Loan #573819 Plantin en Moretuslei 79 Antwerp

Property location
Plantin en Moretuslei 79 Antwerpen 2018 Belgium

Executive Summary

After the two previous successful fundraises, the borrower Cube Investment is looking for financing for the purchase and renovation a complete mansion consisting of 5 apartments, located 200 meters from Antwerp's central station. The property can be purchased significantly below its current market value. The apartments are currently rented out and the property is in need of maintenance.

The plan is to completely renovate the property, giving up one of the current apartments to serve as storage space for the other apartments. Financing of € 975,000 is sought for the purchase and complete renovation of the property with a minimum of € 600,000 *) to cover the purchase and minimum work required. 

The aim is to split the property and then to be rented out or sold separately. The required permit has yet to be applied for, but all eligibility requirements have been met. The permit is not required to carry out the renovation or to rent out the apartments. The term of the loan is more than sufficient for the application for the permit. At the end of the term, the apartments are either sold or the property refinanced to pay off the loan.

The term for this loan is 20 months. The interest will be 8%, paid monthly. A first ranking mortgage will be established on behalf of investors to secure the loan and an additional business guarantee on the loan of €100,000 will be put up by the both founding companies Caluro B.V. and Ipando Holding B.V.

*) Note from MC: the minimum raise has been lowered from € 750,000 to € 600,000.

Investing FAQ
Loan terms summary
  • Interest per annum 8.00%
  • Fully repaid 799,800.00 raised
  • Risk class i
  • Expires Closed
  • Target amount €799,800.00
  • Profit share 0.00%
  • Term 20 Months
  • Payment frequency 1 months
  • Loan purpose Buy-to-rent
  • Type Bullet i
  • Mortgage rank First Rank
  • Total Loan Cover (TLC) 193.8%
  • Loan To Value (LTV) 51.6% i
  • Location
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