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The idea for the SPV Prolog S.A. was created by the four founding banks, Spuerkeess, Banque Internationale à Luxembourg (BIL), Banque Raiffeisen and Société Nationale de Crédit et d'Investissement (SNCI), now joined by Banque de Luxembourg. Its aim is to unblock the situation of properties where construction has started but which cannot be put on the market due to a lack of sufficient pre-sales.
A 7-phase process
Phase 1: The developer obtains the necessary permits and markets the units in its residential development.
Phase 2: Some of the units are sold on a VEFA (VEFA future state of completion) basis, but because the number of units sold is insufficient, the developer is unable to obtain the necessary financing from its bank. Construction cannot begin.
Phase 3: The developer can submit his project to Prolog S.A. via one of the participating banks, so that Prolog S.A. can commit to buying (via an option) the unsold properties at a discount (to be defined on a case-by-case basis).
Phase 4: Prolog S.A's Investment Committee analyses the project. The conditions to be met include the following
- the project presented must be viable and meet market needs (e.g. luxury flats excluded).
- a pre-sales threshold of 50% of the programme has already been reached.
Phase 5: Thanks to Prolog S.A.'s commitment, the developer will be able to obtain the financing he needs from his bank to complete the project.
Phase 6: Construction can begin. At the same time, the developer continues to sell unsold units freely on the market.
Phase 7: If any units remain unsold at the time of completion, the developer asks Prolog S.A. to acquire them with a view to their subsequent resale by the SPV.