• Category - Development project (full bullet)
• Annual interest - 14% + 1% (over 5 000 claim units)
• Collateral -  Owned by our SPV
• Payment frequency - At the end of the period
• Duration - 18 months
• Country -  Spain
  
  

The Area
The project is located next to Sagunto port city and 30 km from Valencia. The city is spread over an area of 132 sq km and has a population of almost 66,000 inhabitants. Sagunto has light industrial development, and its port exports minerals and citrus fruits.  

Valencia is the third largest community in Spain with a population of 5.5 million and has the largest port on the Mediterranean Western coast, which generates 51% of Spain’s GDP. Apart from being an economical hub, this is a hometown of Paella, with a cafe society to die for and a place where architecture just takes your breath away. 

The building itself is located on the coast line and future owners will be able to enjoy the marvelous sunsets and sea views without leaving their homes. The advantage of this region is in its quietness but yet proximity to the active lifestyle of urban cities. 

The complex is the first living area next to Casablanca beach. Between the beach and the complex there is a beautiful green park. The Casablanca beach is ideal for visitors looking for a familiar atmosphere, quiet and retaining the essence of the tradition of the Valencian coast.

The property
The property address isAvinguda de la Mar, 73, 12590 Casablanca, Castelló, Spain and its cadastral number is 10178/02/YK4011N/0001LO

It is a complex, consisting of 16 terraced 3-floor houses with 11 garages. Each house has a private terrace type rooftop. The complex has a swimming pool, green garden and children's playground. The premises will be perfect for the family house or vacation home. 

We see a great potential in this property, as the seaside area near Valencia is developing fast. It has been popular as a getaway destination for local Valencians due to the clear beautiful beach and close proximity to Valencia. The demand for modern new houses in the beach area is very high due to low supply. The average price for sale of the new residentials next to the Casablanca beach is around 1400-1700 EUR per m2

What is a development project?
This is a loan type which is used to purchase a property, in order to sell it. In our case, before selling it, we will finish the construction works of it. It is important to mention that this loan type is more similar to our rental projects, rather than real estate backed loans. It means that we don’t lend money to a 3rd party, but purchase the property and manage the process in a similar way we do with our rental apartments.