NBI for Yacht-Kid

1. Executive Summary

This campaign seeks to raise €500,000 on the stock.estate platform:

• €200,000 pre-committed by the beneficiary group (NBI)
• €300,000 offered to the investor community

The proceeds will finance the final acquisition tranche of a portfolio of apartments in YACHT KID, a lakeside luxury residential complex on Lake Tei, in the northern corridor of Bucharest, delivered by the KID Group of companies through its developer entity KID PROJECT DESIGN SRL. The beneficiary, VZ Ideal Home Solutions SRL, operates within the North Bucharest Investments (NBI) Group and deploys a buy-and-sell strategy, targeting full exit once resale prices reach the pre-set target profit threshold.

Investor terms at a glance:

• Fixed interest rate: 9.0% per annum
• Performance-linked cashback: up to 6.0% per annum
• Maximum effective yield: up to 15.0% per annum
• Loan term: 6 months
• Collateral: first-rank mortgage over NBI-owned residential apartments, at 150% coverage and a 60% loan-to-value
• Interest paid monthly; principal repaid in full at maturity

2. Location Analysis

YACHT KID is located on Str. Anton Holban, Sector 2, Bucharest, on the shores of Lake Tei, within the Fabrica de Glucoză neighbourhood. This segment of northern Bucharest has transformed over the past decade from vacant land into one of the capital's most active premium residential clusters. The site sits directly on the lakefront, with access to a 10,000 sqm public park and integration into a larger masterplan designed to accommodate approximately 20,000 residents at full build-out.

Connectivity and amenities in the immediate catchment:

• Business districts (Floreasca, Aurel Vlaicu, Pipera): 10 to 15 minutes by car via Barbu Văcărescu and Pipera boulevards
• Henri Coandă International Airport: approximately 20 minutes
• Shopping and lifestyle: Promenada Mall, Băneasa Shopping City
• International schools: American International School of Bucharest, British School of Bucharest, Cambridge School
• Employment base: concentration of Bucharest's IT, banking and professional services workforce

Market positioning. Northern Bucharest has consistently outperformed the broader capital on both pricing and demand. Imobiliare.ro data shows Bucharest's average listed apartment price reached €2,204 per sqm at end-2025, up 16.6% year-on-year, with premium northern new-build stock routinely transacting above €2,500 per sqm and luxury segment units between €3,000 and €4,000 per sqm.

3. Developer Profile

The YACHT KID complex has been developed by the KID Group of companies, with KID PROJECT DESIGN SRL acting as the lead development entity.

Legal identifiers:

• CUI: 38632756
• Trade register: J2017020922403
• Incorporated: 22 December 2017
• Registered office: Intrarea Chefalului 12H, Etaj 7, Ap. 4, Sector 2, Bucharest
• Primary activity: CAEN 4110 (real estate development)
• Shareholders: Bogdan Daniel Ghiță (50%) and Răzvan-Valentin Ghiță (50%)
• Administrator: Bogdan Daniel Ghiță

Risk profile (Termene.ro, April 2026):

• Commercial risk: Low (8/10)
• Insolvency rating: Class B (0.08% modelled probability)
• Legal risk: Low
• Fiscal status: Active, VAT-registered, no ANAF arrears

No material court proceedings against the company. A single 2022 civil case appears in the registry in which KID PROJECT DESIGN was cited as a third party, not as a defendant.

Financial trajectory (EUR, filed statutory accounts):

The trajectory reflects a development cycle typical of a single-project residential platform: peak liabilities during the construction phase from 2021 to 2023, followed by rapid deleveraging and revenue recognition as units are handed over. The total investment in the YACHT KID project was approximately €35 million. Construction began in 2021 and was completed in 2023; as of early 2025, 80% of the units had been handed over to end-buyers.

4. Campaign Beneficiary Profile

The borrower under this campaign is VZ Ideal Home Solutions SRL.

