Blog

Operations overview / October

Garden reached an important milestone with 20 signed reservations, as interest from local buyers continues to grow. Construction completion is targeted for the end of 2026, with commissioning planned for Q1 2027. Meanwhile, MJL Development’s Jelgava rental project received coverage from a major Latvian media portal - Delfi, highlighting two modern residential buildings at Ganību Street 54, which have delivered 116 rental apartments to the city.

Nearly all apartments are already rented, and their A+ energy efficiency rating helps keep residents’ housing costs manageable.

Funding & Platform Highlights

October by the Numbers

• €400,000 in mezzanine loans issued during October
• €443,736 in loans attracted during October
• €13,254,233 total funding attracted through the platform
• 17 new active lenders joined the Devon community
• 1,483 active lenders in total
• 15.25% average interest rate
• €151,888 interest earned by lenders during October
• €2,207,126 total interest earned since launch
• €76,110 in early exits repaid during October
• €826,082 total early exits repaid
• €8,966 average funding amount per lender
• 33% of lenders use interest compounding
• €11,941,837 outstanding loan volume

Devon Project Statuses

• Amber Park - 8 apartments sold, 3 offered for rent, 3 reservations in progress, 5 apartments available.
• Amber Park Rental No. 12 - performing as expected.
• Barona 92 – Sales process remains ongoing - currently in advanced stage.
• Biķernieku 13A - We are making alterations in the project design to improve the business case of this project.
• Brīvības 249A – Negotiations with the seller continue, with several outstanding matters being resolved ahead of closing.
• Terra Dunte (formerly Duntes Park) Stage 1 – The building permit has been received and project design is progressing. The project website is live and we have started to accept reservations. Discussions with potential senior debt providers continue.
• Juglasciems Village Stage 1 – We have received building permits for the electricity grid. Remaining building permits for water & sewage and overall project permits are in progress. Conversations with senior debt providers are progressing.
• Meira Garden – Construction process continues and it is expected to be finalized by the end of the year. Currently we have 20 paid reservations and 2 additional in the process.
• Terbata Lofts – Building permit has been received. The renovation process has been initiated. The project website has been launched and the reservation process is open. We are finalizing reservations for 4 apartments within the first weeks since reservations has been opened.
• White Amber – Design and visualisation work continues, alongside development of the project website and preparations for the reservation process.

Latest sales and reservation updates:

• Amber Park: 8 apartments sold, 3 reservations in progress, 3 offered for rent and 5 available.
• Meira Garden: 20 paid reservations, with 2 more in progress. Construction completion remains targeted for the end of 2026.
• Terbata Lofts: renovation has begun, the website is live and reservations are open, with 4 apartment reservations being finalised.
• Terra Dunte: the project website is live and apartment reservations are now open.