1. Executive Summary

This crowdfunding campaign seeks to raise up to EUR 350,000 to finance REAL ESTATE CONCEPT S.R.L., a residential developer based in Constanța, Romania. The proceeds refinance an existing loan secured on the collateral property and fund the completion of the interior works of a P+3 residential building on Prelungirea Recoltei street, comprising one commercial unit and 16 apartments (2 and 3 rooms), currently at approximately 90% completion. The developer has already invested around EUR 990,000 in the project, so this campaign of EUR 350,000 represents the final layer of a total project funding of approximately EUR 1,340,000. The loan has a term of 12 months, pays a fixed return of 13.5% per annum plus a volume cashback of up to 2% per annum (effective yield up to 15.5%), with interest paid monthly and principal repaid as a single bullet at maturity. The loan is secured by a first-rank mortgage over a separate property independently appraised at EUR 751,000, equal to approximately 214% coverage of the loan and a loan-to-value of roughly 47%.

2. Location Analysis

The project is located in Constanța, the largest city on Romania's Black Sea coast and the country's principal maritime port, situated approximately 225 km east of Bucharest and directly linked to the capital by the A2 motorway. The city combines a year-round port and logistics economy with strong seasonal tourism anchored by the adjacent Mamaia resort, one of Romania's best-known coastal destinations. Constanța is also a regional university and administrative centre, which sustains baseline residential demand alongside the seasonal investor segment.

The Constanța residential market is among the strongest performers nationally. In May 2026 the average asking price for apartments reached the threshold of 2,000 EUR per usable square metre, the first time the local market crossed that level, representing an annual increase of 8.4% compared with May 2025 (Imobiliare.ro Index). A significant part of this dynamic is driven by real-estate investors: the proximity of the Mamaia resort and demand for holiday homes and short-term rental apartments keep continuous pressure on supply, while available land in the better areas of the city becomes increasingly scarce.

3. Developer Profile

Legal entity: REAL ESTATE CONCEPT S.R.L., a Romanian limited liability company registered in Constanța (Trade Register no. J13/317/2020, sole tax code 42209330, incorporated on 04.02.2020). The company is owned equally by Samara Costin (50%) and Pescu Naciu (50%), both serving as administrators.

The company specialises in residential real-estate development on a build-and-sell model: it develops apartment buildings and sells the individual units to end buyers. Its track record includes a completed 9-apartment residential building on Corneliu Baba street in Constanța, accepted in 2024. The current development is the P+3 building on Prelungirea Recoltei street no. 2, comprising one commercial unit and 16 two- and three-room apartments, now in its final stage at roughly 90% completion, with construction having started in November 2024.

4. Project Overview

• Property type: new residential building, structure P+3 (ground floor plus three upper floors)
• Address: Str. Prelungirea Recoltei no. 2, Constanța, Constanța County, Romania
• Configuration: 1 commercial unit + 16 apartments (mix of 2-room and 3-room units)
• Construction status: approximately 90% complete; only interior finishing works remain
• Construction start: November 2024
• Expected completion: on completion of the remaining interior works
• Commercialisation status: several apartments already under contract; the commercial unit and a number of apartments remain available for sale

5. Market Analysis

Constanța is one of only a small group of Romanian cities where average residential asking prices have reached or exceeded the 2,000 EUR per usable square metre level. According to the Imobiliare.ro Index, the average asking price in Constanța reached 2,000 EUR per usable square metre for the first time in May 2026. A parallel dataset from the Storia portal placed the city's average slightly below that mark, at around 1,975 EUR per usable square metre. The new-build segment in particular is appreciating quickly: among Romanian cities, Constanța, Timișoara and Craiova recorded the largest year-on-year price increases for new apartments, at 12%.

At prevailing levels, the project's product mix sits squarely in the most liquid part of the local market. At an average of 2,000 EUR per usable square metre, a two-room apartment of around 50 usable square metres reaches an average price of approximately 100,000 EUR, while a three-room apartment of around 70 usable square metres reaches approximately 140,000 EUR. The project consists exclusively of 2- and 3-room apartments, which are the formats most readily absorbed by both owner-occupiers and the investor/short-term-rental segment that characterises Constanța.

