Blog

Operations Overview / May

May mostly brought Devon a lot of productive action, construction milestones, and fresh opportunities. It’s been a busy month across the Devon platform, and we’re happy to share a quick update on how things have been progressing.

Here is a quick look at the main highlights from May:

• We are continually advancing platform expansion. In May, we rolled out new project offers for our lender community, including Biķernieku 13A and Brīvības 249A.
• We are also proud to share that MJL Group has officially commissioned the second building in our affordable housing project in Jelgava. With this major milestone achieved, 58 new apartments have been successfully handed over for operation, and our team is already hard at work actively renting out the units. For our Devon community, this means the underlying asset is fully operational and generating a predictable, strong revenue stream. This long-term, stable cash flow significantly strengthens the group’s financial foundation, keeping us in an excellent position to meet all commitments to our lenders.
• Furthermore, things are moving fast on the ground! At our Meira Garden project, the assembly team has started assembling the modules, and two floors are already standing. The development is progressing very quickly, and the market response is matching that speed - 40% of the apartments are already reserved!

Step by step, we continue to deliver on our promises and build a secure, transparent future together.

Funding & Platform Highlights

April by the Numbers

• Total funding volume in May was €930,615, bringing our cumulative total funded on the platform to €11,795,677.
• We welcomed 31 new active lenders in May, bringing our total community to 1,395 lenders.
• The average interest rate stayed at 15.26%, and in May, our community earned €152,285, bringing the total interest earned since launch to €1,467,327.
• The average funding amount per lender is rising to €8,462.

Devon project statuses

Meira Garden

The first 2 floors have been installed in the building's first half. We are moving forward with indoor work and, in the meantime, preparing the next batch of modules for installation in June.

Another milestone we reached in May - 40% of all apartments have been reserved.

Amber Park

The Amber Park is commissioned. The sales process is in full swing. 8 apartments have been sold, 3 apartments are offered for rent, and 8 apartments are available for sale.

Duntes Park – Stage 1

The project is in the design phase. We have submitted the construction project in its minimum form to the local authority, and we are actively working to begin full development once the minimum-composition design is accepted.

Barona iela 92, Riga

There was a slight delay due to the overall refurbishment process, and it appears that the apartment will be fully completed by mid‑June. Once the refurbishment is finished, the apartment will be listed for sale. In light of the delays to the expected sale of Barona 92, and given that the mezzanine loan maturity date is 19 June 2026, the MJL Group will step in and repay the issued mezzanine loan in full from Group resources.

White Amber

Website design and development are in progress.

The project design process is ongoing.

Tērbatas Lofts

We are continuing to work on the project design for some parts of the project, while for other buildings, we are actively pursuing starting renovation.

Juglasciems Village

The funding round is open to secure capital for acquiring the land plot.

A first‑rank mortgage will be placed on the land plots after acquisition.

The design process has been initiated and is expected to be completed by Autumn 2026.

New Project - Brivibas 249A

MJL Enterprises and the Seller have signed the Sales Purchase Agreement. Both sides are actively working to finalise the purchase transaction.

New Project - Biķernieku 13A

MJL Enterprises and the Seller are negotiating several terms of the Sale and Purchase Agreement, and MJL Enterprises has imposed several conditions on the Seller. Once the conditions are met, the transaction will proceed to finalisation.