Blog

Operations overview / June

June was another month of progress for Devon, marked by important platform improvements, successful project milestones, and continued growth of our lending community. Throughout the month, we remained focused on strengthening transparency, expanding our project portfolio, and delivering on our commitments to lenders.

Here's a look at what happened during June

Loan agreement update

One of the most important developments this month was the introduction of our updated Loan agreement. The revised agreement provides greater clarity and transparency for lenders while maintaining the same lending principles.

We're pleased to share that the response from our community has been overwhelmingly positive. More than 96% of lenders who submitted their decisions chose to transition to the updated agreement, and those who still have not done so have a chance to do so under an extended deadline.

Terra Dunte (Duntes Park) receives a building permit

Another exciting milestone came for Duntes Park.

The Terra Dunte project officially received its building permit, allowing the development to move into the next phase. The project will feature three seven-storey residential buildings with 183 apartments, representing a planned investment exceeding €20 million.

With the permit secured, preparations for construction are underway, and the first phase is expected to begin in early 2027.

Jelgavas affordable housing milestone

June also marked the successful completion and commissioning of the second affordable housing building in Jelgava.

The development now provides 58 modern, energy-efficient rental apartments, further strengthening MJL Group's portfolio of income-generating residential assets.

This achievement reinforces the group's long-term strategy of creating stable rental income while continuing to build sustainable value for lenders.

Barona 92 repayment completed

The completion of the Barona 92 apartment experienced a minor delay during the final renovation stage, to ensure lenders received repayment on time and in accordance with the loan terms, MJL Group provided the necessary funds, and the mezzanine loan has now been fully repaid.

Funding platform highlights

• €465,760 funded during June
• €12,261,438 total funding attracted through the platform
• 30 new active lenders joined the Devon community
• 1,425 active lenders in total
• 15.25% average interest rate
• €149,303 interest earned by lenders during June
• €1,616,327 total interest earned since launch

Devon project statuses

• Amber Park - fully funded, with EUR 950,000 raised (100% of the total required). The project is commissioned. Eight apartments have been sold, three are rented out, and eight remain available for purchase. We expect to sell the remaining apartments by the end of this year when the Devon loan expires. BluOr Bank has been engaged as the senior lender for the project refinancing Profitus senior debt.
• Amber Park Rental No. 12 — fully funded with EUR 40,000 raised (100% from total required). The apartment has been refurbished and is currently rented out.
• Barona 92 - fully funded with EUR 270,000 raised (100% from total required). The maturity date is 19 June 2026. Since there is a minor delay with the door installation, MJL Group will step in to ensure that the required amounts are repaid to lenders in full by 19 June 2026.
• Bikernieku 13A — EUR 199,000 raised out of EUR 823,200 required (24% from total required). We are currently in negotiations with the seller. In the event of any delay in funding, MJL Group will provide all remaining funds required to complete the project.
• Brivibas 249A — EUR 470,000 raised out of EUR 941,932 required (50% from total required). We are in the process of negotiating with the seller. In the event of any delay in funding, MJL Group will provide all remaining funds required to complete the project.
• Duntes Park Stage 1 - Fully funded with EUR 2,200,000 raised (100% from total required). The construction permit application has been submitted, and a decision is expected within the next week. Lenders will be updated once the permit is issued.
• Juglasciems Village Stage 1 — EUR 200,000 raised out of EUR 1,000,000 required (20% from total required). To secure the opportunity, MJL Group has already purchased the land plots with its own funds. Due to the first‑rank mortgage structure, this project carries lower risk. Once fully funded, the mortgage will be registered on behalf of the lenders. Meanwhile, we are in negotiations with potential senior lenders to provide the remaining construction funds.
• Meira Garden (formerly Mezaparka Nams) — fully funded, with EUR 1,600,000 raised (100% of the total required). Construction is progressing, with the third-floor and roof structures being installed this week for the first section. Approximately 40% of apartments are already reserved (paid‑in). Luminor Bank has signed on as the senior lender for the project.
• Terbata Lofts - fully funded with EUR 2,450,000 raised (100% from total required). The acquisition is complete, and preparations for full‑scale development of the first phases are underway. BluOr Bank has signed on as the senior lender for the project.
• White Amber — fully funded with EUR 2,250,000 raised (100% from total required). Project design and visualisations are in progress. In parallel, the website is being developed, and the reservation process will begin soon.
• Jelgava Low‑Rent Housing — not financed through Devon but part of the MJL Group. The second building has been commissioned, bringing the total to 116 low‑rent apartments. Stage 2 is underway, adding 118 more units for a total of 234 fully rental apartments. Funding will be provided by MJL Group.

As we enter July, our focus shifts towards accelerating funding for Devon's newest development opportunities.

To support this, we have launched our Expand & Earn Cashback Campaign, allowing lenders to earn up to 3% instant cashback when investing in eligible new projects. The campaign helps us direct funding where it has the greatest impact - our newest developments.

Thank you to every member of the Devon community for your continued trust and support. Together, we're building not only real estate projects but a stronger lender platform for the future.