Investors should weigh these dynamics against the wider national backdrop. Transaction volumes have been declining and buyers have become more cautious and price-sensitive, in a context of high inflation, rising mortgage rates and an increase in VAT from 19% to 21%, with analysts noting the risk of a market correction if prices continue to outpace incomes. The project's reliance on a first-rank mortgage with substantial over-collateralisation (Section 7) is the principal structural mitigant against this market risk.

6. Financial Analysis

This transaction is an acquisition/refinance-and-completion deal rather than a build-to-sell flip, so it is assessed on project economics, use of proceeds, collateral coverage, company financial trajectory and repayment source.

Project economics (transaction profitability). The land was acquired through an in-kind exchange of 4 of the building's apartments, so it carries no cash acquisition cost, and those 4 units are excluded from the saleable inventory. The developer therefore retains 13 of the 17 units for sale.

Estimated revenues are based on the developer's range of EUR 1,550,000 to 1,600,000 (mid-point used). Financing costs cover interest, origination and administration fees and volume cashback on the stock.estate facility.

Developer contribution. The developer has already invested approximately EUR 990,000 in construction works, equal to around 90% of the total construction budget of EUR 1.1 million, in addition to the land contributed in kind. This already-sunk equity represents substantial skin in the game and means the campaign funds only the final stage of an advanced, profitable project.

Use of proceeds (this campaign, EUR 350,000, indicative).

Collateral coverage.

Company financials and trajectory (per filed annual statements, in EUR):

Converted at 1 EUR = 5.2353 RON.

The company posted a strong 2023, followed by a significant loss in 2024 that pushed equity negative, and a much smaller loss in 2025. As of 31.12.2025 the company reported negative total equity of EUR −152,699. This balance-sheet weakness is the principal credit consideration of the transaction and is the reason the financing is structured as a collateral-secured loan: repayment relies on the profitable underlying project, asset sales and the first-rank mortgage rather than on the company's current equity.

Repayment source: repayment is sourced from the sale of the retained units and the collection of outstanding amounts from apartments already under contract, with bank refinancing, additional developer equity and a potential follow-on stock.estate facility available as secondary paths (see Section 7).

7. Funding and Investment Opportunity

Loan parameters:

Capital stack and funding plan. The total project funding of approximately EUR 1,340,000 is built from the developer's own contribution of roughly EUR 990,000 already invested in construction, plus the land contributed in kind, and this campaign's tranche of EUR 350,000 from investors. Repayment channels, in order of preference, are: (1) progressive sales of the retained units, (2) collection of contracted receivables on units already sold, (3) bank refinancing, and (4) additional developer equity or a follow-on stock.estate facility if required.

Platform. The offer is intermediated by stock.estate, an ECSPR-licensed crowdfunding service provider authorised by the Romanian Financial Supervisory Authority (ASF), licence PJR28FSFPR/400002, under Regulation (EU) 2020/1503.

8. Risks and Mitigations

• Market risk. A slowdown or price correction in the Constanța residential market could reduce sale values or slow absorption of the retained units. Mitigation: the loan is secured by a first-rank mortgage with ~214% coverage on an independent appraisal, so the security value can absorb a substantial price decline before investor capital is exposed.
• Construction/completion risk. The remaining interior works could be delayed or exceed budget. Mitigation: the building is already at approximately 90% completion with around EUR 990,000 already invested, materially limiting residual construction exposure, and part of the proceeds is earmarked for completion.
• Repayment risk. Repayment depends on selling the retained units and collecting contracted receivables; the company itself carries negative equity and recent losses. Mitigation: the underlying project is profitable at a projected gross profit of around EUR 398,000, repayment does not rely on the company's balance sheet but on asset sales secured by the mortgage, and bank refinancing and a follow-on facility are available as backstops (Section 7).
• Collateral and disbursement risk. The collateral is owned by third-party guarantors and currently carries a prior Easy Credit mortgage. Mitigation: funds are released only at the notarial closing, and the existing mortgage is discharged before or at the same time as registration of the first-rank mortgage in favour of investors, which is a condition for disbursement.
• Regulatory/permitting risk. Final completion and sale depend on the relevant building and occupancy authorisations being in order. Mitigation: the building is an advanced, near-complete authorised development.

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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).