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Oktaeder
P2P Legende
Anmeldedatum: 13.07.2010
Beiträge: 10233
Wohnort: Bei Karlsruhe
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 Verfasst am: 01.05.2020, 14:52 Titel: Re: Crowdestate (Estland) |
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Mir persönlich ist das egal. Bin sowieso 7/24 zuhause eingesperrt :-/
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Mein Blog rund um p2p Kredite
Bondora/XIRR ca. 12%/ Investiere per API.
Stand 9/2023
Weitere Anlagen bei Swaper*,peerberry,afranga,lendermarket und estateguru |
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Oktaeder
P2P Legende
Anmeldedatum: 13.07.2010
Beiträge: 10233
Wohnort: Bei Karlsruhe
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| Verfasst am: 05.06.2020, 14:50 Titel: Re: Crowdestate (Estland) |
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Aus dem Newsletter:
| Zitat: |
Repayments and overdue projects
Repayments to investors were made from 31 different investment opportunities totalling EUR 874 856.91, of which EUR 554 950.80 were principal repayments, EUR 173 442.09 interest payments, and late fees in the amount of EUR 146 464.02.
As of June 1st, payments of 40 projects have been late, totalling EUR 9 219 020.21 Including EUR 6 679 054.97 principal, EUR 1 011 478.33 interest payments and late fees in the amount of EUR 1 528 486.91.
26 projects are real estate and 14 business investment opportunities. 2 projects have been late for 30+ days and 24 projects 90+ days. A previous month overview of an overdue project’s process has been added to the particular project’s page.
The total list of overdue projects can be downloaded on our statistics page.
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Klingt für mich... übel.
_________________
Mein Blog rund um p2p Kredite
Bondora/XIRR ca. 12%/ Investiere per API.
Stand 9/2023
Weitere Anlagen bei Swaper*,peerberry,afranga,lendermarket und estateguru |
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Oktaeder
P2P Legende
Anmeldedatum: 13.07.2010
Beiträge: 10233
Wohnort: Bei Karlsruhe
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| Verfasst am: 03.07.2020, 09:04 Titel: Re: Crowdestate (Estland) |
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Aufgrund der Nachrichtenlage habe ich alle meine Anteile an Estera verkauft. Zu pari gingen die weg, kostet zwar Gebühr aber es gab ja schon Erträge.
Es gibt da verschiedene Kredite und nicht alles sind noch verkäuflich.
_________________
Mein Blog rund um p2p Kredite
Bondora/XIRR ca. 12%/ Investiere per API.
Stand 9/2023
Weitere Anlagen bei Swaper*,peerberry,afranga,lendermarket und estateguru |
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Claus Lehmann
Site Admin
Anmeldedatum: 31.08.2007
Beiträge: 17551
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| Verfasst am: 03.07.2020, 10:52 Titel: Re: Crowdestate (Estland) |
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Bei Tammelehe 4 wird seit März über einen Insolvenzantrag geredet. Jetzt ist das Hearing dazu auf Ende August verschoben. Zieht sich.
Das ist mein letztes Crowdestate* Projekt.
Sollte das ein Totalausfall werden bin ich bei -30€ über das Crowdestate* Gesamtportfolio über die gesamte Anlagedauer.
Aber davon gehe ich mal hoffentlich nicht aus. Sollten noch 50% reinkommen von dem Projekt dann ist das Ergebnis +170€
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Meine Investments (aktualisiert 03/22):
Laufend: Bondora*, Investly*, Estateguru*, Ablrate*, Moneything* (Rest), Crowdestate* (Rest), Fellow Finance* (Rest), October* (Rest), Linked Finance*, Lenndy* (Rest), Assetz*, Plenti, Neofinance* (Rest), Lendermarket*,
Beendet: Smava*, Auxmoney*, MyC4, Zidisha, Crosslend*, Lendico*, Omarahee, Lendy*, Bondmason, Finbee*, Bulkestate*, Zlty, Mintos*, Iuvo*, Robocash*, Viainvest*, Viventor*
Crowdinvesting: Seedrs*, Crowdcube, Housers* (Rest), Reinvest24*, Landex* |
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Claus Lehmann
Site Admin
Anmeldedatum: 31.08.2007
Beiträge: 17551
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| Verfasst am: 03.07.2020, 14:19 Titel: Re: Crowdestate (Estland) |
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Geschäftsbericht 2019 von Crowdestate* online
https://crowdestate-media.s3-eu-west-1.amazonaws.com/Crowdestate+Holding+OU%CC%88+2019+annual+report.pdf
Sehr direkt formuliert
| Zitat: | | The Czech real estate funding market is completely different - the availability of cheap seniorcapital is overwhelming and we see business opportunities only in the mezzanine and equity layers of the capital stack, but as the German andAustrian investors are very happy to provide unsecured medium-term mezzanine loans to Czech real estate developers with interest rate ataround 6-7% per annum, we would not be able to source any reasonable-quality real estate investments on this market to satisfy the greed of our current retail investors expecting mid-double-digit returns from their more junior or mezzanine investments |
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Meine Investments (aktualisiert 03/22):
Laufend: Bondora*, Investly*, Estateguru*, Ablrate*, Moneything* (Rest), Crowdestate* (Rest), Fellow Finance* (Rest), October* (Rest), Linked Finance*, Lenndy* (Rest), Assetz*, Plenti, Neofinance* (Rest), Lendermarket*,
Beendet: Smava*, Auxmoney*, MyC4, Zidisha, Crosslend*, Lendico*, Omarahee, Lendy*, Bondmason, Finbee*, Bulkestate*, Zlty, Mintos*, Iuvo*, Robocash*, Viainvest*, Viventor*
Crowdinvesting: Seedrs*, Crowdcube, Housers* (Rest), Reinvest24*, Landex* |
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Oktaeder
P2P Legende
Anmeldedatum: 13.07.2010
Beiträge: 10233
Wohnort: Bei Karlsruhe
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| Verfasst am: 03.07.2020, 14:47 Titel: Re: Crowdestate (Estland) |
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Ja, gut gesagt. Allerdings sind halt die Risikoverhältnisse nicht so, dass sie für diesen Zinskorridor sprechen.
_________________
Mein Blog rund um p2p Kredite
Bondora/XIRR ca. 12%/ Investiere per API.
