Quinta da Igreja Ribeirão, Vila Nova de Famalicão

The Sponsor aims to raise 100 000 Euros of secured loan, to be used to construct a building with 11 apartments located in Rua da Igreja, Ribeirão, Vila Nova de Famalicão, Portugal. This project was 100% sold in pre-sales. This property has a 700 000 Euros 1st rank mortgage registered to a bank. 

The loan will be secured by a 2^nd-rank mortgage on another property located in the center of Albufeira, a well-known holiday resort in the Algarve, south of Portugal. This property given as collateral was evaluated in EUR 730,000 and it has a first rank mortgage registered to a bank with 420 000 Euros. If we take into consideration the bank 1st rank mortgage of EUR 420,000, we may add up Crowdestate's loan and reach an aggregated LTV of 72%. If we deduct the 1st rank mortgage value, the remaining un-encumbered free value would be EUR 310,00, therefore the LTV for Crowdestate's loan specifically would be 32%.

The interest rate of the loan is 12% per annum.

Interests’ payments are made quarterly.

The loan period is 12 months.

The source of loan repayment is the sale register of real estate, to be executed at the end of the construction.