NBI for Avalon

1. Executive Summary

stock.estate investors have the opportunity to co-finance a facility of €500,000 (funding target), up to €600,000 (maximum value of the offer) to MVI Brand Investments S.R.L., a company of the North Bucharest Investments (NBI) group, for the acquisition of a portfolio of completed apartments in Avalon Estate, the residential community developed by Prime Kapital on the shore of Lake Pipera, in the Aviației-Pipera area of northern Bucharest. €300,000 is already committed by the borrower and €200,000 of new money is sought to reach the target, with up to €300,000 of new money accepted up to the maximum on the same terms, from 24 October to 15 November 2026, over a 6-month term ending on 15 May 2027.

The NBI group is the counterparty behind this facility. The companies of the group, founded by entrepreneur Vladislav Musteață, reported an aggregate net turnover of RON 93.8 million (approx. €17.5 million) in 2025, up 53% on 2024 and the fifth consecutive year of growth, from RON 6.7 million in 2021.

The loan carries a progressive annual interest rate of 10.00% to 11.00%, fixed at the moment each investment is signed according to the invested amount; interest is paid monthly and principal is repaid in full at maturity. The loan is secured by a first-rank mortgage over completed, registered apartments from the NBI group portfolio valued at at least 150% of the amount raised (loan-to-value of at most 66.7%), registered before the funds are released. Minimum ticket: €100.

2. Location Analysis

Avalon Estate is located at Bulevardul Pipera nr. 1-VIII M, between Aviației and Pipera, on the shore of Lake Pipera. The community has its own access road from Bulevardul Pipera and is close to Bulevardul Barbu Văcărescu, Calea Floreasca and Bulevardul Dimitrie Pompeiu, the main office corridor of northern Bucharest. By car, Pipera Plaza is about 4 minutes away, Promenada Mall about 8 minutes, Băneasa Shopping City about 18 minutes and Henri Coandă International Airport about 20 minutes. The Aurel Vlaicu and Pipera metro stations are about 10 minutes by car, and bus lines 343, 416, 449, 450 and 459 stop nearby. Herăstrău Park is about 16 minutes away.

The Aviației-Pipera area is one of the most sought-after residential locations in Bucharest. It combines the city's largest concentration of modern office buildings with international schools and kindergartens, retail and direct access to the DN1 and A3 corridors. Demand comes from families, expatriates and professionals working in the nearby business district.

3. Developer Profile

The group. The North Bucharest Investments (NBI) group is a Bucharest real estate group founded by Vladislav Musteață, its founder and CEO. The group buys completed, registered apartments in established residential complexes in northern Bucharest at negotiated portfolio prices and resells them to end buyers through its own sales and marketing network, complemented by interior design and property management services. Its main operating companies are North Bucharest Marketing, VZ Ideal Home Solutions, Design Luxury Solutions, MVI Brand Investments and North Facility Services. The group's holding company is North Group Investments S.R.L.

The companies of the group have grown their aggregate net turnover in each of the last five years:

In 2025 the group reached RON 93.8 million (approx. €17.5 million) of net turnover, 53% more than in 2024 and almost 14 times the 2021 level, with an aggregate net profit of RON 10.1 million (approx. €1.9 million) and 43 employees. Over 2021 to 2025 the companies of the group recorded a cumulative net profit of RON 40.3 million and have no arrears to the Romanian tax authority (ANAF). The 2025 turnover came mainly from North Bucharest Marketing (RON 34.6 million), VZ Ideal Home Solutions (RON 29.1 million), Design Luxury Solutions (RON 20.2 million), MVI Brand Investments (RON 6.0 million) and North Bucharest Credit (RON 0.7 million). Figures are the sum of the statutory accounts filed by the group companies, as compiled by Termene.ro, and are not consolidated. The 2025 figures reflect the current group structure under North Group Investments S.R.L., including North Bucharest Credit S.R.L.

The NBI group is an established borrower on stock.estate: its companies have completed several financing rounds on the platform, with previous facilities repaid in full or performing on schedule.