Stand 9/2023
Weitere Anlagen bei Swaper*,peerberry,afranga,lendermarket und estateguru |
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Snowball
Anmeldedatum: 08.08.2017
Beiträge: 370
Wohnort: Berlin
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| Verfasst am: 08.09.2020, 15:05 Titel: Re: Crowdestate (Estland) |
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| Zitat: | Estera Development Holding OÜ (hereinafter EDH) hereby announces that the auction of all previously announced assets of EDH has been conducted and the assets have been sold off. The auction was conducted by Elin Vilippus Bailiff's Office via a public auction. In addition to mandatory public announcements, the auction materials were sent directly to more than twenty major regional investors and developers who are already operating in Riga or have shown interest in the Latvian residential development market. As a result of the auction, the sale price of the transferred shares and receivables was EUR 300,000. Thus, after the auction sale price, the total value of the development plots owned by EDH was approximately EUR 2 million. The achieved sale price corresponds to the highest indication of the pre-auction assessment by real estate experts at Latio (a leading Latvian real estate agency).
The sale price received from the auction (EUR 300,000), less the bailiff's costs (EUR 4,392), was distributed proportionally among all project’s investors on 04.09.2020. In accordance with the terms of the loan agreements, the loans granted by the Project Sponsor were excluded from repayment (these loans represented 25% of the capital originally invested in EDH, ie a total of EUR 375,500). The repayments were made through Crowdestate's sub-accounts in accordance with the procedure agreed in the loan agreement concluded with the investors.
Thus, out of the initial investment of EUR 1,124,500 invested in the project, EUR 295,608 was returned, as a result of that the investors lost 73.7% of the invested money or EUR 828,892, the internal rate of return (IRR) f this investment is -64.33%.
With respect,
Ülo Adamson
The President
OÜ Estera Development Holding
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Meine 100EUR-Position an diesem Projekt ist nach den 12 Monaten + recovery statt 119 EUR nur noch 26,28 EUR wert. Eins von vielen Beispielen, warum Crowdestate* nicht in derselben Liga spielt wie BulkEstate oder Estateguru
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Investiert bei:
Mintos, RoboCash, Peerberry*, EstateGuru, Grupeer*, Crowdestate*, Crowdestor*, Twino*, Bondora*, ViaInvest, BulkEstate, Envestio, Reinvest24*, Seedrs*, Monethera |
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Osmium
Anmeldedatum: 22.03.2018
Beiträge: 154
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| Verfasst am: 08.09.2020, 15:54 Titel: Re: Crowdestate (Estland) |
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| Snowball hat Folgendes geschrieben: | | Meine 100EUR-Position an diesem Projekt ist nach den 12 Monaten + recovery statt 119 EUR nur noch 26,28 EUR wert. Eins von vielen Beispielen, warum Crowdestate* nicht in derselben Liga spielt wie BulkEstate oder Estateguru |
Kannst du ein paar Informationen zu dem Projekt geben? Wie war es besichert, wie war das LTV, wer hat die Bewertung gemacht?
Hat Bulkestate* schon erfolgreich Ausfälle über Auktionen wieder eingeholt? |
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Snowball
Anmeldedatum: 08.08.2017
Beiträge: 370
Wohnort: Berlin
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| Verfasst am: 08.09.2020, 17:18 Titel: Re: Crowdestate (Estland) |
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| Zitat: |
Beginn der Anlageperiode
20.05.2019
Anlageklasse
Wohngebäude
Investitionsart
Entwicklung
Kapitalart
Unbesicherte Schuld
Enddatum der Investition
04.09.2020
Erwartete Rendite
19% p.a
Risikoklasse
C1
Anzahl der Investoren
1318
Cash-Flow
Leerstehend
Entwicklungsphase
Vorplanung
Erfolgsbilanz des Teams
10+ Jahre
Persönliche Garantie
Nein
Hypothek
Nein
Ziel
€1 500 000
Minimales Ziel
€550 000
Investierter Betrag
€1 500 000
Kurzfassung
This opportunity consists of providing an unsecured loan to Estera Development Holding OÜ (Estonia), a holding company owning land plots in three attractive locations in Riga and its metro area (Latvia).
The aim of this Project is to allow the Sponsor to partly restructure its current capital structure and to provide financing for preparing its Latvian development land holdings for construction of apartments.
The Sponsor, Estera Development Holding OÜ operates through wholly owned Latvian subsidiary companies, which are owners and developers of formentioned land portfolio.
The same team has previously successfully concluded three funding campaigns through Crowdestate: Briezu 7a development project (funds returned to investors with early redemption), Mezkalna 4 development project (currently ongoing), Estera Development Makonkalns (currently ongoing).
The repayment of the current loan is envisioned through sales of prepared land areas for development to new investors attracted by Estera Development before the start of construction.
The Sponsor is planning to raise subordinated unsecured loans in total amount of EUR 750,000 to EUR 1,500,000 in one or several tranches. Shareholders of the Sponsor undertake to subscribe at least EUR 357,000 and up to EUR 750,000 of the total campaign amount.
The duration of this investment opportunity is 30 months with maturity date set on 31.12.2021. The Sponsor is entitled for an early partial or full redemption option after 12 months after settlement of the loan agreement.
Interest rate is fixed on 19% per annum, the Sponsor has committed to yearly interest payments with 12 months payment interval.
The calculated internal rate of return (IRR) for this opportunity is 19,0%.
Projekt
The current investment opportunity entails providing a subordinated unsecured loan to Estera Development Holding OÜ (Estonia), the Sponsor, for the purpose of restructuring its current capital structure and providing financing for preparing land plots owned by its Latvian subsidiaries for construction. The Sponsor intends to use the land portfolio for building affordable economy class apartments.
Estera Development Holding OÜ, the Sponsor, is owned by the team of two Estonian real estate developers operating under brand name Estera Development in Riga, Latvia. The same team has previously successfully concluded three funding campaigns through Crowdestate: Briezu 7a development project (funds returned to investors with early redemption), Mezkalna 4 development project (currently ongoing), Estera Development Makonkalns (currently ongoing).
The shareholders of the Sponsor have previously successfully carried out development of large-scale economy class apartment development projects in Riga under brand name Estera Development. In the previous developments a total of 250 apartments were built in two separate projects: Liepziedi 1 (Crowdestate project name Briezu 7a) and Tuvidi 1. Out of the 250 apartments completed in these two projects, 223 have been currently sold to end clients with a sales period of just over 24 months. More information about Estera Development can be found here. The capital for the development of Liepziedi 1 and Tuvidi 1 projects was arranged by Estera Development from a combination of equity funds from Estera Development shareholders, crowdfunding, private investor co-financing and bank financing.
