Next Opening | Cresor prepares 800,000 € for 44 homes in Fuenlabrada, over half of it to return equity
– ⏱ 3 min · By Realty Investor Editorial Team
This article is for informational purposes only and does not, under any circumstances, constitute investment advice or a recommendation.
Cresor is preparing an 800,000 € loan, extendable, to Villa Galera Promociones Inmobiliarias for the second phase of Móstoles 19, 21 and 23: 44 homes, four commercial units and 64 parking spaces in Fuenlabrada (Madrid).
The nominal rate is 10.50 % per year, with quarterly interest and principal at maturity over seventeen months, repayable without penalty from month twelve; minimum 500 €. The 10.93 % annual return is that rate compounded quarterly: it checks out. The 14.58 % total return corresponds to sixteen months, not the seventeen of the term, which would give around 15.5 %. Neither figure is guaranteed, and there is no opening date or rating.
Asset Description, Technical/Planning Progress and Commercial Traction
The plot is 1,472 m² of consolidated urban land. There is an approved project and a permit, which requires the urbanisation of calle Móstoles to be carried out in parallel, a condition for the first occupancy licence, with a line in the tendered budget of 6,457,493 €.
Works progress certified as at 25 September was 21.83 %: foundations almost finished and structural work begun; in March it was coming out of demolition. 33 of the 44 homes are under contract, 9,446,700 € against the 12,716,500 € of expected sales, up from 29 in March. None of the four commercial units is sold for cash: three go to the landowner and the fourth to the Town Council.
Financial Architecture, Coverage Ratios and Real Security
Of the 800,000 €, 441,759.71 € returns equity to the developer and 358,240.29 € goes to the works. Together with phase I the return reaches 1,700,000 € of the 2,543,853 € committed, leaving the net contribution at some 843,853 €. That matches the mortgage charge the group cancelled with its own resources on 6 March.
The information sheet presents phase I as 2,850,000 €, but the March campaign closed at 1,850,000 € with 321 investors, without explaining the remaining million.
The 44 % LTV for both phases divides 3,650,000 € by the 8,370,160 € appraisal of the initial state, excluding works progress: 43.6 %, correct. Against the completed value of 18,434,308 € it falls to 19.8 %. But the plan envisages financing 6,500,000 €: with every phase drawn, those figures would be 77.7 % and 35.3 %, and that completed value sits 45 % above expected sales. Nor do the accounts add up: equity and planned financing total 9,043,853 € against 10,887,308 € of costs, with the sheet not saying what covers the difference.
The security is the extension of the first-ranking mortgage, with a maximum liability of 130 %, the joint and several guarantee of Odiseum Ventures and Avertum Gestión Inmobiliaria, and a security agent. The three guarantees of 3,983,026.21 € that also appear secure the land swap towards the landowner, not the investor. The developer is a special-purpose company from 2004, unaudited, and its only track record on Cresor is phase I. The success fee is not published here: in phase I it was 2.8 %, plus 1 % for the payment gateway.
Investing in real-estate crowdfunding carries the risk of illiquidity and of partial or total loss of the principal; the project is not supervised by the CNMV or the Bank of Spain and has no cover from the deposit guarantee fund or the investor compensation scheme. Non-sophisticated investors have four calendar days to withdraw their offer without penalty.
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