Victor Brauner 42B

1. Executive Summary

TIBET CONSTRUCT S.R.L. is a Bucharest construction contractor active since 2006, specialised in waterproofing, thermal insulation and roofing systems for residential, commercial and industrial buildings. The company is raising EUR 128,000 through stock.estate to refinance its working-capital financing over 24 months.

Investment features:

• Progressive interest rate between 10.00% and 16.00% per annum, fixed at the moment each investment is signed according to the amount invested, within an interest pool of 6.00 percentage points above the 10.00% floor rate. Interest is paid monthly and the principal is repaid in a single instalment at maturity. No cashback and no investor-facing fees apply.
• Two liquid Bucharest apartments as security: a two-room apartment in the TopZone Residence scheme, Theodor Pallady, Sector 3, about 800 m from Nicolae Teclu metro station, completed in 2022, and a two-room apartment in Dudu, Chiajna, on the western edge of the city next to Militari, completed in 2018.
• Collateral coverage of 150%: independent ANEVAR valuations total EUR 192,000 against a loan of EUR 128,000, a loan-to-value of 66.67%.
• First-rank mortgage on both apartments, in favour of the investors through STOCKESTATE CROWDFUNDING S.R.L. as security agent.
• A growing business: revenue for January to August 2026 already exceeds full-year 2025, and the company reported a net profit in 2024, 2025 and 2026 to date.

Developer contribution. The progress bar of this campaign starts at EUR 192,000, the market value of the two apartments the company brings to the financing as security. This is the developer's contribution in kind, not money raised from investors: the amount open to investors in this offer is EUR 128,000.

2. Location Analysis

The two apartments sit in two of the most active residential areas of the Bucharest metropolitan area, one on the eastern side and one on the western edge of the city.

Theodor Pallady / Nicolae Teclu, Sector 3 (East Bucharest). Over the past decade the former Policolor and Apolodor industrial platforms have become one of the city's densest new-build residential districts, with schemes such as Palladium Residence, HILS Pallady, Estoria City and Reveria Pallady. The area is served by Nicolae Teclu metro station (M3), about 800 m or 7 to 10 minutes on foot, STB bus and tram lines on Bulevardul Theodor Pallady, and quick road links to Bulevardul Basarabia, the Bucharest ring road and the A2 motorway. Retail and services nearby include Auchan Pallady, IKEA, Decathlon, Leroy Merlin, Dedeman, Metro, Kaufland and Lidl, together with a newly built school, kindergartens and Parcul Teilor.

Dudu, Chiajna (West Bucharest, Ilfov County). Chiajna borders Sector 6 and the Militari district and has seen sustained residential growth, mainly modern low- and mid-rise apartment complexes. Access to the city runs through Drumul Ciorogârla, Strada Tineretului, Bulevardul Iuliu Maniu and the ring road, with public transport links to Militari. Nearby amenities include Militari Shopping Center, Auchan, Metro, Kaufland and Decathlon, schools, pharmacies and restaurants.

Bucharest is the largest and most liquid residential market in Romania, and both locations are areas where buyer and tenant demand is driven by new-build stock, metro or arterial-road access and large retail hubs.

3. Developer Profile

TIBET CONSTRUCT S.R.L. has worked for two decades on the Romanian construction market as a specialist contractor in waterproofing, thermal insulation and roofing systems. It works directly for private and institutional clients and as a specialist subcontractor for general contractors.

• Legal entity: TIBET CONSTRUCT S.R.L., tax code RO18289026, Trade Register number J40/499/2006, registered on 17 January 2006, registered office at Str. Gheorghe Asachi nr. 2, Sector 5, Bucharest
• Website: www.tibetconstruct.ro
• Activity: special waterproofing and thermal insulation works (CAEN 4399), in continuous operation for 20 years
• Ownership and management: sole shareholder and administrator Constantin Bugiulescu
• Business model: a lean structure with 2 key employees for management and site coordination, while large projects are executed through vetted technical subcontractors, keeping fixed costs low across the seasons
• Warranties: the company offers warranties of 5 to 15 years on materials and workmanship

Services and technical solutions

• Single- and double-layer waterproofing and thermal waterproofing, including on metal deck structures, with torch-applied modified bituminous membranes (APP) and PVC/FPO systems; installation of skylights and smoke vents
• Flat roofs and terraces: walkable and non-walkable roofs, inverted terraces, and green roof terraces with ANTIRADICE root-resistant membranes and drainage and irrigation layers
• Below-ground waterproofing: reinforced concrete foundations and buried walls, tanks, technical basements, swimming pools, car parks and vehicle ramps
• Classic roofs in standing-seam sheet metal and metal tile

Reference projects

• Waterproofing: Jovial Residence, City Life Residence, C. FI-BA S.A. Balotești, C.M. Eledur, Carina Residence, Opal Residence Bragadiru, Bardi Auto, Romib S.A., Complex Cosmopolis, Băneasa Lake View Residence, BCR offices in Buzău, Curtea de Argeș and Constanța (subcontractor), CET Vest production hall (subcontractor), Fan Courier (subcontractor), plus private clients and owners' associations
• Thermal waterproofing: Jovial Residence, City Life Residence, Opal Residence Bragadiru, Băneasa Lake View Residence, Complex Cosmopolis, BCR protocol villas in Mamaia, BCR office in Sector 2 Bucharest (subcontractor), Frank Prod Textil
• Interior and exterior fit-out: City Life Residence, Terra Nova Construct (façade insulation), Romtelecom offices at Băneasa Shopping Center (subcontractor), Carina Residence, Golden Otopeni Residence, Complex Cosmopolis

The reference list is as provided by the company.