The Sponsor of the current opportunity, Estera Development Holding OÜ, owns 100% shareholdings in the following Latvian subsidiaries through its subsidiary OÜ Estera Holding:
SIA Mezkalna Invest (shares owned through Sponsor’s wholly owned subsidiary OÜ RAC Holding),
SIA Estera Holding and
SIA Estera Hipokrata.
These subsidiaries have acquired land for the development of affordable economy class apartments in the following three locations in Riga and its metro area:
Ozolciema street 4 (previous address Mezkalna 4) in Ziepniekkalns, Riga: project name Dienvidu Pakavs 3
Melnalkšņi, Vairumbāze, Akmenskalni, Virskalni, Zaļaiskalns in Valdlauci, Kekava municipality: project name Makonkalns
N/o Hipokrata street in Mežciems, Riga: project name Hipokrata
Dienvidu Pakavs 3, Ozolciema St. 4
Dienvidu Pakavs 3 project was acquired by the Sponsor in 2017. The project entails development of economy class apartments in Ziepniekkalns sleeping district in Riga. The development is a third stage of two very successful neighboring developments carried out in the same location before 2008: Dienvidu Pakavs 1 and Dienvidu Pakavs 2.
Since the acquisition, Estera Development team worked out a design concept for the project jointly with a leading Latvian architectural firm Sarma&Norde focusing the design on affordable economy class apartments with very well optimized floor plans. On January 21, 2019 the project received the building permit for a total of 232 apartments with total net sellable area of 13,152m2 (total gross above ground area of the buildings 19,664m2). The construction is to be carried out in two stages with 1st stage representing ca 40% of the total planned volume and 2nd stage 60%.
This project has been previously funded by Crowdestate* with a secured loan.
Makonkalns
Makonkalns project was acquired by the Sponsor in 2013. The project entails development of economy class apartments in a beautiful green area right on the border of Riga. The land for Makoņkalns development belongs officially to the neighboring municipality of Ķekava. Ķekava municipality is one of the fastest growing areas located close to Riga, with its population increasing primarily on the back of domestic immigration. The area is well-connected with Riga by public transport and it is just in 15 minutes driving distance from the very center or Riga.
Since the acquisition, Estera Development team worked out a master-plan concept for the area together with a leading Scandinavian architecture firm Sweco AB. The developed concept focuses on providing affordable apartments primary to young families who prefer to live outside the main center of Riga in a natural green environment yet need to be able to work in Riga with good transport connections. On the back of the developed master-plan concept, Ķekava municipality approved a detail plan for the area on May 17, 2018. In accordance with the detail plan, the land area was divided into 31 residential development land plots with a total land area of 104,053m2 allocated for residential development. The residential buildings are allowed to be up to 4 floors high and the remaining land will be allocated for roads and public infrastructure. The total maximum construction intensity allowed by the detail plan is 122% allowing the maximum gross buildable area of 126,945m2 above ground. However, the current architectural vision of Estera Development is to aim for lower intensity development with a net sellable area of ca 49,000m2 for 700 economy class apartments (total gross above ground area of the buildings ca 70,000m2). The construction is to be carried out in five stages with roughly equal construction volumes in each stage.
This project has been previously funded by Crowdestate* with a secured loan.
Hipokrata
Hipokrata project was acquired by the Sponsor in 2018. The project is located in the middle of the Mežciems sleeping district, Riga. Mežciems is one of the greenest city areas in Riga with 63% of its territory being covered by natural green territory (parks, forest), making it ideally suitable for people who value outdoor activities (walking, biking). The project is in the middle of the most developed area of Mežciems right nearby the Riga University Hospital. The city quarter where the development is located has two kindergartens, one primary school and one secondary school as well as several shopping centers, including new developments for Rimi Hypermarket and Lidl. There are several bus and trolleybus lines with connections to the Riga center and it takes around 17 minutes to reach the city center by car.
The development land area consists of a land plot with total area of 22,821 square meters. On the basis of the current valid Riga city general plan, the land area can be used for residential development with up to 12-floor buildings and a total allowed maximum construction intensity of 290%, allowing for a potential maximum above ground gross buildable area of 66,181m2. However, the current architectural vision of Estera Development is to aim for a much lower intensity development with above ground gross buildable area of ca 17,500m2, consisting in total of ca 240 affordable economy class apartments. Estera Development has contracted MARK Arhidekti to prepare a sketch design for the intended building with the aim of applying for the building permit during 2nd half of 2019.
This project has been previously funded by Estateguru* with a secured loan.
Valuations of the properties
The development land areas listed above have been valued for the purposes of the current fundraising with the following valuations:
Dienvidu Pakavs 3: valuation EUR 1,100,000 (valuation report available)
Makonkalns: valuation EUR 1,400,000 (valuation report available)
Hipokrata: valuation EUR 480,000 (valuation report available)
Other assets: valuation EUR 60,000 (equal to contractually refundable pre-payment)
Total valuation: EUR 3,040,000
Secured Loans
Following the current fundraising, the properties belonging to the Sponsor’s development projects in Latvia shall carry secured loans indicated below. Current funding will be subordinated to these loans.
Project: Dienvidu Pakavs 3
Borrower: OÜ RAC Holding
Creditor: Crowdestate
Amount: EUR 550,000 (including accrued interest at maturity)
Collateral: Ozolciema street 4 (previous address Mezkalna 4) in Ziepniekkalns, Riga
Interest: 13,5% (remaining payment at maturity)
Maturity: June 2019 (to be refinanced)
Project: Makonkalns
Borrower: OÜ Estera Holding
Creditor: Crowdestate
Amount: EUR 700,000
Collateral: Melnalkšņi, Vairumbāze, Akmenskalni, Virskalni, Zaļaiskalns in Valdlauci, Kekava municipality
Interest: 13.5% (annual interest payments)
Maturity: December 2020 (Tranche 1), March 2021 (Tranche 2)
Project: Hipokrata
Borrower: SIA Estera Hipokrata
Creditor: Estateguru
Amount: EUR 280,000
Collateral: N/o Hipokrata street in Mežciems, Riga
Interest: 11.5% (quarterly interest payments)
Maturity: October 2020
Total secured loans: EUR 1,530,000.
