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Splau II

PROJECT SUMMARY


  • Purpose: the loan will finance the associated costs for the development of the construction of 8 dwellings, 7 parking spaces and 8 box rooms.
  • Type of opportunity: loan.
  • Type: fixed rate.
  • Scoring: AA (more information here)
  • Nominal annual interest rate: 8%.
  • Opportunity profitability: 10.67%.
  • Maturity: 16 months.
  • Type of capital repayment: at maturity.
  • Interest payment: quarterly.
  • Loan To Value (LTV): 36,75%.
  • 4-bedroom properties in high demand in the area as there is no supply of this type of property.
  • Land in Property.
  • Excellent location.
  • Extensive developer experience. Which, among other projects, has financed the Rubí andRubí II projects in Housers, with no incidents to date.
  • In the time that has elapsed since the first phase of the project was financed, the developer has paid the costs of the basic project (architect and quantity surveyor) as well as the project management fee to the company in charge and an initial provision for operating expenses to the construction company that will carry out the project.

PROJECT

We introduce you Splau, a new Development Loan opportunity that consists of financing the associated costs for the construction of  8 homes, 7 parking spaces and 8 box rooms in Cornellá, Spain.

The total built area of the development is 1.281.287,49 m2 and is distributed as follows:

Building 1: 

  • Ground floor: 1 dwelling with 3 bedrooms, 2 bathrooms, living-dining room, kitchen and large garden.
  • First floor: 1 flat with 4 bedrooms, 2 bathrooms, living-dining room, kitchen and terrace. 
  • Second floor: 1 flat with 4 bedrooms, 2 bathrooms, living-dining room, kitchen and terrace.
  • Third floor: 1 flat with 4 bedrooms, 2 bathrooms, living-dining room, kitchen and terrace.
  • Fourth floor and bellow deck: 2 dwellings:
  • 1 dwelling with 1 bedroom, 1 bathroom, living-dining room, kitchen and terrace.
  • 1 duplex flat with 3 bedrooms, 3 bathrooms, living-dining room, kitchen and large terrace.

Building 2: 

  • Ground floor and first floor: 1 duplex flat with 3 bedrooms, 2 bathrooms, living-dining room, kitchen and large garden.
  • Second floor and ground floor: 1 duplex flat with 3 bedrooms, 2 bathrooms, living-dining room, kitchen and large terrace.

The parking spaces and storage rooms are located in the basement. The development is located in a very good neighbourhood, next to the popular Splau shopping centre and the R.C.D. Espanyol football stadium, with multiple sports facilities, schools, supermarkets of various companies, shops and restaurants of all kinds and it is also a 2-minute walk from the Metro station with direct connection to Barcelona.

This loan of €250,000 corresponds to the second tranche of a project of €1,000,000 (4 tranches are foreseen in total).


DESCRIPTION OF THE MORTGAGE COLLATERAL

The property to be taken as mortgage guarantee is the property at Paseo Ferrocarrils Catalans, Nº 40, Floor 0, in the municipality of Cornellà de Llobregat, Barcelona.

According to the valuation certificate issued by KRATA Sociedad de Tasación on 02/06/2021, the current mortgage value / appraisal of the property described, amounts to the sum of 1.360.400.25 Euros (one million three hundred sixty thousand four hundred euros and twenty-five cents) a valuation of the finished property of 2,847,256.18 (two million eight hundred forty-seven thousand two hundred fifty-six euros and eighteen cents)

Therefore, the appraisal of the mortgaged property on the loan is 272% (Mortgage value € 1,360,400.25 / Loan amount € 500,000).


GUARANTEE AGENT

The chosen Collateral Agent is Bondholders, a 25+-year-old professional firm providing independent corporate trust and loan agency services. Bondholders are not affiliated with any financial services group. They currently meet the requirements of several international jurisdictions including Spain, Portugal, Italy, England or New York.

They have extensive experience in financial sectors (Bankia, Santander, Deutsche Bank, ...) and in various sectors (FC Barcelona, El Corte Inglés, Vista Alegre, TAP Portugal, Telefónica...).


DEVELOPER

The company behind the GRUPO URBIGLOBAL project is PROMOCIÓN FERROCARRILS 2020 S.L., a group of professionals with a long history in real estate development and construction of non-residential and residential buildings. The promoter group has a share capital at 31/12/2020 of 3.000€ and equity at 30/09/2020 of 2.861,15€.

