1. Executive Summary

UNI STEEL IMPEX S.R.L., a Romanian distributor of ferroalloys and metallurgical raw materials active since 1998, is raising a EUR 1,100,000 working capital loan over 24 months through the stock.estate platform. The purpose of the financing is the expansion of the trading business: increasing inventory and financing an enlarged trade cycle in order to grow volumes with the company's certified suppliers and industrial clients. Investors receive a fixed interest rate of 14% per annum, paid monthly, plus a performance cashback of up to 2% (1% for investments of at least EUR 3,000 and 2% for investments of at least EUR 10,000). Principal is repaid in full at maturity. The loan is secured by a first-rank mortgage over a luxury villa in the Herastrau area of Bucharest, Sector 1, independently appraised by an ANEVAR authorised valuer at EUR 1,716,000, resulting in a loan to value of approximately 64% and collateral coverage of approximately 156% of the loan amount.

2. Location Analysis

The collateral property is located on N.G. Caramfil Street no. 65, in the Herastrau and Nordului district of Sector 1, Bucharest, the capital's most established premium residential area. The street sits a few hundred meters east of Herastrau Park (King Michael I Park), the largest park in Bucharest, and within the Floreasca and Aviatiei corridor, the city's principal office and business hub. The Aurel Vlaicu metro station and the Promenada commercial center are within walking distance, and Henri Coanda International Airport is approximately 12 km away. The area concentrates embassies, corporate headquarters and high-end residential stock, and demand in this micro market is driven by the high-net-worth segment, both domestic and expatriate. Sector 1 consistently records the highest residential values in Romania, and the Herastrau and Nordului zone represents the top of that range.

3. Borrower Profile

The borrower is UNI STEEL IMPEX S.R.L. (CUI RO10882264, J1998007797405, formerly J40/7797/1998), incorporated in 1998, with 27 years of continuous activity in the wholesale trade of metals and metal ores (main CAEN 4682).

Since 1998, the company has established itself as a reliable distributor in the metallurgical industry, acting as the link between certified producers and the complex requirements of steel mills and foundries. Its mission is to supply raw materials of the highest quality, ensuring full traceability and specialist technical support for every partner. The company specialises in ferroalloys and metallurgical raw materials (ferromolybdenum, ferrovanadium, ferrotungsten, ferrochrome, ferrosilicon), is certified ISO 9001, ISO 14001 and ISO 45001, imports from Belgium, the Netherlands and Colombia, and exports to Belgium, Germany and Italy.

The operating model rests on three pillars:

• It sources exclusively from certified producers, ensuring full traceability for every lot.
• It supplies not only raw materials but also consultancy on alloy selection, helping clients optimise their production processes.
• It reduces clients' operating costs through Just-in-Time deliveries and consignment stock management.

The sole shareholder and administrator is Stan Ilie-Miklea (mandate since 01.09.2024), who also coordinates two further companies active in the metals trade, indicating a group-level specialisation in the sector. The company operates with a lean team and high productivity per employee, a structure typical of trading businesses. Its legal and fiscal standing is clean: no ANAF arrears, no insolvency records, and a history of fully repaid bank and leasing facilities, with assets currently unencumbered. Company website: https://uni-steel.com/

4. Collateral Overview

The security for the loan is Villa A, a luxury residential villa located at N.G. Caramfil Street no. 65, Sector 1, Bucharest, in the Herastrau and Nordului district (the French Quarter).

• Type: detached luxury residential villa, reinforced concrete frame structure, built around 1996.
• Height regime: Ds+P+1E+2E (basement, ground floor and two upper floors).
• Usable surface: approximately 345 sqm.
• Features: superior finishes, lift, own thermal plant and parking.
• Cadastral structure: two cadastral units, apartments A1 and A2 (CF 255629-C1-U6 and CF 255629-C1-U5), which together form the entire villa and are mortgaged as a single whole, together with the undivided land quotas and access shares.
• Charges: free of charges, allowing a first-rank mortgage.
• Valuation: independent ANEVAR appraisal (report commissioned by STOCKESTATE CROWDFUNDING SRL, dated 02.06.2026) of EUR 1,716,000.