According to valuations of the properties, the loan-to-value ratio (LTV) for secured loans is 50%.
Subordinated unsecured loan
As a part of the current fundraising the Sponsor is seeking to raise EUR 1,500,000 in unsecured loans against its development land portfolio. The source of repayment of the loan will be sales of prepared land areas for development to new investors attracted by Estera Development before the start of construction.
Sponsors’ shareholders will undertake to subscribe in the intended financing campaign in the amount of EUR 375,000 to EUR 750,000, which will constitute an equity in this project.
For the sale of prepared land area for development, Estera Development currently envisions the following time-line (the exit of each stage of development land is intended to coincide with start of the construction of the respective stage of development):
1H 2020: Sale of land with building rights for 1st stage of Makonkalns development
1H 2021: Sale of land with building rights for Dienvidu Pakavs development
2H 2021: Sale of land with building rights for 2nd stage of Makonkalns development
1H 2022: Sale of land with building rights for Hipokrata development
2H 2022: Sale of land with building rights for 3rd stage of Makonkalns development
2H 2023: Sale of land with building rights for 4th stage of Makonkalns development
2H 2024: Sale of land with building rights for 5th stage of Makonkalns development
The land to be sold represents in total gross building rights for 116,700m2 above ground with efficiently planned floor-plans (well optimized apartment sizes and corresponding parking). Based on experience of Estera Development, at the start of construction, such building rights can be estimated to be worth on average ca 97 EUR per gross buildable square meter. If such sale levels are achieved, the total value of the land areas of the Sponsor can be estimated to be worth ca EUR 10.3 million at the moment of sale i.e. 3.4 times more than the sum of the principal values of the current secured and the intended non-secured loans.
Standort
Förderer
The Sponsor of the current fundraising is owned by two entrepreneurial spirits: Ülo Adamson and Aadu Oja. Both of them are experienced in asset management and property development, previously employed by the Baltic asset management company Trigon Capital. Currently, Ülo and Aadu are co-managing a mixed-use commercial development in Tallinn, Estonia, and are developing affordable economy class apartment projects in Riga and its metropolitan area under brand-name Estera Development (https://estera.lv/). Further information on their other key development projects (which are not part of Estera Development Holding OÜ) is provided below:
Arsenal Centre, Tallinn, Estonia (https://arsenalkeskus.ee/)
Net leasable area: 30 000 m2
Status: first phase shopping area and office area completed and operational. The second stage is in detail planning.
Project: Currently the only multifunctional shopping center with office spaces located in the middle of the quickly developing residential areas along the sea-shore in Northern Tallinn, ca 5min driving distance from the city center.
Liepziedi 1, Riga, Latvia
Net sellable area, sales status: 160 apartments (6760 m2 net sellable area), 158 apartments sold to date over a sales period of just over 24 months (99% from stock).
Status: completed, two last remaining apartments being on sale.
Project: economy class apartments aimed for local Latvian residents.
This project was partially funded by Crowdestate* investors under project name Briezu iela 7a. The funds were successfully returned with an early redemption.
Tuvidi 1, Riga area, Latvia
Net sellable area, sales status: 90 apartments (6,190 m2 net sellable area), 65 apartments sold to date over sales period of 16 months (72% from stock).
Status: completed, last remaining apartments being on sale.
Project: economy class apartments aimed for local Latvian residents.
Liepziedi 2, Riga, Latvia
Net sellable area: 179 apartments (7880 m2 net sellable area), 22 apartments reserved over first four months of sales (12% from stock)
Status: building permit exists, start of construction in Q3 2019.
Project: economy class apartments aimed for local Latvian residents.
Key people
Aadu Oja
Aadu’s background in asset management and property development started in 1995 when he started an asset management company for the Bank of Tallinn (later SEB). He managed the company until 1997 when he joined the leading Baltic asset management firm Trigon Capital to set up its asset management unit, managing the largest Baltic listed equity fund at the time. At Trigon Capital he also initiated the management of ERGO’s proprietary investment portfolio in the Baltics, the largest third-party asset management mandate at the time with assets exceeding EUR 200 million. Aadu also started a fund management company in cooperation with ERGO insurance in 2001 that became the manager of ERGO’s pension funds in Estonia and Lithuania.
Aadu left Trigon Capital in 2007 and started to organize private investor fundraising for property development projects. He managed three residential property development projects, totaling 200 apartments in Tallinn. He also managed several planning and re-zoning projects with international teams of architects and engineers with a total construction volume of 400 000 m2 of multi-functional space. Additionally, for seven years Aadu was a member of the supervisory board of a construction company that was the largest residential developer in Estonia from 2004 to 2008.
Since 2013, Aadu has been raising financing for and managing the large-scale property development projects mentioned earlier.
Ülo Adamson
Ülo started his professional career in Trigon Capital in 1999 working with Baltic corporate finance deals and property fundraisings. Ülo became the operational lead of Trigon Capital’s private investments division in 2003, raising capital from primarily Scandinavian private investors for a variety of real estate related transactions. In 2007 Ülo became the Chief Operating Officer of Trigon Capital Group and the sole member of the Management Board, reporting directly to the majority shareholder Joakim Helenius.
As the COO, Ülo was responsible for a direct investments portfolio worth at its peak over EUR 250 million. This included investments in real estate development projects in Estonia, Croatia, Russia and Ukraine with a value close to EUR 100 million.
Ülo left Trigon Capital in January 2016 and teamed up with Aadu to co-manage and develop the large-scale development projects described earlier.
Personen
Ülo Adamson
Ülo Adamson
Managing Partner, Co-founder at Estera Development
Aadu Oja
Aadu Oja
Managing Partner, Co-founder at Estera Development
SWOT
Strenghts
Experienced Sponsor;
First-hand experience from developing similar projects in Riga, some of them in the same general location;
Sponsors' previous developments in Riga with the same concept has proved to be successful, validation Sponsors' business plan;
Beside Crowdestate's subordinated loan and prior secured loans, the project includes significant amount of equity by Sponsors' shareholders;
The amount of foreign capital (total amount of secured and subordinated loans) in this project is covered by land portfolio's current (pre-development) value.
Weaknesses
Secondary locations;
Developments are in early stages.
Opportunities
Prematuere exit.
