Project update

Update from the originator:

As currently stated in the payment schedule, the originator will be exiting:

• stages 6 and 7 at the end of September, or the beginning of October;

Please, kindly note, that the interests for this project accrue until it is fully repaid, so any delays are compensated.

Update from the originator:

The apartments in the Xirivella building are ready as of now. The issue at the moment is the car elevator (the access to parking is with an elevator) and the elevator model used in the project is not produced anymore, and the new model has to be approved by the local architect and engineer. But at present, the local government does not have an engineer who can do this. Unfortunately, the originator cannot finalize the sale without this approval.

The originator would like to make the repayment as soon as possible. In fact, it is in the originator's best interest to repay as soon as possible, since interest accrues until the project is repaid.

The Spanish team is in discussions with banks about refinancing the remaining part of the project, which could be the fastest solution. The current value of the apartments compared to the remaining stages is lower than 40% LTV. So the financial part is in very good shape.

At the moment it is difficult to determine the exact date of repayment, as it depends on various factors, the originator is working on a solution to make repayment as soon as possible.

Update from the originator:

Reinvest24's first Spanish project is moving close to an end. The initial plan was to finalize the exit in January 2022. Due to COVID-19 restrictions, the bureaucratic process was slower than expected, as the local authorities are open now 1 day per week instead of 5. Therefore the first stage will be repaid in the second week of February and the rest of the stages will be repaid one by one until the end of April.

The developer was able to fully develop the inside of the building. Now all the apartments have laminated and tiled floors, as well as new windows and doors. The rooms are equipped with new bathroom and kitchen furniture. To date, all the apartments are ready to welcome new owners. 3 out of 10 apartments are sold, the rest are reserved.