Partially completed multi-family building in established Ruhr area location. Bank workout situation with substantial value appreciation potential upon completion.
The financing bank has terminated all three loans. Without timely repayment, forced auction below market value is imminent.
The original GC disappeared with approx. €1M. A new general contractor is under contract. Legal action has been initiated.
First-rank land charge possible. Additional property in Berlin available as cross-collateral negotiable.
Construction Status (Photos available after NDA)
Current construction photos will be provided after signing an NDA.
The Berlin bank will only finance the planned renovation after successful resolution of the Bochum project.
Only 4 weeks until bank deadline. Non-repayment leads to forced auction below market value.
Previous general contractor disappeared with ~€1M. Execution risks present.
€3.5M completion costs based on estimate. Cost buffer may be required.
Ruhr area residential market stable. Demand for multi-family housing present. Exit market intact.