The promoter group of this project has already financed Rubíand Rubí II, in addition to the first phase of this project, to date without incident.

PROJECT MONITORING

The monitoring company PROYECTOS CIGA will carry out the monitoring of this project, having permanent control of the destination of the capital provided by the investors and delivering this capital to the developer according to an agreed schedule after delivery of justification of compliance with certifications. To this end, the developer and the monitoring company will open a escrow account where the funds financed by the investors will be transferred in such a way that each provision to the developer must be justified to the monitoring company and therefore the full amount of the loan will not be delivered to the developer at once.


AREA

The project is located in Cornellá, a municipality in the province of Barcelona.

Highlights of the location:

  • Cornellá is one of the best connected towns in Barcelona thanks to its strategic location close to the main routes into the capital and major infrastructures such as the airport and the port of Barcelona.
  • The city is home to numerous logistics companies linked to the new economy, such as the World Trade Center, Alameda Park and CityParc business parks. Large, modern facilities have been created, such as Parc Esportiu Llobregat, the Citilaby and the new Cornellá stadium.
  • In the neighbourhood of La Riera, where the development is located, there are many sports facilities, tennis club, paddle tennis, football, athletics, Rugby, among others. There are also green areas with public gardens.


PROJECT FEE

Housers will not charge any fee to the investor for this opportunity. The developer will be charged a fee that is determined based on a % of the funds raised for the project, provided that the project is successfully closed, i.e., that the funding target published on the platform is reached. In case it is not successfully closed, Housers will not charge this fee. Once the campaign is finished and as a previous step to the delivery of the money to the developer, this commission is deducted from it in favour of Housers. It does not affect the final profitability obtained by the investors, since the developer is the one who assumes its cost. In this opportunity, Housers' commission is 7.5% + VAT being the commission financed within the opportunity.


WARNINGS

Housers is neither a credit institution nor an investment services company. It is not a member of any investment guarantee fund or deposit guarantee fund. Therefore, the invested capital is not covered by these funds.

Housers is neither a credit institution nor an investment services company nor does it provide financial advice, so nothing on this website should be interpreted as such. The information on this page is for general information purposes only and does not constitute specific advice.

The participatory financing projects published on the website are not subject to authorization or supervision by the Comisión Nacional del Mercado de Valores (CNMV), the Bank of Spain or any other regulator, national or foreign. The information provided by the developer has not been reviewed by the CNMV and does not constitute a prospectus approved by the CNMV.

The developer of the project is responsible to investors for the information it has provided to the crowdfunding platform for publication within the project on the website. According to article 68.2 of Law 5/2015 for the Promotion of business financing, "The maximum amount of fundraising per participatory financing project through each of the participatory financing platforms may not exceed 2,000. 000 euros, being possible the realization of successive rounds of financing that do not exceed the aforementioned amount in annual calculation. When the projects are directed exclusively to accredited investors, the previous maximum amount may reach 5,000,000 euros.

Both the financing objective and the maximum term to invest in this opportunity may be extended by an additional 25% to the initially planned term, following Law 5/2015, of 27 April, on the promotion of business financing (see here). Likewise, Housers will be able to close the financing of this opportunity/project when it has been 90% financed.  These possibilities that the legislation offers to the platform will be used when the typology and characteristics of the project make it advisable so that the execution deadlines are not prejudiced. You can find more information here.


RISKS

Investment in this project involves the risk of total or partial loss of the invested capital, the risk of not obtaining the expected cash return and the risk of illiquidity to recover the investment.

The invested capital is not guaranteed by the investment guarantee fund or the deposit guarantee fund.

Investing in real estate must be done as part of a diversified portfolio. Investing in Housers is intended for people with sufficient knowledge to understand the risks of investing in start-ups.

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Location


Floorplan


Barcelona | 1 building
ES
Phase:
Project Funded
Financed capital:
250,000 €
Financing goal:
250,000 €
Investors:
270
Term:
16 months
Type:
Development loan
LTV:
36.75 %
Annual yield:
8.00 %
Total yield:
10.67 %
Status:
Without incidence
Visible only to investors in the opportunity.