Projects list

Confrides street 19, Campello municipality, Alicante city, Spain ( Stage 1 )

Amount of funding 110 000 €

LTV 46%

Annual interest rate 11.00% - 13.00%

Total expected project return 11.00% - 12.99%

Loan period

12 mo.

Risk

C (higher)

Purpose of the loan

Loan for acquisition

Collateral Real estate pledge

Country

Spain

Investors 153

Raised:
110 000 € Goal:
110 000 €

100.00%

Project updates

Infromation update

2024-10-03

We understand your tension and anxiety. But we are silent not because we have forgotten or ignored you, but because the processes we have had to engage in are long and demanding and require effort and patience. At the moment, we rarely update information because we ourselves are waiting for news or changes in circumstances. Unfortunately, there are phases that cannot be accelerated and we have to be patient. Forgive the long silences, but we will update you as soon as we do. Best regards, Nordstreet team.

Information update

2024-09-11

Please be informed that, following the completion of all formalities with the registers, the application to start the foreclosure process was submitted this week. The application has been submitted to the notary office that will carry out this process. Foreclosure through a notary's office is a slightly non-standardised procedure for the recovery of pledged assets, which is normally carried out through a judicial process. This recovery route was recommended by lawyers in Spain and has been agreed with the notary in advance, and we are currently awaiting the notary's action, which will be communicated in separate communications. A detailed action plan with provisional deadlines should be available shortly. Best regards, Nordstreet team.

Information update

2024-09-11

Information update

2024-06-18

Please be informed that the deficiencies identified by the court in relation to the Mortgage Data have been corrected.The process is currently underway to prepare for the compulsory foreclosure process by auction. Our partners anticipate that the auction should start within 3-4 months. We have been in contact with the borrower, who is requesting a new payment schedule for a year, and we are trying to agree on the most favourable way to resolve the situation. Best regards, Nordstreet team.

Information update

2024-01-23

Please be informed that following an application to the court, you have been instructed to update the mortgage details in the public registers. The lawyers are working with the notary who registered the mortgage on this matter. The deficiency should be corrected shortly. Best regards, Nordstreet team.

Information update

2023-10-03

We would like to inform you that the lawyers of partners EOS Group in Spain have announced that they are ready to apply to the court for forced debt collection. The application will be submitted in the near future. The borrower himself informs that he has a mortgaged buyer and will finish coordinating the final terms of the sales contract in the near future. We are instructing the lawyers to start the legal process and await progress updates. Best regards, Nordstreet team.

Information update

2023-06-07

Please be informed that in the context of projects in Spain, we have received complaints from several borrowers about the excessive compensatory interest rate provided for in the loan agreement, which is not in line with Spanish legislation. To address these complaints and to establish the objective truth, we turned to our legal and recovery partners. We have received clarification from a law firm in Spain that a rate of 0.4% per day of delayed payment is significantly too high and is considered unfair, and cannot be applied, let alone recovered. According to case law and their interpretations, the interest rate should not exceed 0.025% per overdue day if the borrower or the lender of the collateral is a natural person and 0.05% if the borrower and lender of the collateral is a legal person. The 0.05% compensatory interest rate has been applied in this project in line with the above interpretation and in order to avoid the potential additional costs of challenging this contractual clause in court. We regret any inconvenience this change may cause. Please be informed that Nordstreet's administrative fee calculated on the recovered compensatory interest will not be applied in this project. This change to the contract is implemented in accordance with Clause 13.6 of the General Conditions of the Loan Agreement The legal reportprepared by the law firm is available in the "documents" section of the project. Best regards, Nordstreet team.

Period paid

2023-05-10

The debtor has paid interest for the period 2023-05-05.

The loan has been submitted for recovery

2023-05-05

The agreement was terminated. Initiation of forced execution through the bailiff.

Information update

2023-04-21

Hello, we would like to inform you that this loan agreement is being terminated. Unfortunately, but very much to inform you that the refinancing transaction has been terminated, therefore the borrower has been notified of the termination of this loan agreement within 14 days if the overdue amount is not paid. The refinancing agreement was terminated because the borrower does not have the funds to pay the fees for concluding the agreement. The borrower promises to receive funds for partial payments in the near future, so it is likely that a settlement agreement will be concluded with him. We are currently preparing the document to hand over to our partners in Spain, where foreclosure will begin. Best regards, Nordstreet team.

Possible loan repay delay

2023-04-15

The debtor has informed of a possible delay in repaying the loan.

Loan payment

2023-04-12

Loan refinancing funds have been collected. The signing of the mortgage and other documents is coordinated. The loan will be repaid in the near future.

Loan delay

2023-02-24

Stage 1 and 2 funds are refinanced on the Nordstreet platform. When the funds are collected, the entire invested amount will be returned, together with accrued interest and late fees.

Notification of breach of payment obligation

2023-01-29

A reminder of breach of payment was sent to the Debtor

Notification of breach of payment obligation

2023-01-23

A reminder of breach of payment was sent to the Debtor

Possible period delay

2022-12-22

The debtor has informed you of the possible delay in interest payment.

