NBI for Victoria Homes II - Private

1. Executive Summary

stock.estate investors have the opportunity to provide a €400,000 facility, with a maximum offer value of €500,000, to Design Luxury Solutions S.R.L., a company within the North Bucharest Investments (NBI) group, over a 6-month term at a fixed 16.00% per annum. The proceeds settle the final instalment of the purchase price for the last 20 apartments the company holds under contract in the Victoria Homes complex (Oxford by Victoria Homes), Bulevardul Pipera, Voluntari, next to Băneasa Forest. Interest is paid monthly; 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 €600,000, 150% collateral coverage and 66.7% loan-to-value, registered before the funds are released. This is a private deal with a minimum ticket of €25,000.

2. The Project

Oxford by Victoria Homes is located in the vicinity of Băneasa Forest and is connected to the north of Bucharest through Pipera Boulevard. Composed of 20 buildings with a height regime of G+3F+4R, the development extends over 45,667 sqm and comprises 899 apartments with 2, 3 and 4 rooms. The complex is built by ASCO Construcții, a contractor with 30 years of track record in Romania and abroad.

Design Luxury Solutions has contracted a portfolio of apartments in the complex under the NBI buy-and-sell model. Twenty of those units remain to be settled; this facility pays the last instalment of their purchase price so that the units can be taken over, registered in the company's name and released to the group's retail sales channel.

Location. The complex is 5 minutes from Băneasa Forest and about 15 minutes from Henri Coandă International Airport, with access to Pipera Boulevard and Erou Iancu Nicolae. International schools nearby include the American International School of Bucharest and Olga Gudynn International School (4 minutes) and the Cambridge School of Bucharest (11 minutes). Retail options include Mega Image Concept Store (4 minutes), Lidl (5 minutes) and Băneasa Shopping City (19 minutes); World Class and Stejarii Country Club are about 15 minutes away.

3. Borrower Profile

Design Luxury Solutions S.R.L. (CUI RO38158602, Trade Register J2017015070401, incorporated 2017) is a Romanian company specialising in the acquisition and resale of apartment portfolios in premium residential complexes in northern Bucharest. It is wholly owned by North Group Investments S.R.L. and forms part of the North Bucharest Investments (NBI) group. 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.

The company operates the NBI buy-and-sell strategy: it acquires finished, registered units at negotiated portfolio prices and distributes them through the group's retail sales network. In FY2025 it recorded net turnover of RON 20,176,988 (approximately €4.04 million) and net profit of RON 2,583,959 (approximately €517,000). The company is an established borrower on stock.estate, with all its previous facilities performing and no overdue amounts as at 4 September 2026.

4. Collateral Overview

The facility is secured by a first-rank mortgage over completed, registered (intabulate) apartments from the NBI group portfolio in northern Bucharest, free of encumbrances, with an aggregate value of €600,000 on a purchase-price basis (150% of the €400,000 target; if the offer is subscribed above target, the collateral schedule is sized to keep coverage at 150% of the amount actually disbursed).

• Property type: finished residential apartments, ready for occupancy; no construction or development work is involved
• Security instrument: first-rank mortgage; the unit-level schedule is annexed to the mortgage deed
• Mortgage timing: registered in the land register before disbursement; funds are released exclusively at the notarial session
• Valuation basis: purchase price

Location and connectivity. Pipera has become one of Bucharest's most active premium residential clusters: Pipera (M2) and Aurel Vlaicu (M2) metro stations, direct connection to the A3 motorway and the ring road, Băneasa airport at about 5 km and Henri Coandă at about 13 km, business centres such as Pipera Plaza, Cubic Center, Global Plaza and Swan Office Park, and retail at Promenada Mall and Băneasa Shopping City.

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 Pipera, trading above €2,500 per sqm. Northern Bucharest has consistently outperformed the citywide average on both price growth and absorption.

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; Parliament extended the 9% rate to 30 September 2026 for buyers holding pre-contracts. 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 accumulated 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

Use of proceeds. The full €400,000 (up to €500,000) is applied to the final instalment of the purchase price for the last 20 apartments under contract in Victoria Homes. No construction budget applies.

Cost of the facility. Interest accrues at 16.00% fixed per annum, 30/360, paid monthly. Over 6 months the gross interest cost on €400,000 is €32,000, for a total repayable of €432,000 at maturity (on €500,000: €40,000 interest, €540,000 total).

Collateral coverage. First-rank mortgage over NBI group apartments valued at €600,000: 150% coverage, 66.7% LTV, registered before disbursement.

Borrower financials (RON as filed; EUR converted at approximately 5.00 RON/EUR):

The 2023 loss reflects a transition year with limited revenue recognition ahead of the 2024 resale cycle. Turnover grew 568% in 2024 and a further 62% in 2025. Inventory held for resale rose to RON 40.3 million (approximately €8.1 million).

Credit profile (Termene.ro, most recent reporting). Commercial risk: Low (7.6/10). Insolvency rating: Class D (modelled probability 0.56%). Altman Z-score: very high. Legal risk: Low. Tax status: active, VAT-registered, no ANAF arrears. The company has an established, fully repaid lending relationship with Libra Internet Bank.

Repayment source. Principal is repaid from the resale of the Victoria Homes apartments and of units from the company's existing inventory through the NBI retail sales network.

7. Funding and Investment Opportunity

Loan parameters

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

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 company recorded net profit in both 2024 and 2025, holds RON 40.3 million of inventory for resale, and is current on all of its prior stock.estate facilities with no arrears as at 4 September 2026; the first-rank mortgage provides 150% coverage.
• Sales-cycle risk. If the Victoria Homes units sell more slowly than planned, principal repayment at month 6 depends on other liquidity sources. Mitigation: the group's retail sales network, existing inventory and the repayment channels listed above; interest accrues at 18.00% 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. The borrower has other facilities outstanding on the platform. Mitigation: all facilities are current with no arrears; this facility has its own dedicated first-rank mortgage registered before disbursement. The full list of the borrower's previous offers is 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. The €25,000 minimum ticket restricts this offer to investors able to bear that constraint.
• 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).