Threats
Possible delay in in development process, which may result in later than anticipated return payments;
Property market may prove to be unpredictable.
Crowdestate-Bewertung
N/A
A1
A2
A3
A4
A5
B1
B2
B3
B4
B5
C1
C2
C3
C4
C5
Kategorie Bewertung Punkte
Kapital vorrangig zu Crowdestate 50-59 % 3
Kapital gleich oder nachrangig zu Crowdestate 10-19 % 4
Standort Sekundär 2
Cash-Flow Leerstehend 5
Entwicklungsphase Vorplanung 7
Erfolgsbilanz des Teams 10+ Jahre 1
Persönliche Garantie Nein 0
Hypothek Nein 0
Gesamt: C1 22
Die oben genannte Bewertung drückt die subjektive Sichtweise von Crowdestate* auf das Gesamtrisiko jeder Anlagemöglichkeit aus. Die Crowdestate-Bewertung berücksichtigt nicht die Risikobereitschaft des Anlegers und soll nicht als Ersatz für eine individuelle Due Diligence dienen. Die Crowdestate-Bewertung hat keinen Bezug zu Bewertungen internationaler Ratingagenturen oder deren Ratingmethoden.
Die Crowdestate-Bewertung ist ein Ausdruck des aggregierten Risikoniveaus von Anlagemöglichkeiten, berechnet als Summe aus qualitativen und quantitativen Bewertungen der verschiedenen Parameter der Möglichkeit. Die Crowdestate-Bewertung berücksichtigt unter anderem die Kapitalstruktur, die finanzielle Hebelwirkung, den Standort, das Stadium, die Cashflows, den Leistungsausweis der Teams, die Sicherheiten etc.
Kapitalstruktur
Typ Ursprung % der Gesamtsumme Betrag
Erstrangiges Darlehen Senior Debt 50.6% 1 538 281.00€
Mezzanin Crowdestate 37.0% 1 125 000.00€
Eigenkapital Sponsor 12.3% 375 000.00€
Gesamt: 100.0% 3 038 281.00€
Die Kapitalstruktur ist definiert als die Balance zwischen Eigen- und Fremdkapital, die ein Unternehmen zur Finanzierung seines Vermögens, des Tagesgeschäfts und des zukünftigen Wachstums verwendet.
Die Kapitalstruktur zeigt jede Verbindlichkeit als Teil einer Reihenfolge. Die Reihenfolge wird nach steigendem Risiko, steigenden Kosten und abnehmender Priorität in einem Liquidationsfall (z.B. Konkurs) ermittelt.
Anleger, die in Verbindlichkeiten investieren, gehen weniger Risiko ein, weil sie im Konkursfall den ersten Anspruch auf das Vermögen des Unternehmens haben. Aus diesem Grund sind sie bereit, eine niedrigere Rendite in Kauf zu nehmen.
Eigenkapitalgeber gehen mehr Risiko ein, da sie den Restwert erst nach Rückzahlung der Schulden erhalten. Als Gegenleistung für dieses Risiko erwarten Aktieninvestoren eine höhere Rendite.
Tilgungsplan
Datum Status Hauptbetrag€ Zins€ Verzugsgebühren€ Gesamt geplant€ Bezahlt€
2020-06-30 Nicht beglichen 66 000.00 317 827.78 0.00 383 827.78
2020-09-04 Abgerechnet 295 608.00 0.00 0.00 295 608.00 295 608.00
2020-12-31 Nicht verarbeitet 1 204 392.00 0.00 0.00 1 204 392.00
Gesamt: 1 588 219.78€ Bezahlt: 295 608.00€
Finanzen
The Sponsor is seeking to raise subordinated unsecured loans in total amount of EUR 750,000 to EUR 1,500,000 in one or several tranches. Shareholders of the Sponsor undertake to subscribe at least EUR 357,000 and up to EUR 750,000 of the total campaign amount. This proportion of the loan is subordinated to the investments of other borrowers in this funding campaign and thus constitutes equity in this project.
The duration of this investment opportunity is 30 months with maturity date set on 31.12.2021.
Interest rate is fixed on 19% per annum, the Sponsor has committed to yearly interest payments with 12-month payment interval. The first interest payment will be paid out 12 months after settlement of loan agreement.
The calculated internal rate of return (IRR) for this opportunity is 19,06%.
Loan amount will be disbursed for the following purposes:
EUR 550,000 for repayment of Crowdestate* secured loan granted to OÜ RAC Holding against the secondary collateral (Liepziedi 2 project, address Briezu 9, Riga)
EUR 520,000 for re-financing existing shareholder loans
EUR 430,000 for financing the development and interest costs of OÜ Estera Development Holding and its subsidiaries
Capital Structure
Final capital structure of the project will depend on interest Crowdestate* investors have for this opportunity and in which amount Crowdestate* investors are willing to invest.
According to guarantee from Sponsors’ shareholders, the capital structure of the project would be as follows:
Sponsor allocated unsecured loan (equity): EUR 375,000 to EUR 750,000 (12,5% to 25% of total)
Crowdestate’ allocated unsecured loan: EUR 750,000 to EUR 1,125,000 (25% to 37.5% of total)
Secured loans: EUR 1,530,000 (50% of total).
Sponsors’ shareholders have committed to subordinate their allocated loan to Crowdestate* investors.
The Sponsor is entitled for an early partial or full redemption option after 12 months after settlement of the loan agreement. In case of partial early redemption, accrued interest will always be paid out first and rest of the available funds will be used for principal return.
Funds for the repayments have been planned from the stage-by-stage sale of the development land holdings before the start of construction of each respective stage. After each sales transaction, accrued interest for secured loans will be paid out first, then secured loans will be returned. After that, accrued interest of subordinated loan will be paid out and subordinated loans will be returned.
Regular Information
Over the course of the development project, Crowdestate* shall provide quarterly reviews on the process of the development project, information about meeting the set deadlines and milestones.
Anhänge
Riga_Hipokrata_Sergeja_Eizensteina.pdf
Kekava_Akmenskalni_un_parejie.pdf
Riga_Ozolciema_4.pdf
Estera Development Holding Financial model.pdf
Estera Development Holding finantsmudel.pdf
Die auf www.crowdestate.eu veröffentlichten Informationen sind urheberrechtlich geschützt. Die Nutzung des gesamten oder eines Teils des vom Portalbetreiber veröffentlichten Materials ist ohne Zustimmung des Portalbetreibers nicht gestattet. Die Zustimmung kann schriftlich unter info@crowdestate.eu eingeholt werden.