The borrower. The loan beneficiary is MVI Brand Investments S.R.L. (CUI 41404839, Trade Register J2019009367405), a Romanian company active since 2019 in the purchase and sale of own real estate (CAEN 6810). It is wholly owned by North Group Investments S.R.L., its registered office is at Calea Floreasca 133-135-137 and Str. Cornescu 50-52, Et. 1, Sector 1, Bucharest, and it is administered by Vladislav Musteață. MVI Brand Investments reported net turnover of RON 5.97 million in 2025, up 73% on 2024, a net profit in every year since 2021 and RON 13.3 million of real estate inventory at the end of 2025.

The complex. Avalon Estate is developed by Prime Kapital, a real estate investor, developer and operator active in Central and Eastern Europe, whose Romanian portfolio includes the Marmura Residence and Silk District residential projects and a network of retail centres.

4. Project Overview

• Property type: completed residential apartments in the Avalon Estate community; acquisition and resale only, no construction or development work is financed
• Location: Bulevardul Pipera nr. 1-VIII M, Aviației-Pipera, northern Bucharest, on the shore of Lake Pipera
• The complex: 505 completed homes delivered in two phases (352 in phase 1 and 153 in phase 2), in buildings of at most four floors, with studios, 2-, 3- and 4-room apartments, penthouses, townhouses and villas
• Community: controlled 24/7 access, limited car access and pedestrian-only alleys, a central park, 28,000 sqm of green spaces and pedestrian alleys, a clubhouse with gym and sauna, a natural swimming pool filtered by aquatic plants, a children's playground and commercial spaces at the entrance
• Recognition: award for built architecture, collective housing, at the Bucharest Architecture Annual 2023
• Legal status: units are acquired as completed and registered (intabulate) property; no construction permits apply to this transaction
• Use of proceeds: the facility (€500,000 at target, up to €600,000) is applied to the acquisition of the apartment portfolio in Avalon Estate by MVI Brand Investments
• Collateral: first-rank mortgage over completed, registered apartments from the NBI group portfolio, aggregate value of at least 150% of the amount raised, on a purchase-price basis
• Mortgage timing: registered in the land register before disbursement; funds are released exclusively at the notarial session
• Exit: resale of the units to end buyers through the NBI sales network within the 6-month term

5. Market Analysis

The Bucharest residential market closed 2025 with an average asking price of €2,204 per sqm, up 16.6% year on year (Imobiliare.ro), with premium new-build stock in the north of the city, including Aviației and Pipera, trading above €2,500 per sqm. Northern Bucharest has consistently outperformed the citywide average on both price growth and absorption, supported by the concentration of multinational employers, international schools and metro and motorway access.

Avalon Estate is a completed community in which, according to the developer, only a few homes remain available for sale. Completed units in a sold-out, low-density community on the lake shore form a limited supply in a submarket where most new projects are high-rise buildings.

Two factors define the second half of 2026. The VAT increase on residential property from 9% to 21% on 1 August 2026 is a demand headwind for new-build resale. The ANCPI land-registry outage of 14 July to 11 August 2026 deferred a large volume of transactions; e-Terra has been operating again since 11-12 August 2026 and the backlog is being processed, so mortgages and sales can again be registered normally. The 6-month term of this facility limits investor exposure to both.

6. Financial Analysis

Transaction economics. The full amount raised through this campaign (€500,000 at the funding target, up to €600,000 at the maximum: €300,000 already committed plus €200,000 to €300,000 of new money) is applied to the acquisition of the apartment portfolio. The units are resold to end buyers at a targeted 25% margin on acquisition cost. The table below is presented at the maximum value of the offer (€600,000); at the funding target the same margins apply proportionally.

Collateral coverage. First-rank mortgage over NBI group apartments valued, on a purchase-price basis, at no less than 150% of the amount raised (LTV of at most 66.7%), registered before disbursement.

