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    PRoyecto Vabaduse 16, 78901 Kohila (II)

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    PRoyecto Vabaduse 16, 78901 Kohila (II)

    Mensaje por Admin el Lun Abr 02, 2018 7:25 pm





    Bueno este proyecto ya me gusta mas que el anterior de https://crowdestate.eu/, aunque en el análisis que hace la plataforma ya advierten del riesgo y que no hay garantías colaterales como hipoteca.

    Por ello le dan un nivel de riesgo de aproximadamente 7.5 sobre 10.

    Aun asi me gusta, es un buen plazo 7 meses o menos,  e indican que el 55% de los apartamentos están con arras notariales , un par mas apalabrados y solo falta un 25% del proyecto en obras por finalizar.

    Enviare un par de cientos a ver que tal para ir probando.

    ya os contare.

    Saludos.

    Executive summary
    This investment opportunity allows investors to funds the construction of a small apartment building with 11 apartments and 2 business premises in Kohila parish, Vabaduse 16, Kohila, Estonia by the developer Starelement OÜ.

    This is the 2nd Crowdestate funding round of the development project launched in the summer of 2017.

    The Sponsor of the project, Starelement OÜ and its sole owner, Mr Jaanus Jässi (hereinafter: Sponsor) is looking to crowdfund EUR 170,000  for financing construction costs, planning to use less than the originally estimated amount of senior bank loans.

    The Sponsor has issued 100% share pledge in favor of Crowdestate Collateral Agent OÜ for the loan period.

    This investment opportunity offers investors a set fixed interest rate of 14% p.a. for a loan term of up to 7 months. In case the sales speed exceeds expectations, The Sponsor intends to repay the raised capital as fast as possible.

    The development stage of the project is currently at 75%, and notarized purchase agreements are concluded for 55% of the available units. Additionally, reservation agreements have been signed for two apartments and there are negotiations underway to sell commercial premises.

    Project
    This development project features the construction of a small apartment building to the Vabaduse str. 16 plot located in the center of Kohila town. The Sponsor, Starelement OÜ is also the main contractor of the development. The Sponsor has a successful history both as the main contractor and subcontractor of residential and commercial developments.

    Details of the development
    Cadastral number: 31701:001:1018

    Plot size: 1246 m2

    Gross area: 515 m2

    Closed net area: 1007,3 m2

    Net sellable area: 868 m2

    Estimated sales price: 1,359 EUR/m2

    Start of construction: July 2017

    End of construction: June 2018

    The project has been previously funded by Crowdstate's investors with a sum of EUR 150 000, used as subordinated capital in addition to the equity and senior loan. The current funding round is EUR 170 000, intended to use for financing construction costs in the final stage of the development and which enables to use less bank loan. The loan principal and interest payments will be refunded by sales of constructed apartments and business premises and is scheduled on 31.10.2018. The development stage of the project is currently 75%, and notarized purchase agreements are concluded for 55% of the units. In addition, reservations have been made for two apartments and negotiations are underway to sell commercial premises.

    Location
    Kohila parish
    As of June 2017, 7055 residents live in Kohila parish (+1.6% compared to 2016, +2.3% compared to 2015), our of which 3186 live in Kohila town. Most notable employers in Kohila are KP Factory OU (Kohila paper factory, owned by a Dutch company Atlanta Office Products B.V) and Kohila Vineer OÜ (Latvijas Finieris group, focuses on the production of plywood products). Bong Estonia OÜ, is also located in Kohila, producing around 600 million envelopes per year. The total budget of Kohila parish is 8.6 million euros, which has increased by 4.9% compared to the budget of 2016. Costs in the budget are estimated to be around 8 million euros, and investments are expected to increase to 3.6 million euros, resulting in the net debt of the parish to be 4.3 million euros. Most notable investments planned are the extension of Kohila High School and the renovation of the health center.

    As for the geographical location, Kohila is comparable to the other larger parishes within Harjumaa, With a good connection to Tallinn - both bus and train will take about 40 minutes to reach Tallinn. That is about the same time as it will take to reach Tallinn from Keila, Kehra, and the transit time is less than from Rapla, Rakvere or Haapsalu.

