Project update

Update from the originator: 

The originator has undertaken discussions with the debtor company which has expressed its intention to repay the debt by next January 2024 progressively with the sale of real estate.

Therefore, in the face of a partial mortgage restriction on the properties and at the same time as the sale of the same, the debtor company proceeded with the immediate payment of an amount in advance equal to 14.2% of the entire debt including interest.

With the aforementioned payment the following amounts were reimbursed:

Palazzo Europa (PR00000120) :

Installment no. 16, 17, 18, 19, 20 (interest)
Return of 10.83% capital
Palazzo Europa II (PR00000123):

Installment no. 16, 17, 18, 19, 20 (interest)
Return of 10.83% capital
Edilrossi Costruzioni Srl has therefore already formally renewed its commitment to pay the balance of the amount due with the sale of the additional real estate units.

Following today's payment the entire interest sum has been repaid.

Update from the originator: 

With reference to the “ Palazzo Europa ” and “ Palazzo Europa II ” loans , granted to the company Edilrossi Costruzioni Srl , the originator is updating you on the progress of the actions undertaken by them in order to protect the loan.

The originators lawyers, in addition to registering the mortgage (which gave us priority in the collection of the credit), notified the deed of seizure from third parties against the purchasers of the properties; to date, the originator has received declarations from the latter to cover the entire debt.

The hearing for the verification of the declarations of third parties and for the assignment of the sums has been set before the Civil Court of Trani on 02/14/2024 (RGE 417/2023).

Further information will follow on the progress of the action launched aimed at the full recovery of the credit.

Update from the originator: 

with reference to the “ Palazzo Europa ” and “ Palazzo Europa II ” loans, the originator follows up on what was previously communicated, updating on the progress of the actions undertaken by the originator in order to protect your loan.

Since, after 40 days from the notification of the injunction , the aforementioned company has not lodged an objection or fulfilled the request, the latter has become enforceable .

The originators lawyers, in addition to registering the mortgage, served the deed of attachment from third parties against the buyers of the properties. The latter are already declaring their debt.

To date we have received part of the declarations for around 475,000 euros .

With the attachment to third parties, the debtor buyers , upon signing the deed of sale of the properties (currently being completed and close to delivery), will be required to pay the credit claimed.

In addition to the recovery of the credit, the attachment will act as a stimulus towards the debtor for the repayment of the Palazzo Europa and Palazzo Europa II loans.

Update from the originator:

With reference to the “ Palazzo Europa ” and “ Palazzo Europa II ” loans, granted to Edilrossi Costruzioni Srl, the originator follow up on what was previously communicated, updating you on the progress of the actions undertaken by you in order to protect your loan.

On 27.01.2023, an injunction was obtained from the Court of Trani for the recovery of the sums due with the formula of provisional execution.

Obtaining the provisional execution allowed the originator to immediately undertake executive actions for the protection and recovery of the credit.

The originator, therefore, proceeded to register a first-degree judicial mortgage on the properties subject to financing.

This action was necessary in order to ensure that at the time of the future sale of the real estate units (being completed and close to delivery), the company will have to pay the amount due in relation to the loan in order to be able to release the mortgage and finalize the real estate.

Being first-degree creditors, the originator will have the right to fully satisfy the credit on the proceeds from the sale of the asset in preference to other creditors.

The timing will be subject to the delivery of the properties.

Update from the originator:

In light of the result of the vote, the originator has given a mandate to their lawyers to initiate credit protection actions.

Further information on the actions taken will follow.

Update from the originator:

With reference to the “ Palazzo Europa ” and “ Palazzo Europa II ” loans granted to Edilrossi Costruzioni Srl, the originator hereby inform you that the applicant, despite the commitment undertaken on 05/09/2022, which provided for the payment of interest still paid in October, is currently in default.

Therefore, the originator has notified Edilrossi Costruzioni Srl of a warning to fulfill the payment of the overdue installments:

• Loan from Palazzo Europa (PR00000120) 
  
  - Installment no. 15
  - Installment no. 16
  - Installment no. 17
  - Installment no. 18
   
• Loan for Palazzo Europa II (PR00000123)
  
  - Installment no. 15
  - Installment no. 16
  - Installment no. 17
  - Installment no. 18

The originator hereby informs you that the continuation of the default beyond the expiry of the loans (31/12/2022), will result in a new vote on your part in order to act legally against the company.

The originator will take care to update you on any communications received from the company Edilrossi Costruzioni Srl.

Update from the originator:

With reference to the loans " Palazzo Europa " and " Palazzo Europa II " granted to the company Edilrossi Costruzioni Srl, the originator hereby informs you that the applicant has notified the originator in writing that the shares relating to the month of August and September they will be transferred and distributed in October, coinciding with the incoming cash flows.

The company also reiterated in its communication that the deadlines at the end of the year, relating to the payment of the last installments of interest and capital, as agreed, will remain so.

Update from the originator: The originator decided on an extension until 31/12/2022. Investors will continue to receive 9% interest until the finalization of the project.

Update from the originator: With reference to the “ Europa Palace ” and “ Europa Palace II ” loans granted to the company Edilrossi Costruzioni Srl, the originator hereby informs you that the applicant has informally informed the originator that it is impossible to comply with the repayment deadlines. Given that the deeds of sale of the real estate units involved in the financed complex (therefore also the collection of the balances aimed at repaying the loans) have suffered a postponement linked to the slowdown of the works due to unforeseeable events on which the company has expressed its intention to report on the merits. In the meantime, while waiting to receive an update from the company on the timing of the postponement to be proposed to users, the originator has in any case notified the company of a warning to fulfill the payment of the amount due. More information will follow.