FRAGEN UND ANTWORTEN
Diese Investitionsmöglichkeit ist vollständig finanziert worden. Crowdestate* wird den Investoren vierteljährliche Berichte über den Projektfortschritt zur Verfügung stellen.
Allan
Sponsor kavatseb kinnistutele rajada keskklassi korterelamuid ja Sponsor kavatseb laenu tagastada arenduseks ettevalmistatud kruntide müügist järgmise ringi investoritele enne ehituse alustamist. Need kaks plaani räägivad teineteisele vastu. Ei saa aru, kas müüakse ehitusvalmidusega maa või müüakse kortereid valmis hoonetes?
May 16, 2019
Allan-Kristjan
Hi Allan, Sponsor envisions two possible scenarios for exiting: A) developing these properties up to the end of the vertical and sell apartments, or B) selling developed properties to developers to proceed (of course, there is also a combination of these scenarios). If Sponsor opts to sell apartments, prior to construction phase, Sponsor needs to set up next financing structure to be able to build. This financing will be based on the value of developed land and will be used to exit current senior and unsecured debt. The second scenario (sales of construction-ready land portfolio) would be also exited based on the value of the portfolio. Therefore, in context of this current funding campaign, specific scenario for further development does not have relevance.
May 17, 2019
Jürgen
Laenu kasutamise eesmärgid ei kõla just julgustavalt: - tagatud laenu vahetamine tagamata laenu vastu; - omanike raha väljavõtt; - intresside finantseerimine.
May 16, 2019
Allan-Kristjan
We regard refinancing as normal course of business in such developments. Usually developments in the phase the properties in our opportunity currently are, do not have positive operating cash flow and raising capital would be one of perfectly valid options to proceed with development and to cover costs resulted from those activities. Sponsor's decision to partially return secured loan and to raise unsecured debt is justified by current obligation to keep LTV for secured capital layer up to 50% and the same time start construction in Liepziedi 2 (not part of this project). This will result in slightly but not significant increase of total average cost of capital for Sponsor.
May 17, 2019
Jürgen
Still, the two other aspects of loan purpose have not been commented: financing the interest and running cost of other subsidiaries of the sponsor and exchanging an existing secured loan into unsecured loan. All three moves are not really encouraging.
May 17, 2019
Allan-Kristjan
Hi Jürgen, Yes, objective of this campaign is to allow restructuring current capital structure. Sponsor is returning shareholder's loan but Sponsor's shareholders are participating in this funding campaign in amount of EUR 375,000 to EUR 750,000, depending on crowdfunding investors' interest towards this opportunity. As shareholders' part of the loan is subordinated to other borrowers, there would be up to EUR 750,000 of equity in this project.
May 16, 2019
Jüri
Tere, 1) Loen välja, et tagatud laene on praegu 1.53 miljonit ning praegusest rahastusest kavatsetakse sellest 0.55 miljonit tagasi maksta. Siis peaks ju tulemuseks olema see, et senior debti on 0.98 ja allutatud laenu 1.5 (1.125 CE ja 0.375 sponsorilt). Kapitali struktuuri all aga on toodud, et edaspidi on ka senior debti 1.5. Ehk siin ma ei saa matemaatikast aru. 2) Kui praegu on kinnistute väärtus ca 3 miljonit ja sponsor plaanib need müüa 10 miljoniga, siis kas on võimalik välja tuua tegevused, et kuidas muutub tänane 3 miljoniline vara 10 miljoniliseks? Või siis teistpidi, et miks hindaja sellest aru ei saa, et vara on tegelikult 10 miljonit miinus raha ajaväärtus ja risk väärt? Tänan!
May 16, 2019
Allan-Kristjan
Hi Jüri, 1) Current (pre-funding) total balance of secured loans is EUR 2,0 million. EUR 0,5 million of funds raised by this campaign will be used for partial return payment of secured loans, resulting in total secured loan balance to decrease to EUR 1,5 million. 2) Sponsor intends to add value by following activities: - Product concepts and design, resulting in construction projects; - Building permits; - Construction tenders. Buyers/next round investors will obtain properties which are completely prepared for next development phase, which would be construction.
May 16, 2019 |
"Unbesicherte Schuld" ist mir damals irgendwie durchgerutscht, der geht auf meine Kappe
 [/b]
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Investiert bei:
Mintos, RoboCash, Peerberry*, EstateGuru, Grupeer*, Crowdestate*, Crowdestor*, Twino*, Bondora*, ViaInvest, BulkEstate, Envestio, Reinvest24*, Seedrs*, Monethera |
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Claus Lehmann
Site Admin
Anmeldedatum: 31.08.2007
Beiträge: 17551
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| Verfasst am: 29.09.2020, 15:34 Titel: Re: Crowdestate (Estland) |
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Für mein letztes aktiv laufendes Investment hat Crowdestate* Insolvenzantrag gegen die kreditaufnehmende Firma gestellt. Das Gericht hat einen vorläufigen Insolvenzverwalter eingesetzt.
Anhörungstermin ist Ende Oktober.
Leider bin ich in dem Projekt mit 400€ drin. Mal schauen.
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Meine Investments (aktualisiert 03/22):
Laufend: Bondora*, Investly*, Estateguru*, Ablrate*, Moneything* (Rest), Crowdestate* (Rest), Fellow Finance* (Rest), October* (Rest), Linked Finance*, Lenndy* (Rest), Assetz*, Plenti, Neofinance* (Rest), Lendermarket*,
Beendet: Smava*, Auxmoney*, MyC4, Zidisha, Crosslend*, Lendico*, Omarahee, Lendy*, Bondmason, Finbee*, Bulkestate*, Zlty, Mintos*, Iuvo*, Robocash*, Viainvest*, Viventor*
Crowdinvesting: Seedrs*, Crowdcube, Housers* (Rest), Reinvest24*, Landex* |
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Lendlord
Anmeldedatum: 08.12.2016
Beiträge: 1127
Wohnort: Ba-Wü
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| Verfasst am: 28.10.2020, 09:15 Titel: Re: Crowdestate (Estland) |
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Interessante Neuigkeiten zu Loan T******e 4 und 6 (ich anonymisiere es ein bisschen, ich hoffe das ist dann in Ordnung wenn ich das hier poste):
| Zitat: | The report of the temporary trustee in bankruptcy of <Firma> OÜ has been submitted and according to the assessment given therein, <Firma> OÜ is permanently insolvent.
