Av Fernão Magalhães, Miramar (XII) Portugal
Secured construction loan for luxury real estate individual house
- Start of investment period23.03.2023
- Start time15.03.2023 08:00
- Asset classResidential
- Investment typeDevelopment
- Investment end date23.12.2023
- Remaining term8 months
- Expected rate of return14% p.a.
- Expected cash yield%
- No of investors57
- Goal€52 900
With this investment opportunity, Crowdestate investors have the opportunity of investing in a real estate secured mortgage construction loan in the amount of 52,900 Euros.
In previous tranches, a total of 215,000 Euros was raised, but the collateral used was a different property. 205,100 Euros have been raised until now using this same collateral.
For this financing opportunity, the Project owner is offering the first-rank mortgage over the land plot and the existing construction. This project's mortgage will also secure all the next tranches.
The purpose of the loan is to provide capital for the continuation of the construction of Avenida Fernão Magalhães, Miramar, Arcozelo, Vila Nova de Gaia, Portugal.
This project has 2 Luxury Villas (Villa A and B), which are extremely well-located a few meters from the beach. Villa B is already pre-sold, and Villa A is still available.
According to the attached appraisal, the estimated market value of the collateral, as is, is 431,000 euros. Therefore, considering the previous tranche raised 205,100 euros and this tranche of 52,900 euros, we reach an LTV of 60%.
The interest rate of the loan is 14% per annum. Interest is ayable on a quarterly basis.
The loan period is 9 months, and the Project owner has an opportunity to extend it by a maximum of 3 months with the obligation to increase the interest rate by 2% for the extension period.
Loan principal will be paid at the end of the loan period.
The withholding tax rate for all projects based in Portugal is 10% for all investors.