Funded
  • Deadline
    13.12.2019
  • Start of investment period
    20.12.2019
  • Start time
    06.12.2019 08:00
  • Asset class
    Residential
  • Investment type
    Development
  • Investment end date
    15.12.2021
  • Remaining term
    52 days
  • Expected rate of return
    11.47% p.a.
  • Expected cash yield
    %
  • No of investors
    523
  • Goal
    €200 000

Executive summary

Armanna Superiore, Imperia, Italy project involves the construction of 7 villas, in Imperia, located near the coast and the city center, with a panoramic view of the sea.

The total area on which the project is developed is approximately 5,000 sqm, of which 570 sqm are residential buildings, which will be divided into 7 exclusive terraced villas.

The building is located in the town of Imperia, the main town on the western Ligurian coast, and the project differs from other buildings in the area due to the high quality of construction standards, together with a privileged sea view.

The Sponsor, Edil Sorbara Srl, started the construction in March 2019 and estimates to complete it by December 2020.

To date, construction works are completed at 20% and the sales phase just began in November 2019.

Through Crowdestate, the Sponsor is looking to raise the capital necessary to finance part of the construction works. The total cost of the project is around 1 240 000 EUR and the Sponsor contributes with the equity stake of 400 000 EUR. The remaining funds are financed by a bank loan of 250 000 EUR (already disbursed) and by the crowdfunding loan for 500 000 EUR (divided into separate fundraising tranches).

Investors expected return (IRR) is 11.47% on an annual basis and the repayment date for the loan is expected for March 2021. Additional fundraising tranches will be launched based on the progress of construction work, starting from January 2020.

The Sponsor has the option of repaying the loan in advance, and not proceeding with the future fund-raising tranches, should the sales of the villas proceed faster than planned.

The investment duration is expected to be up to 15 months.

The Sponsor has committed to quarterly interest payments.

The loan is secured by a commercial pledge on company shares in addition to a personal guarantee of the owner for a value of 200 000 EUR.

Crowdestate

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