5. Market Analysis

The Herastrau and Nordului zone of Sector 1 is the highest-priced residential micro market in Bucharest, anchored by Herastrau Park, the embassy district and the Floreasca and Aviatiei business corridor. Asking prices for detached premium villas in this area sit well above the Bucharest municipal average, and the segment is supported by stable high-net-worth and expatriate demand. Liquidity for luxury villas is medium: the estimated sale exposure time is approximately 6 to 12 months, which is comfortably within the 24-month loan term.

Because the luxury segment carries elevated price volatility, the platform relies exclusively on the independent ANEVAR appraisal rather than on asking prices or broker estimates. A forced-sale sensitivity of minus 20% would imply a value of approximately EUR 1,373,000, which still covers the loan at a loan to value of approximately 80%.

6. Financial Analysis

This is working capital financing for a trading business, not a development project, so there is no projected sale price. The analysis focuses on the use of proceeds, the collateral coverage and the borrower's financial trajectory.

Use of proceeds

Collateral coverage

Company financials (statutory figures, RON)

*2025 figures are taken from the trial balance as at 31.12.2025. The 2025 net result includes a RON 3,157,182 provision reversal, so the recurring result is approximately RON 1,673,000. Turnover reached approximately EUR 10.0 million in 2024 and approximately EUR 6.9 million in 2025, a normal amplitude for a commodity trading cycle. Equity has grown consistently, total debt has decreased and is predominantly commercial, and bank debt is minimal. The structural working capital need of the trading cycle is the economic rationale for the loan: EUR 1.1 million sits comfortably below the company's estimated short-term financing requirement, and the proceeds are directed at growing trading volumes rather than at covering a deficit.

Repayment source: operating cash flow from the trading activity, with bank refinancing available as a secondary route given the company's clean credit history and unencumbered balance sheet, and realisation of the collateral as a final fallback (see Section 7).

7. Funding and Investment Opportunity

Capital stack and funding plan. This public campaign progressively replaces the participants of a private pre-funding round intermediated by stock.estate (June 2026), within the same EUR 1,100,000 facility and under the same security. There is no further external tranche contemplated above this facility, and the collateral coverage of approximately 156% governs the size of the loan.

Platform. stock.estate is operated by STOCKESTATE CROWDFUNDING SRL, licensed under the European Crowdfunding Service Providers Regulation (ECSPR), Regulation (EU) 2020/1503, authorisation no. PJR28FSFPR/400002 (ASF Romania).

8. Risks and Mitigations

• Market risk (borrower). Turnover and profit vary from year to year in line with the ferroalloy price cycle, typical of trading activity. Mitigation: a 27-year track record across full commodity cycles, a lean cost base, growing equity, and a loan sized below the company's short-term financing need.
• Market risk (collateral). The luxury residential segment carries elevated price volatility. Mitigation: valuation is anchored exclusively to the independent ANEVAR appraisal; even a forced-sale haircut of 20% leaves loan to value at approximately 80%.
• Repayment risk. Principal is repaid in full at maturity rather than amortised. Mitigation: repayment is sourced from operating cash flow, with bank refinancing as a secondary route given the clean credit history and unencumbered balance sheet, and realisation of the first-rank collateral as a final fallback.
• Collateral liquidity risk. Luxury villas have medium liquidity, with an estimated sale exposure time of 6 to 12 months. Mitigation: this is comfortably within the 24-month loan term, and the asset is in the strongest residential micro market in Bucharest.
• Regulatory and structuring risk. The security depends on correct registration of the mortgage. Mitigation: the first-rank mortgage is registered in the land book before any release of funds, and funds are released exclusively at the notarial session, so there is no unsecured-capital window.
• Funding-completion risk. The public campaign must reach its target. Mitigation: the facility has already been advanced in full through the private pre-funding round; the public campaign replaces those participants within the same secured facility rather than funding the loan from zero.

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).