Blog

May 2025 / Devon operations overview

May marked the first full month of operations for Devon, the MJL Enterprises funding platform, and we’re pleased to report strong results and promising growth across our projects and lender base.

Funding and platform highlights

• In May, funding volume at Devon reached €1,096,713, bringing the total funding volume to €2,011,885.
• The platform has been joined by 90 new active lenders, increasing the total active lender count to 315. Most of our lenders are based in Germany, followed by Switzerland and Austria.
• The average interest rate in May was 16.20%, reflecting not only the strong baseline interest rates but also the impact of the Daily Compounding option that many lenders have activated.
• Our ongoing Early Bird +3% cashback campaign also contributed to these attractive returns. Total interest earned by lenders in May exceeded €97,000, with an average funding amount of €5,850 per lender.
• In May, we launched Devon Lenders' official Telegram chat, where active lenders can interact with the Devon management team and stay informed about updates on current projects and platform enhancements.

During May, MJL Enterprises continued to work on four core projects, three of which remain open for funding.

Amber Park

Located in the Dzintari district, one of the prime residential areas in the prestigious resort city of Jurmala, Latvia, Amber Park is a 1,600.69 m² apartment complex featuring 19 residential units (ranging from 40 to 159.4 m²). Construction is proceeding at full speed and according to plan.

• In May, the building’s windows were replaced.
• Façade works are actively underway and are expected to be completed by July.
• Landscaping work to enhance the surroundings is also planned to be finished by July.
• Interior finishing works commenced in May and are scheduled to continue through June and July.
• Active apartment sales efforts also began in May, with strong interest from potential buyers, averaging 2–3 inquiries per day.

The project is expected to be completed by August this year.

Duntes Park / Stage 1

This large-scale development in central Riga spans 9,521 m² and will comprise three buildings, each featuring 59 apartment units.

• The first funding round has successfully closed, raising €450,000.
• The land has been purchased from the Riga municipality and is registered under SIA Duntes 21a, a subsidiary of MJL Enterprises.
• The project is currently in the design phase, with the project’s conceptual design expected to be completed within the next two months.
• Geodetic surveys of the land have also been conducted, providing essential data for the structural engineers.
• Additional funding rounds are planned and will be launched once key project milestones are reached.

Mežaparka Nams

Situated in Mežaparks, Riga’s most prestigious district, this project features two 3-story buildings totalling 2,743 m² and offering 42 apartments.

In May and June, the project is undergoing redesign to adapt to modular construction technology. Currently, the acquisition and re-registration of the land plot are in progress, along with the re-registration of the building permit.

According to the work schedule:

• Site preparation and land works will be completed by August 2025
• Foundation construction – September 2025
• Completion of utility works – November 2025
• Completion of modular structure assembly – January 2026
• Completion of interior works and utility connections – March 2026
• Completion of landscaping – March 2026
• Final commissioning of the building – May 2026

Villa Astor

Located in the Melluži district of Jurmala, just a few minutes' drive from Amber Park, Villa Astor features two modern three-story buildings with 24 thoughtfully designed three-room (two-bedroom) apartments, each measuring 85 m² and equipped with spacious terraces. Just 300 meters from the Baltic Sea and 35 minutes by train from Riga, the project combines peaceful seaside living with easy access to the capital.

• Lenders are invited to fund the purchase of a single apartment for rental purposes.
• Funding for this project is secured by senior loan rights, offering an attractive interest rate of 9% per annum (plus cash back). Currently, 22% of the funding target remains available for lending.

We’re actively working on several new projects that will soon be presented to our lenders, providing fresh and attractive funding opportunities. Stay tuned for updates in the coming weeks!