Cresor doubles its Fuenlabrada target and raises 1,600,000 € in one day for the 44 homes of Móstoles 19, 21 and 23
– ⏱ 2 min · By Realty Investor Editorial Team
The extension takes the amount lent to the project to 4,450,000 € and the loan against the initial appraisal rises from 44 % to 53.2 %
This article is for informational purposes only and does not, under any circumstances, constitute investment advice or a recommendation.
One day. That is how long Cresor took to raise 1,600,000 € for the second phase of Móstoles 19, 21 and 23, the 44-home development on calle Móstoles in Fuenlabrada (Madrid), at a pace of 1,111 € per minute. 333 investors took part, with an average ticket of 4,805 €.
The published target was 800,000 €, extendable: the extension has doubled it. The behaviour is also almost identical to the first phase of the same development, which in March raised 1,850,000 € in one day at 1,285 € per minute, with 321 investors and a 5,763 € ticket.
The developer is Villa Galera Promociones Inmobiliarias, of Grupo Natura. The project is 44 homes, four commercial units, 38 storage rooms and 64 parking spaces, with the permit granted. Works certified as at 25 September stood at 21.83 %, with the structure begun, and 33 of the 44 homes are under sale contracts worth 9,446,700 €.
The operation is a loan: investors lend the money to the developer through the platform, which repays it with interest within the agreed term, here seventeen months at a nominal rate of 10.50 % per year, with quarterly interest and principal at maturity. It can be repaid without penalty from month twelve. The security is the extension of a first-ranking mortgage, with maximum liability of 130 %, plus the joint and several guarantee of Odiseum Ventures and Avertum Gestión Inmobiliaria.
The extension changes the ratios the sheet published. With both phases, the amount lent to the project rises to 4,450,000 € of the 6,500,000 € envisaged for all of them, and the loan against the 8,370,160 € appraisal of the initial state goes from the 44 % declared to 53.2 %; against the completed value it stands at 24.1 %. The relative weight of the developer's 2,543,853 € falls from 46.4 % to 36.4 %.
One figure remains unpublished: the sheet split the 800,000 € between 441,759.71 € to return equity to the developer and 358,240.29 € to the works, without the destination of the additional 800,000 € having been disclosed.
Investing in real-estate crowdfunding carries the risk of losing part or all of the capital: the money is locked up until maturity, returns are not guaranteed and there is no deposit guarantee fund cover. The speed of a fundraising says nothing about how the operation will end. Non-sophisticated investors have four calendar days to withdraw their investment offer without penalty.
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