1. Executive Summary

IMPAKT REAL ESTATE SRL, operating under the Impakt brand, is seeking €425,000 in lending-based crowdfunding financing through stock.estate to complete the acquisition and begin development of a fully permitted residential project in Chinteni, Cluj County, Romania. The property comprises five adjacent intravilan land parcels totalling 4,269 m², for which four building permits have been issued authorising the construction of 4 duplex buildings (8 residential units). The land acquisition cost is €500,000, with total estimated construction costs of €675,000, bringing the total project cost to €1,175,000. The developer has pre-committed €300,000 in equity; the €425,000 loan will fund the remainder of the acquisition and initial development to approximately 30% completion. The loan carries a 12-month term at 14% p.a., with interest paid monthly and principal repaid at maturity (bullet repayment). The estimated gross development value is €2,000,000 (8 units at approximately €250,000 each at semi-finished stage), yielding a projected gross profit of approximately €825,000. The underlying asset has been independently appraised at €641,000 by NAPOCA BUSINESS SRL (ANEVAR-certified evaluator, report dated 4 March 2026), resulting in a loan-to-value ratio of approximately 66%. Security is provided by a first-rank mortgage over the acquired property, established upon completion of the ownership transfer. Construction is expected to be completed by fall 2026.

2. Location Analysis

Chinteni is a commune in Cluj County, Romania, located approximately 10–12 km north of Cluj-Napoca in the hilly area of the Podișul Someșan (Someș Plateau). The commune covers approximately 68 km² and has a population of approximately 4,000–4,500 residents, administratively divided into the villages of Chinteni (seat), Deușu, Feiurdeni, Satu Lung, and Vechea.

The property is situated in the Ady Endre street area of Chinteni, in a residential neighbourhood characterised by individual houses (D+P+M, D+P+E configurations) and available land plots. Access is via Ady Endre street, a public gravel road. The area is connected to Cluj-Napoca by communal and county roads, with metropolitan public transport (bus lines operated by Compania de Transport Public Cluj-Napoca) available within approximately 1,000 m.

Local infrastructure and amenities include public transport within 1,000 m, commercial centres within 1,000 m, educational institutions (school, kindergarten) within 1,500 m, and additional services (pharmacies, shops, places of worship) within 1,000 m. All major utilities — electricity, water, gas, sewage, telephony, cable TV, and internet — are present in the area. The environment is classified as low pollution with a quiet ambient.

Chinteni has experienced accelerated residential development in recent years, driven by the outward migration of families and professionals from Cluj-Napoca seeking lower-density housing while maintaining proximity to the city. According to the ANEVAR valuation report, the area represents a moderately stable real estate market with a slightly upward price trend, though subject to potential stagnation depending on macroeconomic and geopolitical conditions. Land prices for buildable plots in Chinteni range between €100 and €124 per m², significantly lower than intravilan Cluj-Napoca but above more distant localities.

3. Developer Profile

Legal entity: IMPAKT REAL ESTATE SRL Operating brand: Impakt Sector: Real estate agency and residential development Focus area: Cluj metropolitan area

IMPAKT REAL ESTATE SRL is active in the Cluj-Napoca metropolitan real estate market, specialising in small to medium-scale residential developments, particularly in the duplex and individual housing segment. The company operates across real estate transactions, suburban and urban residential developments, and standardised housing products targeting the mid-market buyer segment.

The developer has previously completed a financing transaction for a residential project under the name Impakt Villas through a crowdfunding structure, demonstrating experience in executing investment-backed developments.

Through the Impakt Chinteni project, the company continues to expand its portfolio in the villa and duplex segment within the Cluj metropolitan area.

4. Project Overview

Property type: Residential development — duplex housing (4 buildings, 8 units) Location: Chinteni, comuna Chinteni, jud. Cluj (Ady Endre street area), postal code 407205 Total land area: 4,269 m² (5 adjacent intravilan parcels) Current owner: GSM CONSTRUCT IMOBILIARE SRL Zoning: UTR = Lr (rural residential, low-rise regime)

Parcel breakdown:

• Cadastral no. 81955 — 700 m², rectangular, flat, 31 m street frontage
• Cadastral no. 81674 — 701 m², rectangular, flat, 29 m street frontage
• Cadastral no. 81673 — 700 m², rectangular, flat, 31 m street frontage
• Cadastral no. 81956 — 933 m², rectangular, flat, 62 m frontage (corner plot, two-street access)
• Cadastral no. 81675 — 1,235 m² (access road)

Building permits issued:

• AC nr. 71 / 11.04.2023 — 2 coupled dwellings P+E on cadastral no. 81673
• AC nr. 72 / 11.04.2023 — 2 coupled dwellings P+E on cadastral no. 81674
• AC nr. 75 / 27.04.2023 — 2 coupled dwellings P+E on cadastral no. 81955
• AC nr. 76 / 27.04.2023 — 2 coupled dwellings P+E on cadastral no. 81956

Unit specifications (per residential unit):

• Configuration: Ground floor + first floor (P+E)
• Maximum height: 9.90 m (ridge: 8.31 m, cornice: 5.41 m)
• Developed area: 190.24 m²
• Built area (footprint): 104.82 m²
• Usable area: 119.28 m²
• Livable area: 73.25 m²
• Parking: 2 spaces per unit (on-site)
• Importance category: D

Construction specifications:

• Foundations: continuous plain concrete
• Structure: reinforced concrete beams, columns, and stiffening cores; load-bearing masonry walls
• Floor slabs: reinforced concrete slab over ground floor; timber floor over first floor
• Roof: timber truss structure with terracotta ceramic tile cladding
• Fencing: reinforced concrete base with white decorative plaster and grey metal panels
• Utilities: water and sewage via extension of existing networks; electricity connection; rainwater collected locally

Permit validity: Building permits were issued in April 2023 with a 24-month initial validity period and a 36-month execution duration. The permits have been extended and remain valid.