The report states that the insolvency has been caused by serious management errors and, in the opinion of the administrator, there are signs of economic crime in the company's operations. |
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Claus Lehmann
Site Admin
Anmeldedatum: 31.08.2007
Beiträge: 17551
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| Verfasst am: 15.04.2021, 09:56 Titel: Re: Crowdestate (Estland) |
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von Crowdestate* gekommen
| Zitat: | We are constantly screening new markets to provide our investors with more investment opportunities and more options for diversification.
Therefore, we are happy to announce that we have added two new markets to our geographical portfolio - Portugal and Slovakia.
We consider it highly important to have the best understanding of all the real estate markets where we offer investment opportunities, so we involve a country manager with good market knowledge in each new market. In Portugal, Crowdestate* activities are managed by
Mr Simao Cruz and in Slovakia
by Mr Jan Kornaj.
Read more about the Portugal real estate market here.
Read more about the Slovakia real estate market here. |
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Meine Investments (aktualisiert 03/22):
Laufend: Bondora*, Investly*, Estateguru*, Ablrate*, Moneything* (Rest), Crowdestate* (Rest), Fellow Finance* (Rest), October* (Rest), Linked Finance*, Lenndy* (Rest), Assetz*, Plenti, Neofinance* (Rest), Lendermarket*,
Beendet: Smava*, Auxmoney*, MyC4, Zidisha, Crosslend*, Lendico*, Omarahee, Lendy*, Bondmason, Finbee*, Bulkestate*, Zlty, Mintos*, Iuvo*, Robocash*, Viainvest*, Viventor*
Crowdinvesting: Seedrs*, Crowdcube, Housers* (Rest), Reinvest24*, Landex* |
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Snowball
Anmeldedatum: 08.08.2017
Beiträge: 370
Wohnort: Berlin
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| Verfasst am: 10.05.2021, 11:35 Titel: Re: Crowdestate Erfahrungen (Estland) |
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Update bei Tammelehe:
| Zitat: | Dear Tamme Arenduse OÜ (in bankruptcy) investor XXX
Considering that:
In 2018 and 2019, Tamme Arenduse OÜ (in bankruptcy) raised capital from investors (hereinafter referred Lenders) through Crowdestate* in eight occasions, in the total amount of 1 440 000.00 euros:
720 000.00 euros for the construction of a terraced house at the address Tammelehe 4, Tabasalu (hereinafter referred to as Tammelehe 4 property);
720 000.00 for the construction of a terraced house at Tammelehe 6, Tabasalu (hereinafter referred to as the Tammelehe 6 property).
(The property of Tammelehe 4 and the property of Tammelehe 6 are hereinafter referred to as Properties).
In order to facilitate the collection of claims arising from the loan agreements with Tamme Arenduse OÜ (in bankruptcy) in order to raise funds, Crowdestate* Collateral Agent OÜ (hereinafter referred to as Collateral Agent), according to the loan agreements, has an independent claim against Tamme Arenduse OÜ (in bankruptcy) to meet all financial obligations;
In order to collect the aforementioned claim, the Collateral Agent has submitted a claim in the bankruptcy proceedings of Tamme Arenduse OÜ (in bankruptcy) in the amount of 2 341 988.33 euros (including the principal claim in the amount of 1 440 000 euros and interest and late fees in the total amount of 901 988.33 euros) and that claim is fully recognized in the bankruptcy proceedings.
In order to secure the claims arising from the loan agreements, mortgages in the total amount of 1 920 000.00 euros have been set for the Properties in favour of the Collateral Agent.
In the bankruptcy proceedings of Tamme Arenduse OÜ (in bankruptcy), the trustee organized a public auction in order to sell the Properties in March 2021 with the initial price of 1 788 000 euros (including VAT). No bids for the Properties was received at this auction, thus the auction failed.
The trustee intends to hold the next auction in May 2021, with a starting price of 1 200 000.00 euros (including VAT). If the Properties were sold at such starting price, an estimated 65% of the principal of the loans would be repaid to the lenders.
The prices on the housing market have increased significantly during the period of this project. According to the current forecasts, the sales revenue of the project, if completed, would be significantly higher than in the initial business plan of Tamme Arenduse OÜ (in bankruptcy).
According to the construction expert who advised the Collateral Agent, at the current construction prices, it would be possible to complete the project according to the baseline scenario, which would potentially allow Lenders to repay 100% of the loan principal.
The Collateral Agent sees an opportunity to arrange the completion of the Property development, thereby creating preconditions for the Lenders to receive the principal of the loan in a larger extent compared to the result of the auction of the Properties. Specifically, the Collateral Agent considers it feasible to:
Acquire Properties from the bankruptcy process using claims against Tamme Arenduse OÜ (in bankruptcy) to settle the acquisition.
Involve a professional project manager who will take on the functions of General Contractor for the Property development project.
Finance the completion of the Property development with a bank loan.
Repay lenders all of the income received from the sale of the completed apartments, from which the costs related to the development activities have been deducted.
Pursuant to the above, the Collateral Agent makes the below proposal to the Lenders (hereinafter referred to as the Proposal) on how to potentially achieve the most effective recovery of the loans issued to Tamme Arenduse OÜ (in bankruptcy). If at least ⅔ of the lenders vote in favour of the Proposal (measured by the amount of capital involved, ie the amount of the principal claim arising from each loan agreement), we consider the Proposal made by the Collateral Agent accepted and initiate actions to implement the action plan described in the Proposal.
When voting for a proposal, the Lender:
Accepts the Proposal and authorizes the Collateral Agent to perform actions and transactions necessary for executing the action plan set out in the Proposal at the best discretion of the Collateral Agent.
Accepts that the Collateral Agent has the right to modify or complement the action plan set out in the Proposal at its own discretion in the event of clarification or change of circumstances during the implementation of the action plan.
Accepts that the Collateral Agent has a right but not the obligation to implement the action plan set out in the Proposal, i.e. the Collateral Agent has no obligation at any time to implement or to perform any actions or transactions set out in the Proposal. The Collateral Agent may waive the implementation of the action plan if, at Collateral Agent’s discretion and by Collateral Agent’s best assessment, the implementation of the action plan is not possible for any reason or it is no longer practical.
