NBI for Victoria Homes II

1. Executive Summary

stock.estate investors have the opportunity to co-finance a €600,000 facility to VZ Ideal Home Solutions SRL, a company within the North Bucharest Investments (NBI) group, for the acquisition of a portfolio of apartments in the Victoria Homes complex (Oxford by Victoria Homes), Bulevardul Pipera, Voluntari, next to Băneasa Forest. €400,000 is already committed and €200,000 is offered to investors over a 6-month term. 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 €900,000, 150% collateral coverage and 66.7% loan-to-value, registered before the funds are released. Minimum ticket: €100.

2. Location Analysis

Victoria Homes is located on Bulevardul Pipera in Voluntari, in the vicinity of Băneasa Forest, and is connected to the north of Bucharest through Pipera Boulevard and Erou Iancu Nicolae. Băneasa Forest is 5 minutes away and Henri Coandă International Airport about 15 minutes. International schools in the immediate area 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.

The Pipera area, a northern suburb of Bucharest, has established itself as one of the most sought-after locations for premium residential property. Its appeal lies in the mix of modern residential complexes and individual villas, often in gated communities with pools, green spaces and playgrounds, and in its proximity to the British School of Bucharest and the American International School. The area is popular with families, expatriates and professionals from the IT and financial sectors, and benefits from direct access to the A3 motorway, the ring road and the Pipera and Aurel Vlaicu metro stations.

3. Developer Profile

The complex. Oxford by Victoria Homes is built by ASCO Construcții, a contractor with 30 years of activity and a portfolio covering low-rise and high-rise residential, hotels and conference facilities, offices and commercial spaces, delivered in Romania as well as in Egypt, Tanzania, Chad, the Seychelles, Rwanda and Zambia.

The borrower. The loan beneficiary is VZ Ideal Home Solutions SRL (CUI 38432308, Trade Register J2017018415407, incorporated 1 November 2017), a Romanian company specialising in the acquisition and resale of premium residential properties in northern Bucharest. It is wholly owned by North Group Investments S.R.L. and forms part of the North Bucharest Investments (NBI) group, a Bucharest-based cluster of affiliated companies active across residential acquisition, resale, marketing, interior design and facility management. 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 Pavel Musteață.

The company operates the NBI buy-and-sell strategy: it acquires finished, registered units in top residential complexes at negotiated portfolio prices and resells them to end buyers through the group's retail sales network. VZ Ideal Home Solutions has been profitable in every reporting year since 2018 and is an established borrower on stock.estate, with previous facilities either repaid in full or performing.

4. Project Overview

• Property type: finished residential apartments with 2, 3 and 4 rooms in the Victoria Homes complex; acquisition and resale only, no construction or development work is financed
• Location: Bulevardul Pipera 159, Voluntari, Ilfov County, next to Băneasa Forest
• The complex: 20 buildings with a height regime of G+3F+4R on 45,667 sqm, comprising 899 apartments
• Legal status: units are acquired as completed and registered (intabulate) property; no construction permits apply to this transaction
• Use of proceeds: the €600,000 facility is applied to the acquisition of the apartment portfolio held under contract by VZ Ideal Home Solutions in Victoria Homes
• Collateral: first-rank mortgage over completed, registered apartments from the NBI group portfolio, aggregate value €900,000 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 retail 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 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 direct metro and motorway access.

Comparable developments in the area include Cosmopolis, a large self-sufficient community of over 4,800 homes near Ștefăneștii de Jos, and New Point, which targets professionals in Pipera with modern apartments and gated security. Oxford by Victoria Homes differentiates itself through its position next to Băneasa Forest combined with urban access via Pipera Boulevard.

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

Transaction economics. The full €600,000 raised through this campaign (€400,000 already committed and €200,000 offered to investors) is applied to the acquisition of the apartment portfolio. The units are resold to end buyers at a targeted 25% margin on acquisition cost.

Collateral coverage. First-rank mortgage over NBI group apartments valued at €900,000 on a purchase-price basis: 150% coverage, 66.7% LTV, registered before disbursement.

Borrower financials (EUR, filed statutory accounts):

VZ Ideal Home Solutions has been profitable every reporting year since 2018. Net turnover grew 197% in 2024 and a further 117% in 2025 to €5.71 million, with net profit of €540,067 and total equity of €1.25 million at end-2025. Real estate inventory held for resale rose from €3.54 million at end-2024 to €4.55 million at end-2025, alongside €917,591 in cash and bank accounts. The company has an established, fully repaid lending relationship with Libra Internet Bank.

Credit profile (Termene.ro, 8 September 2026). Commercial risk: Low (8.3/10). Insolvency rating: Class D (modelled probability 0.56%). Altman Z-score: low risk. Legal risk: Low. Tax status: active, VAT-registered, no ANAF arrears. The full financial and legal report is available in the Documents section.

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

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 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 has been profitable in every year since 2018, holds €4.55 million of completed apartments for resale (end-2025) and has its previous stock.estate facilities repaid or performing; 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 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 borrower'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).