As pandemic has brought major reconsiderations to various businesses, VIA SMS Group is also reevaluating its ongoing projects. Reacting to the uncertainties in the Spanish real estate market, VIA SMS Group has decided to terminate its participation in the student hall development project in Barcelona in order to deepen its focus on consumer lending. VIA SMS Group has reached the agreement with its business partner – real estate developer R.evolution – to exit the project funding in the current development phase. Project remains to be continued from other sources of funding.
As follows, the Spanish business loan listed on VIAINVEST and respective business loan assignment agreements concluded with investors are also planned to be terminated before the initial loan end date. The agreements’ termination is set to October 16, 2020. All liabilities towards investors will be covered as initially planned by making the principal repayment and earned interest payout for the current period after the business loan assignment agreements are terminated. Please note that in case of the Spanish business loan the guaranteed annual interest rate is set to 8% and interest payments has been made every month since the individual investment date. More details on the Spanish business loan can be found in the loan profile.
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