Legal identifiers:

• CUI: 38432308
• Trade register: J40/18415/2017
• Legal Entity Identifier (LEI): 9845000CB54Y7CC0AF84
• Incorporated: 1 November 2017
• Registered office: Calea Floreasca 133-135-137 and Str. Cornescu 50-52, Etaj 1, Sector 1, Bucharest
• Primary activity: CAEN 6810 (purchase and sale of own real estate)
• Share capital: EUR 40.59
• Administrator: Pavel Musteață (since 10 October 2018)
• Ultimate beneficial owner: Pavel Musteață (100%, via NORTH GROUP INVESTMENTS S.R.L.)

Group structure. VZ Ideal Home Solutions SRL is wholly owned by NORTH GROUP INVESTMENTS S.R.L., which in turn is 100% owned and administered by Pavel Musteață. The company forms part of the North Bucharest Investments (NBI) Group, a Bucharest-based cluster of affiliated entities active across residential acquisition, flipping, marketing, design and facility management.

The group operates from a shared registered office on Calea Floreasca, Sector 1.

Risk profile (Termene.ro, April 2026):

• Commercial risk: Low (8.5/10)
• Insolvency rating: Class D (0.56% modelled probability)
• Altman Z score: Medium
• Legal risk: Low
• Fiscal status: Active, VAT-registered since 1 September 2018, no ANAF arrears

The registry shows no material court proceedings against the company and no entries in the Insolvency Proceedings Bulletin (BPI).

Banking credit history. VZ Ideal Home Solutions has an established borrowing relationship with LIBRA INTERNET BANK. Since 2021, the company has taken out and fully repaid multiple mortgage-backed working capital facilities with Libra, most recently a set of facilities opened in April 2024 and discharged within the same year. There are no currently active mortgage registrations at the AEGRM / RNPM as of the reporting date.

Financial trajectory (EUR, filed statutory accounts):

Operating track record. VZ Ideal Home Solutions has been profitable every reporting year since 2018, with a cumulative net profit of approximately €1.32 million over seven consecutive profitable periods (2018 to 2024). Revenue grew by 197% year-on-year in 2024 as the company scaled its acquisition pipeline, with the real estate stock held for resale increasing from €2.56 million at end-2023 to €3.54 million at end-2024.

Group track record. At group level, NBI has cumulatively raised and deployed over €2 million through prior stock.estate crowdfunding campaigns executed on a comparable residential flipping strategy, with an average holding period of approximately 12 months per cycle.

5. Project Overview

YACHT KID is a delivered, operating lakefront residential complex designed by X Architecture & Engineering Consult, with architecture and materials specification inspired by the yachting industry.

Property specification:

• Type: premium residential condominium complex
• Location: Str. Anton Holban, Sector 2, Bucharest, on the shore of Lake Tei
• Scale: over 200 apartments across multiple buildings, plus a ground-floor commercial layer and underground parking
• Unit typology: 2-room, 3-room and 4-room apartments, plus duplex units; selected units feature private pools
• Energy class: top energy efficiency class

Technical specification:

• Prefabricated external wall system with patented façade technology
• Yacht-composite decorative elements
• Best-in-class acoustic and thermal insulation
• Fire and condensation protection
• 24/7 on-site security with full CCTV coverage

On-site commercial offer (fully operational):

• Café with in-apartment delivery
• Minimarket
• MOB | Ministry of Beauty salon
• AMCOR dental clinic
• TC Joyeria luxury boutique
• Hot pilates studio
• Ghost Agency (media and BTL)

Urban context. YACHT KID forms part of a long-term urban development masterplan targeting approximately 20,000 residents at full build-out.

Delivery status. Construction began in 2021 and was completed in 2023. As of early 2025, approximately 80% of units had been handed over to end-buyers.

International recognition. The project has received five international architectural distinctions:

• ICONIC AWARDS 2025: Winner, Architecture / Residential
• German Design Awards 2025: "Excellent Architecture"
• Architecture Masterprize 2024: Honorable Mention, Residential Architecture (Multi Unit)
• Built Design Awards 2024: Honorable Mention, Architectural Design / Residential
• SHARE Architecture Award 2024

6. Market Analysis

The northern Bucharest corridor, encompassing Floreasca, Fabrica de Glucoză, Pipera, Băneasa and Herăstrău, is the capital's reference premium residential submarket.

