We present Mallorca IV, the fourth phase of a fixed-rate mortgage-backed project to finance the costs associated with the real estate development and construction of a building of 10 high-rise flats and 15 parking spaces in Palma de Mallorca, Islas Baleares (España).
The total built area of the development is 1.441,80 m2 and the development is distributed in:
Basement:
Ground floor:
First floor:
Second floor:
The building permit has been granted by the municipality council of Palma de Mallorca (date of granting in June 2020), and the change of ownership in the name of the project developer has already been accepted (date of change on 4 November 2022).
This loan of 200.000€ corresponds to the fourth tranche of a project of 1.640.000€ (5 tranches are foreseen).
The property to be taken as mortgage collateral is the property on the corner of Calle Sureda and Calle Regal, Palma de Palma de Mallorca, Islas Baleares (España)
Investors entering this new tranche of the project will novated to the mortgage guarantee already granted by the developer to investors in the previous tranches, consolidating as a single first mortgage guarantee for all investors in the different tranches.
According to the valuation certificate issued by Gloval Valuation on 16/06/2023, the current mortgage/valuation value of the described property amounts to € 1.799.762,86
Therefore, the value of the mortgaged property constitutes security of 145.14% (Mortgage value € 1.799.762,86 / Loan amount € 1,240,000). The LTV (Loan to Value) of the project is 68.89% (loan amount € 1,240,000 / current appraised value € 1.799.762,86 ).
The estimated value of the property in a completed scenario according to the comparison method is € 3.439.597,56 .
The GUARANTEE AGENT for this project will be an independent company appointed by Housers from a group of GUARANTEE AGENTS selected for their experience, capacity and seriousness. The Guarantee Agent finally appointed for this project will be communicated to the investors of the project in the timeline once the delivery of the guarantee has been signed by the developer.
The developer of the project is the SUREDA GROUP, formed by the association of the companies SUREDA RESIDENCIAL S.L. (parent company) and WIGAN TRADE S.L. (subsidiary), with the subsidiary belonging entirely to the parent company.
Grupo Sureda is a group of professionals with numerous projects carried out in the Mediterranean area. The promoter group has a share capital on 31/12/2021 of 200.000€ and equity of 588.426,79€.
This is the fourth tranche from the first project of the developer in Housers. The developer may apply in the future for other loans through the platform to obtain financing for the realization of other projects, within the legal limits and provided that their financial situation allows it. The company's future leverage may therefore be higher.
Both in the opportunity loan report and in the IFIFC document (only for Portuguese investors), Sureda Residencial S.L. is listed as the developer for technical reasons of the platform. However, in both documents, the joint venture between Sureda Residencial S.L. and Wigan Trade S.L. should be considered as the developer of the opportunity, as both companies have signed the loan agreement.
The monitoring company PROYECTOS CIGA will carry out the monitoring of this project, having permanent control of the destination of the capital contributed 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 an 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.
The project is located in the city of Palma de Mallorca, Islas Baleares (España).
Note about the location:
Housers will not charge any commission to the investor for this opportunity. Housers will charge the promoter a fee that will be determined based on a % of the funds raised by the promoter for the project, provided that the project is successfully funded. In case the project is not successfully funded, Housers will not charge this fee to the promoter. Once the project is financed and as a previous step to the delivery of the money to the promoter according to the disposition schedules, this commission will be deducted from the amount of the loan to be transferred to the promoter in favour of Housers, not affecting the final profitability obtained by the investors since it is the promoter who assumes its cost. In this opportunity Housers' commission is 6,5% + VAT being the commission financed within the opportunity.
Housers follows the law 5/2015 and is authorised by the CNMV as a Participatory Financing Platform registered under number 20.
Housers is not a credit institution or 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 supply 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 authorisation or supervision by the Comisión Nacional del Mercado de Valores or the Bank of Spain or any other national or foreign regulator. 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. The information shown has been prepared by Housers based on available information provided by the developer. Neither Housers nor its collaborating companies or suppliers accept responsibility or liability concerning the accuracy or sufficiency of the information referred to in the project. The statements or declarations with future projections refer exclusively to the date on which they were expressed, they do not form any guarantee of future results.
Both the financing aim and the maximum term to invest in this opportunity may be extended by an added 25% to the initially planned term, following Law 5/2015, of 27 April, on the promotion of business financing. 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.
Before investing in this project, the investor must know the risks of his investment: Housers recommends carefully reading the Basic Information for the Investor.
In compliance with art. 61 of Law 5/2015 on the Promotion of Entrepreneurial Financing, Housers proceeds to inform the investor of the risks that he/she will run by investing in this project:
• Risk of total or partial loss of the invested capital: the main risk associated with any type of investment is the total or partial loss of the money invested, as well as the probability that the return obtained, will be lower than expected or estimated. In general, the higher the return on an investment, the higher the risk.
• Risk of not obtaining the expected financial return: there is no such thing as a safe investment. There is always a risk of losing everything invested or of not obtaining the expected financial return. Investments are based on future expectations that may not necessarily be realized, so the expected financial return on the investment may never occur or may occur differently than expected.
• Operational risk: failures or problems in systems, people or operational flows can have a significant impact on the investment. In any activity in any market, there is always an operational risk.
• Inflation risk: the possibility of rising inflation may cause the return on investment to decline due to the inevitable loss in the value of money in such circumstances.
• Risk of Lack of liquidity: investing in this project may mean that the investor may not be able to dispose of the money invested when needed, having to pay attention to the estimated timeframe for the liquidity of the investment and obtaining the corresponding return.
• Risk of not being able to influence the management of the developer: investors, as borrowers, like any other person outside a commercial company, have no right to influence the management of the developer or its assets unless this is provided for in the investment contract, and the investment contract may influence the developer's management of the developer.
• Fraud risk: as in any other economic operation, there is a risk of fraud due to improper use of the money obtained for the project. To minimize this risk, the drawdowns of the loan amount that are delivered to the developer will be made using a company external to Housers that will check the progress of the project, making the drawdowns to the developer according to a calendar of drawdowns and after administratively verifying the fulfilment of each earlier milestone of the calendar. The amounts of the loan not drawn down by the developer while waiting to reach the next milestone of the drawdown calendar will always be in the Housers Account of the developer in the payment entity used by the platform ("Lemonway") until the developer requests the drawdown, which will be authorized by the monitoring company if the developer meets the requirements established by the monitoring company.
The invested capital is not guaranteed by the investment guarantee fund or the deposit guarantee fund.
Investment in real estate should be conducted as a diversification strategy of a larger portfolio, and investment in projects published on the Housers platform is not recommended for people who do not have sufficient knowledge to understand the risks of investing in projects published by the crowdfunding platform.
