Loan #607730 71655 Wieden Germany

Property location
Steinbühl 16 Wieden 71655 Germany

Executive Summary

We are pleased to present you with this exciting new investment project! Our project partner Iterum is purchasing a building that was formerly used as a hotel and tourism facility for significantly less than its value, because the hotel itself is no longer in operation. Iterum intend to convert this building into housing locations and flats.

Due to the coronavirus, there is a very strong demand for holiday flats in touristic areas. Professional partners have recognised this potential themselves and are taking advantage of these lucrative market opportunities. The property from the year of construction, which is 1972 and was renovated around 1998, has approximately 1500m²; of living/usable space divided into 24 rooms. In addition to these areas, the swimming pool and adjoining areas will be included and converted. Iterum has already proven its expertise in various other refurbishment and development projects. The property is located in Wieden, a small town in the German Black Forest.. The closest city is Freiburg im Breisgau, a mere 30 kilometres away. Freiburg is a large city with 230,000 inhabitants and a renowned university. The following transportation connections are available: Train connection to Freiburg+ Bus to Freiburg+ Bundestrasse. The development, as well as the forecast, are optimistic. Where the influx and market price valuation are concerned, we are witnessing a positive development of property in Wieden. Barrier-free flats in particular are in extremely high demand. Further property details: The house will be converted and renovated according to the specifications of the KfW - Bank. The buyers of the individual flats will receive a KFW subsidy according to programme 261 / 262 and can claim up to 75,000-150.000€ Euros of subsidies per unit. However, the applications are submitted and made by the buyers of the condominiums.

Iterum will modernise the common property and gut the house. The valuation took into account that the building permit has not yet been obtained, but there has already been a positive preliminary discussion with the city. In the first phase of the project, the purchase price is to be paid, the planning is to be drawn up and the building permit is to be applied for. There are already offers for the plot with planning permission as well as for the finished converted residential building. In phase 2, the approved 22-15 flats will be sold to the prospective buyers in shell condition. This repays the loan to the lenders. The buyers will apply for KfW loans for the refurbishment amounting to 150,000 euros per unit. Iterum Projektentwicklungs GmbH is commissioned by contract for work to carry out the refurbishment in accordance with the KfW regulations for energy-efficient refurbishment. Listed sales prices in this sought-after region range from approx. 3500 € /m2 for newly built condominiums.

Investing FAQ
Loan terms summary
  • Interest per annum 10.00%
  • 9.5% invested by 96 investor(s) 995,600.00 left
  • Risk class i
  • Expires 24 day(s) left
  • Target amount €1,100,000.00
  • Profit share 0.00%
  • Term 24 Months
  • Payment frequency 1 months
  • Loan purpose Buy to sell
  • Type Bullet i
  • Mortgage rank First Rank
  • Total Loan Cover (TLC) 136.4%
  • Loan To Value (LTV) 73.3% i
  • Location
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