Published indicators (end-2025):

• Bucharest average listed price: €2,204 per sqm, up 16.6% year-on-year (Imobiliare.ro, Global Property Guide, December 2025)
• Premium northern new-build: typically €2,500 to €4,000 per sqm
• Ultra-luxury segment: €4,000 to €7,000+ per sqm
• 2024 price growth: 15% to 22% city-wide (Imobiliare.ro, Investropa)
• 2026 forecast: further 3% to 6% price growth in the north and north-east corridor, concentrated in green-certified and premium assets
• Rental yields: 6% to 9% in premium northern districts (Investropa, 2025)

Supply dynamics. National residential completions declined 4.7% year-on-year across the first three quarters of 2025, and Bucharest-Ilfov deliveries remain 24% below the 2022 peak. This structural supply constraint supports pricing in premium stock.

Liquidity. Bucharest-Ilfov accounted for approximately 35% of all Romanian residential transactions in 2025, making it the deepest and most liquid submarket in the country.

International comparison. On a euro-per-sqm basis, Bucharest remains materially below the Central and Eastern European average for comparable capitals, supporting continued price convergence and sustained foreign-buyer interest in premium stock of the YACHT KID type.

7. Financial Analysis

The strategy is a pure buy-and-sell flip, with no refurbishment or fit-out works contemplated.

Use of proceeds. NBI has committed to the acquisition of a portfolio of apartments in YACHT KID. The €500,000 raised through this campaign is earmarked for the final payment tranche of that acquisition.

Exit mechanism. Direct resale of the acquired portfolio to end-buyers. The exit is triggered once market prices for the targeted units reach the pre-set target profit threshold. Repayment of the loan principal, and all accrued interest and cashback obligations, derives from the proceeds of this resale.

Pricing anchor. The reference pricing anchor is provided in the Market Analysis section: €2,500 to €4,000 per sqm in the premium northern Bucharest new-build segment.

8. Funding and Investment Opportunity

How the cashback works. The early-bird and volume tier cashback components are cumulative. A €100,000 commitment placed within the first 7 days qualifies for the full 6% per annum cashback on top of the 9% per annum fixed interest, for a maximum effective return of 15% per annum.

9. Risks and Mitigations

Market risk

Risk. A slowdown in the Bucharest premium residential market could extend the resale timeline or compress sale prices.

Mitigation. The loan is structured at a conservative 60% loan-to-value and a 150% mortgage coverage, providing a material buffer against price movement. Northern Bucharest has delivered double-digit price growth in each of the past two years and faces a structural supply deficit through 2026.

Execution risk

Risk. The resale pace for the acquired YACHT KID portfolio depends on continued end-buyer demand in the complex.

Mitigation. YACHT KID is a delivered, occupied asset with approximately 80% of units already sold to end-buyers by early 2025, indicating strong absorption. NBI Group operates an integrated sales and marketing function through North Bucharest Marketing S.R.L., and has previously executed comparable flip strategies funded through stock.estate.

Repayment risk

Risk. Bullet repayment concentrates principal return at maturity, creating single-point cashflow exposure.

Mitigation. Repayment is secured by a first-rank mortgage at 150% coverage over NBI-owned residential apartments, enforceable by the platform under ECSPR procedures. The beneficiary has an established repayment track record with LIBRA INTERNET BANK, evidenced by multiple mortgage-backed facilities fully repaid between 2021 and 2024.

Regulatory and fiscal risk

Risk. Changes to VAT treatment of new-build residential sales (applied from 1 August 2025) and other fiscal adjustments can affect end-buyer demand.

Mitigation. The short loan duration limits exposure to medium-term regulatory drift, and the acquisition pricing provides margin resilience against short-term demand effects.

Counterparty risk (developer)

Risk. The project depends on continued cooperation with the developer, KID PROJECT DESIGN SRL, for title transfer and completion of acquisitions.

Mitigation. The developer carries a low commercial and legal risk profile, has no ANAF arrears, has delivered the YACHT KID complex in full, and reported €22.3 million in 2024 revenue with a 39.6% net margin and €11.4 million in total equity.

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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).