Reminder about the upcoming deadline

2022-12-22

Debtor sent a reminder about the upcoming deadline for payment

Period paid

2022-09-26

The debtor has paid interest for the period 2022-09-26.

Reminder about the upcoming deadline

2022-09-26

Debtor sent a reminder about the upcoming deadline for payment

Period paid

2022-06-27

The debtor has paid interest for the period 2022-06-26. Payment delay days: 1.

Notification of breach of payment obligation

2022-06-27

A reminder of breach of payment was sent to the Debtor

Reminder about the upcoming deadline

2022-06-26

Debtor sent a reminder about the upcoming deadline for payment

Period paid

2022-03-23

The debtor has paid interest for the period 2022-03-26.

Business loan terms

About the loan

Purpose of the loan Real estate development

Amount of funding 110 000 €

LTV 46 %

Risk C (higher)

Payment of interest Once per quarter

Loan repayment At the end of the loan period

Loan period 12 mo.

Minimum loan period 6 mo.

Collateral

Real estate pledge

Mortgage rank First order mortgage

Real estate company has an option to buy a very good house in El Campello, in a very good area of coves, between the city of Alicante and Benidorm. The owners earned the asset by heritage and are keen to sell below the market value. It is in need of renovation but owners don't want to do it, they are too old and don't want to spend money.

The option on the house is to sell it for 320.000 euros. The house is appraised at 478,000 euros . The renovation it needs is just over 18,000 euros. The real estate company pays for the renovation. In addition they will use additional +100,000 euros in cash for complete purchase and other expenses. The requested loan amount is EUR 220,000, which can be divided into 2 stages (but not more than 50% of the LTV indicator). Real estate agents are confident that it could very easily sell for more than 450,000 euros. With renderings of the reform, and putting it on the market from now on, the plan to sell the property in 3 or 4 months, making a profit of 100,000 euros.

Investment from 100.00 €.

Interest

Annual interest rate

Investing from 100.00 € - fixed interest 11 %
Investing from 1 000.00 € - fixed interest 11.25 %
Investing from 3 000.00 € - fixed interest 11.5 %
Investing from 9 000.00 € - fixed interest 11.75 %
Investing from 15 000.00 € - fixed interest 12 %
Investing from 20 000.00 € - fixed interest 12.5 %
Investing from 25 000.00 € - fixed interest 13 %

The Interest on the Loan Amount shall be calculated from and including the date of disbursement of the Loan Amount to the Debtor's Account or to such other account (or accounts) as notified by the Debtor to the Operator in writing prior to the disbursement of the Loan Amount.

Loan term and repayment

Loan period 12 mo.

Minimum loan period 6 mo.

Loan repayment At the end of the loan period

Estimated start date of the loan:* 2021-12-26

Estimated loan repayment date:* 2022-12-22

If the Debtor repays the Loan earlier than after the specified minimum loan period, it undertakes to pay interest to the Lender for the entire specified minimum period.

* The loan is planned to be repaid by the end of the project term from the expected growing income of the company, increasing profits, sale of assets or refinancing of the loan.

Procedure for disputes between parties to a financing transaction

The investor has the right to withdraw their investment within 96 hours from the submission of the money lending proposal on the platform

Debtor

Company title Sierra Verde SL

Company code ESB42529859

Company registration address

Company website www.sierraverde.co.uk

Sierra Verde SL is young real estate development company operating in Spain, precisely in the areas of Alicante, Altea, Denia.

Mostly focused in development of luxury villas in rural or coast areas with high potential of growth. They are also active in flipping operation buying undervalued assets in strategic areas, refurbishing and offering back to the market to still very attracting prices

Loan protection collateral

CRU 03056000149147

CADASTRAL REFERENCE 3819018YH3631N0001UD

PROVEN USEFUL (m2) 233,64

AREA ADOPTED . (m2) 281,87

The property under valuation is located in one of the most touristic areas of the city, with the presence of many buildings and sites that are key to attracting tourists.

Strengths and risks

Strengths:

The first order of real estate pledge - mortgage.
The project is near the end.

Weaknesses:

In 2020, due to the quarantine introduced caused by Covid - 19, the company had a loss.

Possibilities:

The annual interest rate payable by the borrower is 11.00-13.00%.

Threats:

A young company.

Documents

#	File name	File type	Actions
1	Tasación - Confrides 19 - Ulises Ruiz.pdf
2	7522 23_Legal_report.pdf

Important

Nordstreet takes the following measures to ensure a safer investment:

The loan to value ratio of the project will not exceed the LTV ratio provided in the project description, including in cases when the project will be financed in stages.
If the required amount of funding is not collected before the start of the project, all investments will be returned to the investors. Upon application by the Debtor, the financing may be considered to have been successfully completed with a smaller amount collected, the financing of the project may be divided into several stages and / or the financing period of the project may be extended. In these cases, Nordstreet informs the funders and publishes the information on the completion of the project with a smaller amount, the division of the project funding into several stages or the extension of the project funding period on its website together with other information about the project.
By investing in a project, financiers acquire rights of recourse (claim rights). Nordstreet may provide the financiers with the possibility to transfer these claim rights to other users of the platform on the Secondary Market in accordance with the User Terms.
The activities of UAB Nordstreet are supervised by the Bank of Lithuania and UAB Nordstreet is included on the Public List of Operators of Crowdfunding Financing Platforms administered by the Bank of Lithuania.