    Building and its location
    This development is located in Kohila, next to the main street with access to the building from Vabaduse street. The building has a good location, which is confirmed by the already sold amount of apartments during the pre-sales period. Public transportation is accessible in the vicinity of the building (bus and train stops), and shops, school and kindergarten are all quite close. Most of the local employers are also just a few minutes away by car.



    The building is a 3-storey stone building located in the center of Kohila, with 11 apartments and 2 commercial grounds. Parking for cars will be available in the semi-basement floor (same level as the first floor), the apartments on the first floor will feature terraces and 2-3rd floors will have balconies. According to the detailed plan, the building will have 4 two-room, 6 three-room, and 1 four-room apartment, with net areas of 47.5-81.3 m2. The 2 commercial grounds will be on the 2nd level. Architecturally the building will blend in with the existing houses, with the interior and exterior being modern.

    Market
    New development of residential buildings with a valid financial plan has been concentrated around Tallinn (Harju county), to a smaller extent in cities such as Tartu and Pärnu. The underlying business model is fairly simple - construction prices are the same in the capital as well as in the rural areas, therefore the sales prices (measured in net sellable sq.m) need to at least cover for the construction price (measured in gross building area) and the cost of the land plot. For the purpose of comparison, current project financial mathematics supports the business case, sales prices exceed the construction price and provide for a small development profit for the Sponsor. Real estate market transaction statistics for Rapla county reveals that the median price for apartments stood at 655 EUR/m2, which is 43% more compared to 2016. Large price volatility is explained by very low transactional activity (There were a total of 95 transactions in Rapla county in 2016, 44 of them in Kohila, 4 deals per month on average; in 2017, the transaction volume YTD is 54, out of which 24 in Kohila, with the highest transaction price being 1 077 EUR/m2). It is important to note that none of the transactions included new developments.

    At the same time, average salaries at Rapla county (929 Euros per month in 2016 according to the Estonian Board of Statistics) are comparable to average salaries in Pärnu, Viljandi and Tartu, while being around 19% lower than the country average.

    According to real estate classifieds portal KV.ee, around 20 for sale ads can be found in Kohila parish, renovated apartments are offered for 470-1 100 EUR per sellable sq.m. The market can be described as with low liquidity, no competitive, new developments available; yet due to the strength of local purchasing power and existing, regional employers, the development project at Vabaduse 16 is well aligned with potential demand for newly developed apartments. For comparison, new developments in similar locations are sold at 1 600 EUR per sq.m in Keila, 1 500 Euros in Loo, Jõelähtme, 1 600 Euros in Kiili and Rae parish.

    Location

    Sponsor
    The main field of business of the Sponsor, Starelement OÜ, is the construction of the residential and commercial property. The company was founded in 2013, but the owner and the CEO of the company, Mr. Jaanus Jässi, has a long track record in field of construction.

    Starelement OU-s annual development volume is up to 6 small buildings, half of which are constructed built-to-suit, the other being built on speculative purposes.

    Previous developments









    SWOT
    Strengths
    55% of apartments under construction are covered by notarized purchase agreements;
    The development stage of the project is currently 75%;
    The project is on pre-planned schedule;
    The Sponsor of the project is also the main contractor, ensuring smooth co-operation between planning and construction activities;
    Sponsor has pledged its shares in favor of Crowdestate investors.
    Weaknesses
    Sales prices of the development project are twice the prices of apartments on the secondary market in the region, therefore the buyers need to take into account smaller liquidity in the aftermarket, and possibly, also higher own financing requirements at purchase with bank loan;
    The total profitability of the project is low, referring to lower-than-average sales prices.
    Threats
    Sale of apartments may, upon the market situation (low demand), require discounts, which could have a negative effect on the profit potential of the project;
    Overall development of the property market is difficult to estimate.
    Opportunities
    Small project volume and uniqueness may accelerate the sales process, hence improving the profitability and Crowdestate investors are credited sooner.
    Crowdestate rating
    N/A
    A1
    A2
    A3
    A4
    A5
    B1
    B2
    B3
    B4
    B5
    C1
    C2
    C3
    C4
    C5
    Category Assesment Points
    Capital senior to Crowdestate 1-49% 2
    Capital equal or junior to Crowdestate 40+% 1
    Location Tertiary 4
    Cash flow Vacant 5
    Development phase Ground-up 5
    Team track record 3 - 5 years 3
    Personal guarantee No 0
    Mortgage No 0
    Total: B5 20
    The above-mentioned rating expresses Crowdestate’s subjective view on each investment opportunity’s total risk level. Crowdestate Rating does not account for specific investor’s risk tolerance and is not meant to serve as replacement for individual due diligence. Crowdestate Rating has no relations to ratings issued by international rating agencies nor to their rating methodologies.

