{"investor_group_id":"1","date_received":"2025-12-20","question_original":"What is the rationale for using 66% of the official fiscal value, rather than an independent market valuation, as the reference for collateral coverage?","internal_owner_id":"4","draft_answer":"The use of 66% of the official fiscal value is intended as a conservative and transparent metric based on a public, auditable reference (National Registry). Official fiscal values tend to lag market prices and are generally below recent transaction levels, so applying a 34% haircut to this already conservative baseline results in a prudent collateral coverage ratio. Independent third\u2011party appraisals may be commissioned to provide an additional market\u2011based view, but our intention is not to rely solely on potentially more volatile market valuations for minimum coverage tests.","final_answer":"","status":"In progress","priority":"Medium","version":"V1 2025\u201112\u201122","update_date":"2025-12-23","linked_faq_id":"3","notes":"I hope they will be satisfied with this, otherwise we will have to dwelve deeper and explain there is a huge difference between third party assessors like Iicicor and market reality. Market reality being we have sold 42 lots until now at much muvch higher valuation than both what a third party like icicor would give and what is in the registry.","updated_at":"2025-12-23 12:23:36"}