CUEN – Cuentas, Inc. Announces Financing Terms for Tampa Real Estate Venture Through Lender $3,0000,000 Mortgage Extension

Cuentas, Inc. discloses the overarching terms of its mortgage and loan agreement conditions, including a $500,000 Line of Credit.  Cuentas Casa is poised to embark on the commencement of the Tampa real estate project development, further reinforcing its commitment to growth and innovation.

MIAMI BEACH, FL, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Cuentas, Inc. (OTC: CUEN & CUENW) (“CUEN” or “the Company”), the trailblazing force behind fully integrated real estate, telecommunications, and financial applications for the unbanked and underbanked Hispanic market, has unveiled key developments related to its Tampa project and associated line of credit, signaling the imminent launch of the transformative Cuentas Casa initiative.

Cuentas proudly announces that it has successfully negotiated favorable terms for the extension of its mortgage, amounting to Three million dollars ($3,000,000), with its current mortgage lender. This extension underscores the strong support from the financial institution for Cuentas' real estate ventures. Simultaneously, in a strategic move, Cuentas and its development partners have secured a line of credit totaling Five hundred thousand dollars ($500,000). This financial injection is aimed at expediting the project by facilitating construction permits and obtaining groundbreaking approval.

This milestone achievement not only highlights the progress of the Cuentas Casa division but also symbolizes the trust bestowed upon Cuentas and its management by both the mortgage and line of credit lenders. The Company's organizational commitment is unwavering, with plans to initiate groundbreaking at the earliest, leveraging its extensive experience, strategic partnerships with building materials suppliers, and cutting-edge technologies. The innovative modular construction method, aligned with the Company's mission, promises durable and high-quality housing solutions for lower-income families.

With a majority stake in the Tampa project, Cuentas has enhanced its terms to include a right of first refusal for any additional equity contributions, potentially increasing its future partnership participation. Notably, the Tampa area has been recognized as one of the fastest-growing real estate markets in 2022 by Zillow. Anticipating a reduction in mortgage rates, Cuentas foresees increased interest from prospective buyers within the targeted demographic market served by Cuentas Casa.