|Criteria||From a+ to d||Project rating|
Macro Location Analysis
EvoEstate Risk rating is of an informative nature only & can not be considered investment advice.
Loan To value
In 2017 RL Inventive bought the first residence in Terneuzen, and in 2018 bought 6 more. Inspired by the model of, and especially the quality delivered by, AirBNB, we wanted to provide a flexible room renting service in the North Sea Port region. All the houses became operational by the end of 2019. RL Inventive does this under the brand name Work Like Home.
Work Like Home offers rooms for young professionals, with all-inclusive, fair pricing. Our pricing includes high-speed internet, gas, electricity and city waste management taxes. The common areas in the houses are cleaned twice a month. Prices for a room range from 450/month for a basic room, up until 700 euro/month for a premium room.
Our clientèle is mainly service desk workers in the chemical industry (eg Dow Chemical), and highly specialised maintenance personnel, e.g. safety auditors or welders. For our customers renting at Work Like Home is a no brainer, you just arrive, unpack your bags and dig into your room. So they can focus on their foreign job foremost.
The formula has proven to be very successful, in this 3 years time we serviced over 176 individuals, with a 30+ EBITDA. On average a residence runs a 2000+ EURO gross revenue per month.
Originally RL Inventive was (and still is), an IT Management company. The majority of the capital was provided by the founders of RL Inventive as a zero-interest loan to the company, accompanied by some small loans by ING Belgium (non collateralized)
As we have grown fast, and now the operations are well known and the 'lessons are learned', we are looking to restructure the debt in the company. First of all, IT Services will be split of in a new company, and we are searching for a bullet loan that will help repay some of the ING loans, as well as a part of the loan by the founders themselves.
RL Inventive BV has an C (near B) rating from Creditsafe, indicating a moderate to low risk. The loan is secured with two first ranking mortgages on two of the residences (Residence Margriet and Residence Merwede), which will provide ample coverage for the investor risk and results in a Loan to Value (LTV) of 68.9%. The risk factor of this loan is classed as B.
|Covid crisis learned that hosting customers ‘cross borders’ is difficult.||Medium||Diversify the portfolio in time with Belgian / Ghent area residences|
|Legislation changes from Dutch government or local municipalities regarding foreign workers or Individual room rental.||Low||Should the local municipality or government ban the possibility to rent out individual rooms in a residence, Work Like Home would switch to renting out the entire house to contracting companies. We have done so in the past with good experience.|
Registration number 000014855027
Address sportstraat 1 9971 Lembeke Belgium
Contact RL Inventive BVBA
Message from fundraiser
RL Inventive was originally founder by Reinhart De Lille and Lien De Zutter as an IT Management company. As we like to research new experiences and business opportunities, we started renting out rooms in our house in Belgium over AirBNB in 2016.
Soon we learned that the majority of our customers were actually looking for mid or long term renting opportunities (<2 years) in the Terneuzen Area. So we did some research and found out that there was a huge shortage of affordable, clean and high quality rooms in Terneuzen.
Hence we started a process of very rapidly buying houses in Terneuzen, renovating and organizing them as 4 room co housing facilities.
Work Like Home (RL Inventive) provides co-housing services in the North Sea Port area, with the main base of operations in Terneuzen (NL).
Our target customers are specialized, international professionals looking for an affordable, short or mid-term accommodation
As a foreigner, it can be quite an endeavour to find your way around a new city. Finding a good place to stay is often one of the most stressful factors, as apartment and house pricing is high, you need to set up for electricity, gas and Internet, etc ...
The baseline of our business is Work Like Home. While you are working abroad, we want you to feel as comfy as possible, just like you would in your hometown. We want to offer you a place where you can come home, after a long day of work, and relax.