Loan

Loan #589125 Margrietstraat 25, 4532 BJ Terneuzen, Netherlands

Property location
Margrietstraat 25 Terneuzen 4532 BJ Netherlands

Executive Summary

In 2017 RL Inventive bought the first residence in Terneuzen, and in 2018 we bought 6 more. Inspired by the model of, and especially the quality delivered by, AirBNB, we wanted to provide a flexible room renting service in the North Sea Port region. All the houses became operational by the end of 2019. RL Inventive does this under the brand name Work Like Home.

Work Like Home offers rooms for young professionals, with all - inclusive, fair pricing. Our pricing includes high speed internet, gas, electricity and city waste management taxes. The common areas in the houses are cleaned twice a month. Prices for a room range from 450/month for a basic room, up untill 700 euro / month for a premium room.

Our clientèle are mainly service desk workers in the chemical industry (eg Dow Chemical), and high specialised maintenance personel, e.g. safety auditors or welders. For our customers renting at Work Like Home is a no brainer, you just arrive, unpack your bags and dig into your room. So they can focus on their foreign job foremost.

The formula has proven to be very successful, in this 3 year time we serviced over 176 individuals, with a 30+ EBITDA. On average a residence runs a 2000+ EURO gross revenue per month.

Originally RL Inventive was (and still is), an IT Management company. The majority of the capital was provided by the founders of RL Inventive as a zero interest loan to the company, accompagnied by some small loans by ING Belgium (non collaterized)

As we have grown fast, and now the operations are well known and the 'lessons are learned', we are looking to restructure the debt in the company. First of all, IT Services will be split of in a new company, and we are searching for a bullet loan that will help repay some of the ING loans, as well as a part of the loan by the founders themselves.

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Loan terms summary
  • Interest per annum 7.50%
  • Fully subscribed 250,000.00 raised
  • Risk class i
  • Expires Closed
  • Target amount €250,000.00
  • Profit share 0.00%
  • Term 24 Months
  • Payment frequency 1 months
  • Loan purpose Bridging
  • Type Bullet i
  • Mortgage rank First Rank
  • Total Loan Cover (TLC) 145.2%
  • Loan To Value (LTV) 68.9% i
  • Location
    Netherlands
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