Group financials. Aggregate net turnover of the NBI group companies grew from RON 6.7 million in 2021 to RON 93.8 million in 2025 (approx. €17.5 million), with an aggregate net profit of RON 10.1 million in 2025 (see section 3).

Borrower financials (RON, filed statutory accounts):

MVI Brand Investments has recorded a net profit in every financial year since 2021. Net turnover rose 73% in 2025 to RON 5.97 million, inventory held for resale reached RON 13.3 million (approx. €2.5 million) and total equity RON 3.11 million at the end of 2025. The company has a fully repaid lending relationship with Libra Internet Bank.

Credit profile (Termene.ro, 24 October 2026). Commercial risk: Medium (7.3/10). Insolvency rating: Class D (modelled probability 0.56%). Legal risk: Low. Tax status: active, VAT-registered, no ANAF arrears. The full financial and legal reports are available in the Documents section.

Amounts in EUR are converted at the BNR rate of 23 October 2026, RON 5.3495 per EUR.

Repayment source. Principal is repaid from the resale of the Avalon Estate apartments and of units from the group's existing inventory through the NBI sales network.

7. Funding and Investment Opportunity

Loan parameters

How the progressive rate works. The annual interest rate of each investment is determined when the investment is signed, according to the invested amount, and remains fixed for the whole term. Investments of €1,000 or more receive the maximum rate of 11.00% per annum. Investors do not pay any platform fee on this campaign.

Repayment channels, in order of preference: (1) resale of the Avalon Estate apartments and of the group's existing inventory; (2) cash flow and equity injection at NBI group level; (3) bank refinancing; (4) a follow-on stock.estate facility.

Disclosure under Article 8(3) of Regulation (EU) 2020/1503. NORTH GROUP INVESTMENTS S.R.L., the sole shareholder of the borrower (beneficial owner Pavel Musteață), holds a 5% shareholding in STOCKESTATE CROWDFUNDING S.R.L., the operator of the platform. This offer is made on the same conditions as any other offer on the platform.

Platform. stock.estate is an ECSPR-licensed crowdfunding platform (ASF Romania, licence PJR28FSFPR/400002) under Regulation (EU) 2020/1503.

8. Risks and Mitigations

• Repayment / non-performance risk. The borrower could default on scheduled payments. Mitigation: the borrower has been profitable in every year since 2021 and held RON 13.3 million of real estate inventory at the end of 2025; the group behind it reported RON 93.8 million of aggregate turnover in 2025; the first-rank mortgage provides 150% coverage.
• Sales-cycle risk. If the Avalon Estate units sell more slowly than planned, principal repayment at month 6 depends on other liquidity sources. Mitigation: the group's sales network, existing inventory and the repayment channels listed above; interest accrues at 13.00% per annum if the term is extended.
• Sector and fiscal risk. The VAT increase from 9% to 21% effective 1 August 2026 is expected to compress new-build resale demand in the second half of 2026. Mitigation: the 6-month term limits exposure; the collateral is completed, registered stock in one of Bucharest's most liquid submarkets.
• Collateral valuation risk. Coverage is stated on a purchase-price basis rather than an independent appraisal. Mitigation: 150% coverage provides a 33.3% cushion to the loan; all designated units are completed and registered, and therefore immediately transferable.
• Concentration risk. Companies of the NBI group have other facilities outstanding on the platform. Mitigation: this facility has its own dedicated first-rank mortgage registered before disbursement; the group's previous offers are disclosed in the KIIS.
• Liquidity risk. There is no secondary market for this instrument. Mitigation: none beyond the fixed 6-month term; investors should size their allocation accordingly.
• Platform risk. Should stock.estate become unable to administer the loan agreement, an alternative arrangement is required. Mitigation: stock.estate will appoint a third-party loan administrator or transfer the agreement directly to investors; the platform operates under ASF licence PJR28FSFPR/400002.

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The project owner declares that, to the best of their knowledge, no information has been omitted or is materially misleading or inaccurate. The project owner is responsible for the preparation of the key investment information sheet (see Documents).