% take-up rate.
References of similar properties for sale
The permit was extended and then transferred, and all appeals have been exhausted. The permit had been obtained by another operator who did not wish to carry out the operation.
The transaction is being carried out by SARL Le jardin des poètes, with a capital of 100 euros, registered in the Carcassonne trade and companies register under number 890 754 021, on 19/11/2020.
The SARL Le jardin des Poètes, which is carrying the transaction, is 100% owned by its parent company, SAS Financière Teisseire Holding, which will carry the bond issue.
The bond will be issued by SAS Financière Teisseire Holding at an annual rate of 10% per year for a period of 24 months. The bond will be reimbursed at maturity, the interest is paid annually, but guaranteed for a minimum period of 6 months. The operator may, if it wishes, repay the loan in three tranches of €200,000.
In order to provide additional guarantees, the repayment of the bond is secured by :
* Security trust on the shares of the SARL granted by the SAS
* Personal guarantee of Éric Teisseire
All the documents associated with this fundraising are available in the "documentation" tab.
The operator has commercialised the units for €1,017,500. The financing requirement is therefore covered by the turnover achieved on the reserved units.
Eric Teisseire, 45 years old, started his career in the textile industry in 1998, he created and managed several companies for more than 10 years. In 2009, he decided to stop his activity and joined the family insurance and mortgage brokerage firm until 2011.
In 2009, he developed Anthracite, a real estate company, and then SRI, a company specialising in the restoration of old buildings. He has carried out several programs and sold them under various tax exemption schemes (De Normandie law, Pinel ancien, Malraux law, Monuments historiques, etc.).
He has several asset-based SCIs, with which he has invested in Carcassonne and Narbonne for an estimated value of nearly 1.4 million euros.
Focus on the elements of the company carrying out the operation, SARL Le Jardin des Poètes
The company was established in November 2020 and does not yet have closed accounts.
Focus on the elements of the company carrying the bond, SAS Financière Teisseire