    Crowdestate Rating is an expression of investment opportunity’s aggregated risk level, calculated as a sum of qualitative and quantitative evaluations of opportunitiy’s different parameters. Amongst other criteria, Crowdestate Rating considers investment opportunity’s capital structure, financial leverage, location, stage, cash flows, teams’s track record, collaterals etc.

    Repayment Schedule
    Date Principal Interest Total Scheduled
    2018-10-31 170 000.00€ 13 486.67€ 183 486.67€
    Total: 183 486.67€
    Finances
    Funding process
    Within this investment opportunity, Crowdestate investors are financing a residential development located at Vabaduse 16, Kohila. Crowdestate investors are granting loans to the project Sponsor, Starelement OÜ.

    The Sponsor looks to partially replace originally planned senior bank loan with EUR 170,000 crowdfunded capital to finance construction costs.

    The Sponsor has issued 100% share pledge in favor of Crowdestate Collateral Agent OÜ for the loan period.

    This 7-month investment opportunity offers its investors a 14% p.a. interest rate. The loan principal and interest payment are scheduled for payment on 31.10.2018. In case the sales speed exceeds estimations,  the Sponsor intends to repay the loan as fast as possible.

    Please review the attached financial estimates before submitting your investment order!

    Regular information
    Over the course of the development project, Crowdestate provides quarterly reviews on the process of the development project, information about meeting the set deadlines and milestones.

    Project cost
    Estimated total project cost (including VAT): EUR 1 066 170

    Capital structure
    Developer’s equity: EUR 100 000

    Crowdestate's equity: EUR 150 000 (I, funded in 2017) +  EUR 170 000 (II)

    Senior loan: EUR 413 000

    Bookings and VAT returns: EUR 224 000

    Expected total profit of the project before distributions: EUR 88 000 (base scenario), average sales prices 1 359 Euros per sellable sq.m.

    Summary
    Investment period: up to 7 months

    Total investment: EUR 170 000

    Expected project IRR: 14,33% p.a.

    Example
    Investment size: EUR 1 000

    Total payouts: EUR 1 079,33, out of which:

    Interest payment: EUR 79,33
    Principal payment: EUR 1 000
    Vabaduse 16 development: Risk and return




    Attachments
    Vabaduse 16 Kohila finantsmudel [ET].pdf
    Vabaduse 16 Kohila financial model [ENG].pdf
    Ehitusluba_Nr_1712271-18085.pdf
    Starelement OÜ 2016 AAR.pdf
    Preview agreement
    Q&A

    _________________
    Cuida de los pequeños gastos; un pequeño agujero hunde un barco.
    » Benjamin Franklin  (1706-1790) Estadista y científico estadounidense

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    Re: PRoyecto Vabaduse 16, 78901 Kohila (II)

    Mensaje por Indigno el Mar Abr 03, 2018 2:23 pm

    Parece que se ha cubierto en cuestión de minutos

    Indigno

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    Re: PRoyecto Vabaduse 16, 78901 Kohila (II)

    Mensaje por Admin el Mar Abr 03, 2018 5:46 pm

    Pues me quedao pasmao....!!!!

    he llegado a las 14:45 mas o menos y no tenia donde meter los eurillos.....

    Los dejare para el proximo.

    _________________
    Cuida de los pequeños gastos; un pequeño agujero hunde un barco.
    » Benjamin Franklin  (1706-1790) Estadista y científico estadounidense

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    Mensajes : 1479
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    Re: PRoyecto Vabaduse 16, 78901 Kohila (II)

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