Understands that upon completion of the Property development by Tammelehe Vara OÜ, it is not guaranteed to receive a net profit to the extent that would enable the Claims of the Lenders arising from the loan agreements to be satisfied in full.
If less than ⅔ of the Lenders vote for the Proposal (measured by the amount of capital involved, ie the amount of principal claim arising from each loan agreement), we consider the Proposal rejected and await the results of the realization of the Properties in the bankruptcy proceedings. Taking into account the expected market value of the Properties, including the fact that the first auction of the Properties with an initial price of 1 788 000.00 euros (including VAT) failed, it is probable that as a result of the realization of the Properties in the bankruptcy proceedings, the obligations of Tamme Arenduse OÜ (in bankruptcy) to the Collateral Agent (and thus also the lenders) cannot be fulfilled in full.
Please read the following Proposal and vote for it by assigning the proposal from your investment account’s Agreement section. Voting ends at 5 PM on the 31st of May 2021. All lenders who will not vote are considered to have voted against the Proposal.
PROPOSAL:
The Collateral Agent is a sole proprietor of Tammelehe Vara OÜ (registry code 14182157), which aims to acquire the Tamme Arenduse OÜ (in bankruptcy) properties in the bankruptcy proceedings.
The Collateral Agent assigns its claims, recognized in the bankruptcy proceedings of Tamme Arenduse OÜ (in bankruptcy), to the extent that it is necessary at the best direction of the Collateral Agent, for the implementation of the action plan set out in the Proposal (hereinafter referred as Claims) to Tammelehe Vara OÜ.
Mortgages placed on properties in favour of the Collateral Agent shall be transferred to Tammelehe Vara OÜ.
In the sale of Properties in the framework of Tamme Arenduse OÜ (in bankruptcy) bankruptcy proceedings, Tammelehe Vara OÜ uses the Claims to acquire the Properties (the Claims will be off-set with the purchase price of the Properties).
Tammelehe Vara OÜ will involve additional funds if necessary and complete the developments of the Properties.
Tammelehe Vara OÜ shall pay for the Claims to the Collateral Agent after the completion of the development of the Properties. Any dispossession of the Properties by Tammelehe Vara OÜ is to be considered as the completion of the development of the Properties, and Tammelehe Vara OÜ has no obligation to develop the Properties into apartments before disposing of the Properties.
The purchase price of the Claims is the sum of the following cash flows:
- The total net profit earned as a result of the completion of the Property development (i.e. all income received from the disposal of apartments all income received from the disposal of the Properties in any other way, from which all expenses incurred from the Property development and/or construction of the apartments have been deducted, including the cost of raising additional funds.
- All payments by Tamme Arenduse OÜ (in bankruptcy) made to Tammelehe Vara OÜ within the bankruptcy proceedings in connection with the Claims.
The Collateral Agent shall satisfy the claims of the Lenders from the funds received from Tammelehe Vara OÜ for the assignment Claims, in accordance with the loan agreements.
If Tammelehe Vara OÜ is unable to acquire the Properties for any reason, Tammelehe Vara OÜ may, at its own discretion, assign the Claims and mortgages on the Properties (in case they have not been cancelled) back to the Collateral Agent or participate in the bankruptcy proceedings as a creditor until the end of the proceedings, in which case by paying the Collateral Agent the amount corresponding to the amount of payments made to Tammelehe Vara OÜ in connection with the Claims within the bankruptcy proceedings, as the purchase price of the claims.
Should You decide to vote for the proposal we ask You to:
Log in to Your Crowdestate* investment account and
Click on the "Contracts" link in Your portfolio overview. You will see a list of all Your contracts there, including the Proposal prepared by us. The Proposal needing Your approval is labelled as "needs attention". Your approval needs to be given separately for each investment made.
The process of signing the Proposal is the same as signing a loan agreement - You can confirm the agreement with an SMS or Google Authenticator code according to the authorization method You choose.
Voting ends at 5 PM on the 31st of May 2021. All Lenders who will not vote are considered to have voted against the Proposal.
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Investiert bei:
Mintos, RoboCash, Peerberry*, EstateGuru, Grupeer*, Crowdestate*, Crowdestor*, Twino*, Bondora*, ViaInvest, BulkEstate, Envestio, Reinvest24*, Seedrs*, Monethera |
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Lendlord
Anmeldedatum: 08.12.2016
Beiträge: 1127
Wohnort: Ba-Wü
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| Verfasst am: 10.05.2021, 12:58 Titel: Re: Crowdestate Erfahrungen (Estland) |
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Habe die o.g. Mail zu Tammelehe auch bekommen und bin unschlüssig, ob ich dem Antrag zustimmen soll.
An die Kollegen, die hier auch investiert sind: Was ist eure Meinung dazu bzw. wie würdet ihr abstimmen? Lieber die Sicherheit verkaufen lassen und somit mit einem Verlust (größer oder gleich 35 %) aus der Sache rauskommen? Oder lieber dem Antrag zustimmen, die Immobilie fertig stellen lassen (d.h. dann auch wieder länger warten müssen) und dann erst verkaufen? |
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llcj
Anmeldedatum: 10.12.2017
Beiträge: 23
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| Verfasst am: 10.05.2021, 16:26 Titel: Re: Crowdestate Erfahrungen (Estland) |
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Hallo, habe zugestimmt, da ich das Risiko einer Fertigstellung geringer einschätze als das einer kompletten Entwicklung. 35% Abschlag auf nominal bedeutet 50% Verzinsung für ??? Jahre, die Fertigstellung und Verkauf noch benötigen ... im Vertrauen darauf, dass Crowdestate* keine handwerklichen Fehler macht ...
BG
| Lendlord hat Folgendes geschrieben: | Habe die o.g. Mail zu Tammelehe auch bekommen und bin unschlüssig, ob ich dem Antrag zustimmen soll.
An die Kollegen, die hier auch investiert sind: Was ist eure Meinung dazu bzw. wie würdet ihr abstimmen? Lieber die Sicherheit verkaufen lassen und somit mit einem Verlust (größer oder gleich 35 %) aus der Sache rauskommen? Oder lieber dem Antrag zustimmen, die Immobilie fertig stellen lassen (d.h. dann auch wieder länger warten müssen) und dann erst verkaufen? |
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