4. Collateral Overview

The loan is secured on two finished two-room apartments, both owned 100% by TIBET CONSTRUCT S.R.L.

Apartment 1: Str. Victor Brauner nr. 42B, sc. B, et. 1, ap. 6, Sector 3, Bucharest (TopZone Residence)

• Living room 20.1 sqm, bedroom 14.8 sqm, kitchen 8.5 sqm, bathroom 4.3 sqm, hall 4.7 sqm
• Usable area 52.4 sqm, plus a 23.4 sqm balcony
• First floor of a Ds+P+10 building with reinforced-concrete structure, completed in 2022
• Land book CF 244453-C1-U68 Bucharest Sector 3
• Market value: EUR 100,000 (ANEVAR report, PST Appraisal, 14 July 2026)

Apartment 2: Str. Tineretului nr. 2B, ap. 135, Dudu, Chiajna, Ilfov County

• Living room, bedroom, kitchen, bathroom, vestibule and balcony
• Usable area 47.16 sqm
• Reinforced-concrete building with ventilated façade, PVC double-glazed windows, lift and access control, completed in 2018 (building permit no. 6232 of 8 April 2016, completion certificate no. 29455 of 28 August 2018)
• Medium-to-high quality interior finishes, security entrance door
• Land book CF 66027-C1-U256 Chiajna
• Market value: EUR 92,000 (ANEVAR report, PST Appraisal, 26 June 2026)

Both units are completed residential properties with all utilities connected (electricity, gas, water, sewerage, telecommunications).

5. Market Analysis

Two-room apartments in recently built complexes are the most traded format on the Bucharest residential market, both for owner-occupiers and for rental investors, which supports the liquidity of the collateral.

Both valuations were prepared by an ANEVAR-authorised valuer, Péter Tibor of PST Appraisal S.R.L., using the market comparison approach with sale and rental comparables from the same areas: the new-build schemes around Theodor Pallady and the Militari and Chiajna residential belt.

6. Financial Analysis

This is a refinancing loan for working capital to an operating company, not a development project, so there is no projected sale price.

Use of proceeds

Collateral coverage

Company financials (RON)

Revenue for the first eight months of 2026 already exceeds full-year 2025, and the company reported a net profit in each of the last two financial years and in 2026 to date. Source: annual financial statements 2024 and 2025 filed with ANAF; trial balance at 31 August 2026.

Cost of the facility

The borrower pays a fixed interest of 16.00% per annum on the facility. Investors receive between 10.00% and 16.00% per annum according to the amount invested; the difference between the borrower rate and the investor rate is the platform's remuneration. No fee is borne by investors.

Repayment source

Monthly interest is paid from the company's operating cash flow. Principal at maturity is repaid from operating cash flow and/or bank refinancing of the two apartments, with the sale of one or both apartments available as a further route.

7. Funding and Investment Opportunity

How the progressive rate works

Each investment receives its own annual contract rate, fixed at the moment it is signed. The rate starts at the 10.00% floor and rises within the 6.00 percentage point interest pool according to the amount invested, following the rate bands published on this campaign page. Once signed, the rate of an investment does not change for the life of the loan.

Exit. Principal is expected to be repaid at maturity through, in order of preference:

• the company's operating cash flow;
• bank refinancing secured on the two apartments;
• the sale of one or both apartments, whose combined appraised value is 1.5 times the loan.

Platform

stock.estate is a European Crowdfunding Service Provider licensed by the Autoritatea de Supraveghere Financiara of Romania under licence PJR28FSFPR/400002, operating under Regulation (EU) 2020/1503 (ECSPR).

8. Risks and Mitigations

• Repayment risk. The borrower may be unable to pay interest or principal on time. Mitigation: the loan is secured by a first-rank mortgage on two completed apartments valued at 150% of the loan, which can be enforced on behalf of investors.
• Market risk. Residential prices in Bucharest may fall during the loan term. Mitigation: the 66.67% loan-to-value absorbs a price decline of about one third before the loan is no longer fully covered, and both units are two-room apartments, the most liquid format on the Bucharest market.
• Valuation risk. Appraised values may differ from the price obtained in a sale. Mitigation: both valuations are independent ANEVAR reports based on recent local sale and rental comparables, and the security is split across two properties in two different areas.
• Variable rate at signing. The contract rate of each investment depends on the amount invested, so two investors in the same campaign may receive different rates. Mitigation: the rate is displayed before signing, is fixed for the life of the loan once signed, and never falls below the 10.00% floor.
• Currency risk. The loan is denominated in euro while the company's revenue is in Romanian lei. A depreciation of the leu increases the local-currency cost of servicing and repayment. Mitigation: residential property in Bucharest is priced and traded in euro, which supports the value of the collateral in euro terms.
• Illiquidity. Loans concluded through the platform are not admitted to trading on a regulated market and no secondary market is guaranteed. Investors should be prepared to hold the investment to maturity.

Full borrower and risk disclosures are set out in the Key Investment Information Sheet (KIIS) in the Documents section.

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).