Expected completion: Fall 2026

Energy performance certificates: In order.

Project status:

• Independent ANEVAR valuation completed (4 March 2026)
• Building permits issued (April 2023) and extended
• Acquisition transaction structured; pending completion of crowdfunding
• Construction to commence immediately following ownership transfer
• Target completion: fall 2026

5. Market Analysis

The Cluj-Napoca metropolitan area is one of the most active residential real estate markets in Romania, characterised by sustained demand for new housing and a structural shortage of individual homes in proximity to the city.

Suburban locations such as Chinteni have attracted increasing demand from buyers seeking larger living spaces and lower-density residential environments while maintaining access to Cluj-Napoca's employment centres and urban services.

According to the ANEVAR valuation report (March 2026), the land market in Chinteni is characterised by a varied supply of buildable plots, predominantly in the 400–800 m² range, with prices between €100 and €124 per m² for construction-ready land. The appraised value of the subject property corresponds to approximately €150 per m² when accounting for the land's permitted development status and utility access.

Demand is driven by three principal buyer categories: (1) young families and professionals from Cluj-Napoca seeking individual housing on medium-sized plots (400–700 m²); (2) small-scale developers acquiring larger parcels for duplex or small residential ensemble projects; and (3) individual investors acquiring land for medium-term capital preservation.

The valuation report estimates the market value of a single duplex unit at the semi-finished stage at approximately €250,000. On this basis, the total estimated gross development value (GDV) of the 8-unit project is approximately €2,000,000.

The market is assessed as moderately stable, with a slightly upward price trend, though the report notes that geopolitical instability and macroeconomic factors could lead to stagnation or mild correction in the short term. The property's estimated exposure period for sale under normal market conditions is 6–9 months.

6. Financial Analysis

• Land acquisition cost: €500,000
• Total estimated construction cost: €675,000 (approximately €84,375 per unit)
• Total project cost: €1,175,000
• Pre-committed equity (developer): €300,000
• Crowdfunding loan amount: €425,000
• Total initial funding: €725,000 (covers land acquisition + development to approximately 30% completion)
• Appraised land value (ANEVAR, March 2026): €641,000
• Estimated unit sale price (semi-finished): €250,000 per unit
• Estimated gross development value (8 units): €2,000,000
• Projected gross profit: approximately €825,000
• Projected profit margin: approximately 41%
• Repayment source: Proceeds from the sale of the 8 residential units

7. Funding and Investment Opportunity

• Total loan amount: €425,000
• Loan term: 12 months
• Annual interest rate: 14% p.a.
• Interest payment: Monthly, throughout the loan term
• Principal repayment: Bullet — full repayment at maturity
• Use of funds: Completion of property acquisition and initial development to approximately 30% construction progress
• Security: First-rank mortgage over the acquired property (5 land parcels, 4,269 m²) and future developments thereon
• Mortgage establishment: Upon completion of ownership transfer to STOCKESTATE CROWDFUNDING SRL
• Appraised asset value: €641,000
• Loan-to-value ratio: approximately 66%
• Security coverage ratio: approximately 151% (€641,000 / €425,000)

8. Risks and Mitigations

Market Risk Risk: A slowdown in residential demand in the Cluj metropolitan area could extend sales timelines beyond the loan term. Mitigation: The project targets the duplex/individual housing segment in a high-demand suburban location, driven primarily by end-user demand rather than speculative activity, providing relative price stability.

Acquisition and Execution Risk Risk: The acquisition must be completed as planned following successful fundraising, and construction must proceed without material delays. Mitigation: The developer has pre-committed €300,000 in equity, reducing execution risk. The project is fully permitted, allowing construction to begin immediately upon ownership transfer.

Building Permit Validity Risk Risk: The building permits were originally issued in April 2023; if not extended, they could expire before construction begins. Mitigation: All four building permits have been extended and remain valid. The 36-month execution duration provides sufficient time for project completion by fall 2026.

Repayment Risk Risk: If unit sales proceed more slowly than projected, the developer may face difficulty repaying the loan at maturity. Mitigation: The estimated GDV of €2,000,000 provides substantial headroom relative to the €425,000 loan. The loan is further secured by a first-rank mortgage over an asset appraised at €641,000 (151% coverage).

Security Timing Risk Risk: The mortgage is established post-acquisition rather than at the time of fund disbursement. Mitigation: The mortgage is created immediately upon completion of the ownership transfer. The structure is designed so that fund disbursement and notarial mortgage signing occur in close sequence.

Construction Cost Risk Risk: Rising material and labour costs could erode the project's profitability and affect the developer's ability to complete and sell units at projected prices. Mitigation: The total construction budget of €675,000 has been estimated against a GDV of €2,000,000, providing a gross margin of approximately 41%. The duplex typology uses standardised construction methods, and the developer has prior experience delivering similar projects.