Bullet loan · interest-only until maturity (31.08.2027), principal (9.3M) repaid in full at maturity. Monthly interest = principal × rate ÷ 12.
Use bank credit · Euribor 6M + spread
Principal—
Euribor 6M
Spread
Annual rate—
Maturity31 aug 2027
Loan months—
Interest / month—
Total interest—
Equity offset—
Investment credit · 2.1M
Additional loan — same terms as bank credit, same maturity. Drawn only after partner equity is spent on construction. Requires bank credit (9.3M) to be active. Linear drawdown assumption based on monthly construction spend.
Use investment credit · requires bank credit
Principal—
Annual rate—
Maturity31 aug 2027
Monthly spend (build)—
Equity runway—
Drawdown months—
Interest / month avg—
Total interest—
Equity offset—
VAT revolving credit · 2.0M
VAT paid to suppliers on construction + non-salary soft costs is refunded by the state after 3 months. This revolving facility finances the 3-month timing gap. ROBOR 3M + spread. Requires bank credit (9.3M). When off, partners must lock up equity to cover VAT.
Use VAT credit · requires bank credit
VAT rate
ROBOR 3M
Spread
Annual rate—
VAT base—
Monthly VAT—
Avg balance (3mo)—
Facility cap—
Total interest—
Equity effect—
Retention · good-execution guarantee 5%
Withhold 5% of construction costs — acts as short-term financing (like the credit). Returned from sales 1.5 years after project end, so it's NOT cash you keep — it's a timing offset that reduces equity needed during construction.
Apply retention · 5% withheld from suppliers
Retention %
Cost basis—
Withheld now—
Released—
Equity offset—
Revenue optimization · buyback & resell
Buy back already-sold apartments at contract price, then resell at current list.