About the loan

Purpose of the loan Real estate development

Amount of funding 110 000 €

LTV 46 %

Risk C (higher)

Payment of interest Once per quarter

Loan repayment At the end of the loan period

Loan period 12 mo.

Minimum loan period 6 mo.

Collateral

Real estate pledge

Mortgage rank First order mortgage

Investment from 100.00 €.

Interest

Annual interest rate

Investing from 100.00 € - fixed interest 11 %
Investing from 1 000.00 € - fixed interest 11.25 %
Investing from 3 000.00 € - fixed interest 11.5 %
Investing from 9 000.00 € - fixed interest 11.75 %
Investing from 15 000.00 € - fixed interest 12 %
Investing from 20 000.00 € - fixed interest 12.5 %
Investing from 25 000.00 € - fixed interest 13 %

Loan term and repayment

Loan period 12 mo.

Minimum loan period 6 mo.

Loan repayment At the end of the loan period

Estimated start date of the loan:* 2021-12-26

Estimated loan repayment date:* 2022-12-22

If the Debtor repays the Loan earlier than after the specified minimum loan period, it undertakes to pay interest to the Lender for the entire specified minimum period.

* The loan is planned to be repaid by the end of the project term from the expected growing income of the company, increasing profits, sale of assets or refinancing of the loan.

Procedure for disputes between parties to a financing transaction

The investor has the right to withdraw their investment within 96 hours from the submission of the money lending proposal on the platform

Project updates

Infromation update

2024-10-03

Information update

2024-09-11

Information update

2024-09-11

Information update

2024-06-18

Information update

2024-01-23

Information update

2023-10-03

Information update

2023-06-07

Period paid

2023-05-10

The debtor has paid interest for the period 2023-05-05.

The loan has been submitted for recovery

2023-05-05

The agreement was terminated. Initiation of forced execution through the bailiff.

Information update

2023-04-21

Possible loan repay delay

2023-04-15

The debtor has informed of a possible delay in repaying the loan.

Loan payment

2023-04-12

Loan refinancing funds have been collected. The signing of the mortgage and other documents is coordinated. The loan will be repaid in the near future.

Loan delay

2023-02-24

Stage 1 and 2 funds are refinanced on the Nordstreet platform. When the funds are collected, the entire invested amount will be returned, together with accrued interest and late fees.

Notification of breach of payment obligation

2023-01-29

A reminder of breach of payment was sent to the Debtor

Notification of breach of payment obligation

2023-01-23

A reminder of breach of payment was sent to the Debtor

Possible period delay

2022-12-22

The debtor has informed you of the possible delay in interest payment.

Reminder about the upcoming deadline

2022-12-22

Debtor sent a reminder about the upcoming deadline for payment

Period paid

2022-09-26

The debtor has paid interest for the period 2022-09-26.

Reminder about the upcoming deadline

2022-09-26

Debtor sent a reminder about the upcoming deadline for payment

Period paid

2022-06-27

The debtor has paid interest for the period 2022-06-26. Payment delay days: 1.

Notification of breach of payment obligation

2022-06-27

A reminder of breach of payment was sent to the Debtor

Reminder about the upcoming deadline

2022-06-26

Debtor sent a reminder about the upcoming deadline for payment

Period paid

2022-03-23

The debtor has paid interest for the period 2022-03-26.

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Confrides street 19, Campello municipality, Alicante city, Spain ( Stage 1 )

About the loan

Investment from 100.00 €.

Interest

Annual interest rate

Loan term and repayment

Strengths:

Weaknesses:

Possibilities:

Threats:

Nordstreet takes the following measures to ensure a safer investment:

About the loan

Investment from 100.00 €.

Interest

Annual interest rate

Loan term and repayment

Loan protection collateral

Debtor

Strengths and risks

Strengths:

Weaknesses:

Possibilities:

Threats:

Documents

Nordstreet takes the following measures to ensure a safer investment:

Project updates

Secondary market

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Confrides street 19, Campello municipality, Alicante city, Spain ( Stage 1 )

Please register or sign in to access this information.

About the loan

Investment from 100.00 €.

Interest

Annual interest rate

Loan term and repayment

Strengths:

Weaknesses:

Possibilities:

Threats:

Nordstreet takes the following measures to ensure a safer investment:

Please register or sign in to access this information.

About the loan

Investment from 100.00 €.

Interest

Annual interest rate

Loan term and repayment

Loan protection collateral

Debtor

Strengths and risks

Strengths:

Weaknesses:

Possibilities:

Threats:

Documents

Nordstreet takes the following measures to ensure a safer investment:

Project updates

Secondary market

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Lubānas g. 133A, Riga, Latvia (3 stage)

Business loan #00340

Business loan #00328

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