Questions about risks

Security arrangements differ by campaign. Read the project’s KIIS and legal documents to identify any mortgage, pledge, personal guarantee or other security and its scope. Security can be insufficient and enforcement can take time and incur costs; it does not guarantee that principal or interest will be recovered.

Risks include borrower default, project or construction delays, weaker property demand or values, limited liquidity, and difficulties enforcing security. Changes in law, tax treatment or exchange rates can also affect your outcome.

You may receive payments late or lose some or all of your investment. Diversification can reduce exposure to one borrower or project, but cannot protect against every market-wide risk. Read the campaign’s Key Investment Information Sheet (KIIS) and the full risk warnings before investing.

A platform failure does not itself extinguish the project developer’s obligations under your loan agreement. Your investment remains subject to the borrower’s ability to repay and the enforceability of the agreement and any security.

However, a disruption or closure can affect servicing, payment administration, access to records and enforcement. Continuity arrangements are intended to address these risks, but do not guarantee uninterrupted service or recovery. Keep copies of your agreements and payment records.

Avoid concentrating money you cannot afford to lose in one project, developer or investment type. Compare the borrower’s financial position, repayment sources, project stage and any security, and consider whether the loan’s duration fits your needs.

Diversification can reduce concentration risk, but it cannot eliminate default, market or liquidity risk. Crowdfunding is not a savings product, and you are advised not to invest more than 10% of your net worth in crowdfunding projects.

Investing in crowdfunding projects entails risks, including the partial or entire loss of the money invested. Your investment is not covered by the deposit guarantee schemes established under Directive 2014/49/EU or by the investor compensation schemes established under Directive 97/9/EC.

Crowdfunding is not a savings product. You are advised not to invest more than 10% of your net worth in crowdfunding projects. Consider whether you can absorb a total loss and whether the investment fits your financial situation and investment horizon.

The borrower may pay interest or principal late, only in part, or not at all. Project delays, insolvency, market conditions and enforcement costs can reduce or prevent recovery. Security or a property valuation does not guarantee repayment.

You may be unable to sell or transfer your investment when you wish. Even where a transfer is possible, you may receive less than the amount invested. A loan investment gives you contractual creditor rights; it does not by itself give you ownership of the underlying property.

Information about a project or developer may be limited, incomplete or inaccurate. The project owner is responsible for preparing the Key Investment Information Sheet (KIIS), and the platform must have procedures to check its completeness, correctness and clarity. Those checks do not guarantee that every risk has been identified or that the project will succeed.

The platform’s authorization does not mean that ASF or another regulator has approved an individual project. Read the KIIS, agreement and security documents before investing. Changes in law, tax treatment, exchange rates or platform operations may also affect your investment.

A higher offered return can reflect higher credit, project or liquidity risk. Financing needs and commercial terms can also influence the rate, but they do not remove the risk of loss.

Assess the borrower’s repayment sources, financial position, project stage and any security in the campaign documents. The rate alone does not establish either the safety or the sustainability of an investment.

If your spending or reporting currency is RON, an investment in EUR exposes you to changes in the EUR/RON exchange rate.

A stronger EUR can increase the RON value of payments, while a weaker EUR can reduce it. Conversion charges also affect the result. Past exchange-rate movements do not guarantee future gains, and currency exposure is separate from the risk that the borrower fails to repay.

Yes. Changes in crowdfunding, property, insolvency or tax law can affect an investment’s costs, treatment, administration or recovery.

stock.estate is authorized by Romania’s ASF and listed in the ESMA register for applicable cross-border services. Regulatory authorization and compliance requirements do not eliminate the risk of future legal changes. Review relevant notices and the tax rules that apply to your own circumstances.

Available account cash and money already invested in a loan are different exposures. The funding instructions and applicable payment terms identify the account or provider used for your payment; the protections for cash depend on the actual account arrangement and applicable law.

Once money is disbursed to a developer, your investment is a loan receivable against that borrower. Crowdfunding investments are not covered by bank deposit guarantee or investor compensation schemes. The use of a bank or payment provider does not guarantee the borrower’s repayment.

A total loss is possible. The protection available depends on the specific project’s security documents, including the secured obligations, ranking and enforceability of any collateral or guarantee. A valuation is not a guaranteed recovery amount. Defaults, enforcement costs and delays can reduce or prevent recovery; read the KIIS and agreement before investing.

Your loan is to the developer, not to stock.estate, and stock.estate does not repay investors from its own funds. If the developer does not pay, stock.estate enforces the loan agreement on behalf of all investors in the campaign. The binding terms are in your loan agreement and the campaign's Key Investment Information Sheet (KIIS).

Timeline

Your security

• Collateral. Listed on each campaign page and in Annex 1 of the loan agreement. Since the second half of 2025 it is usually a first-rank mortgage, commonly targeting 150% of the loan amount. Other campaigns use share pledges, guarantees or a combination. Some older campaigns rely only on the enforceable loan agreement.
• Held for investors. stock.estate holds the security as Guarantee Agent for all investors in the campaign, in proportion to their investment. It is kept separate from stock.estate's own assets and cannot be claimed by stock.estate's creditors. If stock.estate became insolvent, the role would pass to a successor within 15 days.
• Protected. Without stock.estate's consent, the developer cannot further mortgage or sell the property, or pay dividends, until the loan is repaid.

How recovery works

stock.estate acts for all investors, so you don't need to take action yourself. Depending on the case, it can:

• agree a recovery plan, such as a sale or refinancing, with the expected repayment date shown in your dashboard;
• enforce the security through a bailiff without first going to court, because the loan agreement is an enforceable title under Article 15 of Law 244/2022 (for projects outside Romania, local enforcement rules apply);
• claim in insolvency proceedings;
• use debt collectors.

The developer bears the enforcement costs.

Recovered money first repays any recovery costs stock.estate advanced. The rest goes to investors in proportion to their investment: penalty interest first, then interest, then principal. The monthly administration fee does not apply to late or recovery payments.

What to keep in mind

Collateral reduces risk but does not remove it. Recovery can take months or years, may be contested, and the sale may not cover everything owed. You can lose part or all of your capital. Crowdfunding investments are not covered by deposit-guarantee or investor-compensation schemes, and stock.estate is not liable for the developer's non-payment.

More: Statistics · Guarantees · How crowdlending works