Travessa da Igreja, Aveleda, Vila do Conde
1st rank mortgage, 100% pre-sold, monthly interest payment
- Deadline20.02.2023
- Start of investment period01.01.1970
- Start time24.01.2023 13:40
- Asset classResidential
- Investment typeDevelopment
- Investment end date22.11.2023
- Remaining term9 months
- Expected rate of return13% p.a.
- Expected cash yield%
- No of investors188
- Goal€252 500
Executive summary
The goal for this opportunity is to finance the acquisition of a project approved to develop 6 individual family houses on land with 4 021 sqm to be divided into 6 plots, situated at Travessa da Igreja, Aveleda, Vila do Conde, Portugal.
Crowdestate investors can invest in a mortgaged secured loan in a total amount of 252 500 Euros, arranged in a single tranche.
The source of reimbursement will be the sale of the plots with the turnkey construction contract.
All of the plots are under a pre-sale agreement. The houses are expected to be delivered until July 2024.
The investment tenure for this loan is up to 9 months. The interest rate is 13% p.a., and it will be paid monthly.
The Sponsor has the option to extend the loan period by 3 months with the obligation to increase the interest rate by 2% for the extended period.
The interest amounts to be paid monthly will be deducted from the raised value and held in an escrow account during the 9 months.
The principal payment will be made at the end of the loan period.
The loan will be secured with a 1st rank mortgage on the land and future buildings. The land has been evaluated for 402 000 Euros, as per the attached appraisal.
The LTV for this opportunity is 67% because we are considering the market value of the collateral, the purchase price of 380 000 Euros.
The withholding tax rate for all projects based in Portugal is 10% for all investors.