1. Executive Summary

Victoria Residence is a new residential building of 14 apartments with underground and above-ground parking, developed by Happy Childhood S.R.L. in Ghiroda, a commune bordering Timisoara. It is the first of four buildings planned by the developer in the same location. The completed apartments are targeted to sell at approximately 1,800 EUR per square metre plus VAT. This campaign raises 52,000 EUR over a 12-month term, at 13.5% annual interest plus a 2% cashback (15.5% total), with interest paid monthly. The developer has already deployed 400,000 EUR of its own equity into the project. The loan is secured by a first-rank mortgage over an independently appraised building plot, providing collateral coverage well above the 150% minimum.

2. Location Analysis

Ghiroda is a commune in Timis County, western Romania, situated immediately north-east of Timisoara and directly bordering the city. Via the DN6 national road, the centre of Timisoara is approximately 5 km away, while the western edge of the commune merges into Timisoara's Ghiroda Noua, Fabric and Padurea Verde districts. The CFR 900 Timisoara to Bucharest railway runs about 300 m to the north, with a stop at Ghiroda, and the local road network connects directly towards Timisoara "Traian Vuia" International Airport.

Over the past decade, Ghiroda has experienced sustained residential and light-industrial development, driven by the expansion of Timisoara, with former agricultural land progressively rezoned for housing through zonal urban plans (PUZ).

Timisoara is one of Romania's strongest regional economies and, in 2026, one of the country's most dynamic residential markets. The project's setting combines a quiet residential location next to an established villa area with immediate access to the city, supporting steady end-buyer demand.

3. Developer Profile

Happy Childhood S.R.L. is a residential developer registered in Giroc, Timis County (tax id RO40301746, registration no. J35/4531/2018), incorporated in December 2018, with its principal activity in the construction of residential and non-residential buildings. The company is owned and managed by Paul-Mihai Banateanu (99.97%), who serves as sole administrator with full powers of representation, alongside a minority holding by Marius-Aurel Banateanu (0.03%).

Victoria Residence is the developer's first building in a planned series of four at the same location in Ghiroda, establishing a focused and repeatable development pipeline. The company has a limited operating history, and investors should weigh the developer's track record accordingly (see Section 8).

4. Project Overview

• Property type: new residential building, 14 apartments, with underground and above-ground parking
• Building regime: S+P+2E+Er (basement, ground floor, two upper floors and a recessed top floor)
• Location: Ghiroda, Timis County, directly bordering Timisoara
• Unit format: predominantly compact one and two-room apartments; ground-floor units measure approximately 42 to 55 sqm based on the construction drawings
• Parking: underground and above-ground spaces
• Target sale price: approximately 1,800 EUR per sqm plus VAT
• Energy performance: new construction; the energy performance certificate is to be issued on completion, in line with current building standards
• Permit status: construction documentation (DTAC) prepared in October 2024; the project is under construction

5. Market Analysis

According to the Imobiliare.ro index (March 2026), the average asking price for apartments in Timisoara was approximately 1,909 EUR/sqm usable, with new-build apartments averaging roughly 2,140 to 2,190 EUR/sqm, up about 10 to 12% year on year. Timisoara remains the most accessible of Romania's major cities, well below Cluj-Napoca (over 3,200 EUR/sqm) and Bucharest (about 2,200 to 2,540 EUR/sqm for new build). On the secondary market, peripheral communes adjoining Timisoara, such as Giroc, trade around 1,350 EUR/sqm (SonarHome, April 2026).

Market commentary for 2026 points to a plateau rather than a correction, with demand and supply broadly balanced and no price declines anticipated by local market leaders. A standard 21% VAT now applies to new homes.

Pricing rationale. At approximately 1,800 EUR/sqm plus VAT, the project is priced below the Timisoara new-build average of about 2,140 EUR/sqm. Rather than carrying a price premium that would require justification, the project is positioned conservatively relative to the city's new-build segment, while its compact unit format targets the most liquid part of the market.

Sources: Imobiliare.ro (March 2026), SonarHome (April 2026).

6. Financial Analysis

This is a build-to-sell development. The completed apartments are sold to end buyers, and the sale proceeds fund the loan repayment.

The 452,000 EUR in combined developer equity and campaign funding covers completion of construction. Repayment is sourced from the projected 750,000 EUR in total sale proceeds from all 14 apartments; the approximate 298,000 EUR difference between total funding and total sale value represents the developer's anticipated gross margin (before land cost, VAT, taxes and selling costs), providing an additional buffer supporting repayment.

7. Funding and Investment Opportunity

Capital stack. The project is funded predominantly by developer equity (approximately 88% of the capital stack), with this campaign contributing the remaining share to support completion. As the first of four planned buildings, the repayment and exit channels in order of preference are: progressive sales of the completed apartments, followed by further developer equity or bank refinancing as applicable.

Platform. This offer is published on stock.estate, a crowdfunding platform authorised under the European Crowdfunding Service Providers Regulation, Regulation (EU) 2020/1503, by the Romanian Financial Supervisory Authority (ASF), licence PJR28FSFPR/400002.

8. Risks and Mitigations

Market risk. A slowdown in the Timisoara residential market or in sales velocity could delay apartment sales. Mitigation: the project is priced below the local new-build average and concentrated in compact, liquid units, in a market that local analysts expect to plateau rather than decline.

Construction and completion risk. Delays or cost overruns could affect the project timeline. Mitigation: the building is already under construction with 400,000 EUR of developer equity deployed, so the project is substantially advanced rather than at an early stage.

Funding-completion risk. This campaign funds only part of the project. Mitigation: the developer's equity already covers the large majority of the capital stack, and the campaign amount is small relative to total project value.

Repayment risk. Repayment depends on the sale of the apartments within the term. Mitigation: a 12-month term aligned with completion and sales, supported by steady end-buyer demand in the area.

Collateral risk. The mortgaged plot is a separate parcel in Dumbravita rather than the project land. Mitigation: a first-rank mortgage is registered in favour of investors, and an updated land book extract confirming the beneficiary's clear ownership and absence of prior charges is required before disbursement.

Regulatory and permitting risk. Changes in real estate or crowdfunding regulation, or pending permit references, could affect the project. Mitigation: the construction documentation is prepared and the project is under way; the building permit reference is to be filed in the Documents section.

Developer track-record risk. Happy Childhood S.R.L. has a limited operating history. Mitigation: significant founder equity is committed ahead of investors, aligning the developer's interests with those of investors.

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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).