Sassari 15, Cesenatico, Italy (II)
Development of 5 residential units in Cesenatico, few steps from the sea.
- Start of investment period18.06.2020
- Start time28.05.2020 07:00
- Asset classResidential
- Investment typeDevelopment
- Investment end date25.05.2021
- Remaining termOverdue 90+ days
- Expected rate of return10.5% p.a.
- Expected cash yield%
- No of investors258
- Goal€130 000
Sassari 15, Cesenatico project involves the renovation of a residential villa through the creation of 5 exclusive apartments, located a few steps from the sea of Cesenatico in the heart of the Italian Romagna coast.
The project sponsor company, Home00 Srl, purchased the building in January 2020 and immediately began the renovation works. The total size of the development is approximately 430 sqm. The property is located in a residential area of Cesenatico, 500 meters only from the sea and the bathing establishments.
To date, the Sponsor has already started the renovation of the building and plans to complete the apartments by December 2020, so that he can take advantage of the summer season to make sales of the properties.
An apartment, the smallest one, has already been booked and will be purchased for 210,000 Eur once the renovation work is completed.
The Sponsor seeks through Crowdestate the second tranche of capital necessary to finance the renovation works. The total cost of the project is approximately 1,060,000 Eur and the Sponsor contributes an equity share of 400,000 Eur. The rest of the funds are financed by the crowdfunding loan for another 400,000 Eur (divided into several tranches of fundraising) and by a bank loan already disbursed for 250,000 Eur.
The expected return for investors is 10.5% on an annual basis and the loan repayment date is expected within 12 months, then by June 2021. Future tranches of funding will take place on the basis of the work progress. The Sponsor has the possibility to repay the loan in advance, in the event that the sales of the apartments proceed faster than planned.
The loan is guaranteed by a pledge on 50% of the shares of the Sponsor company, as well as a personal guarantee from the owner of the company for 400,000 Eur.