2023-04-24 08:00:51
Metrovacesa will obtain a total of 34.05 million euros from the BBVA bank, a significant shareholder of the real estate developer with 20.85% of its share capital, for a developer loan and a ‘confirming’ line, Metrovacesa reported last Thursday to the CNMV.
In this way, BBVA will grant him a developer loan of 19.95 million euros for the Himalaya real estate project, located in Seville. This credit will have a mortgage guarantee, an opening commission of 50 basis points, interest rates equivalent to Euribor plus 250 basis points and a repayment period of up to 360 months.
On the other hand, the financial entity will sign a ‘confirming’ contract for the same real estate development equivalent to the cost of the construction of Himalaya, which is estimated at approximately 14.1 million euros. In this case, there will be no term or commissions of any kind, while the guarantee will be the work section of the developer loan.
To these two operations we must add the line of credit of six million euros that has already been granted BBVA in March to Metrovacesa for working capital needs and justified project expenses. This specified that it would have a corporate guarantee, an opening commission of 75 basis points, interest equivalent to Euribor plus 250 basis points and a repayment term of twelve months.
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