Blog

Operations overview / September

On the project side, things are moving along well. Meira Garden continues to attract strong buyer interest, with 16 apartments already reserved and paid in full. The Terra Dunte project website is now live, and the sales process for apartments in the first building has officially started.

And as we moved into October, we welcomed a new opportunity to the platform - Deibner House, offering lenders an even higher annual interest rate on a new residential development in Riga’s Quiet Centre.

Regulatory and Legal Framework Update

As previously communicated, KPMG Germany has conducted a legal assessment of Devon’s loan structure and contractual framework under the applicable German regulatory requirements.
KPMG concluded that Devon’s legal framework fulfils the German regulatory requirements for qualified subordination. As a result, the Loan Amount is not unconditionally repayable, which is the decisive factor excluding its classification as a deposit.
This provides confidence that the legal framework under which Devon currently operates does not trigger a deposit-taking business classification from a regulatory standpoint.
We continue to closely monitor regulatory developments, market trends and the broader operating environment, while continuously evaluating and improving our legal and operational solutions.

Funding & Platform Highlights

September by the Numbers

• €184,842 funded during September
• €12,813,645 total funding attracted through the platform
• 13 new active lenders joined the Devon community
• 1,466 active lenders in total
• 15.22% average interest rate
• €144,445 interest earned by lenders during September
• €2,055,238 total interest earned since launch

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.
• 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 continues, with 20 paid reservations we have been able to sell more than 50% from the whole project even before Meira Garden has been commissioned.
• Terbata Lofts – We are awaiting the building permit in order to initiate construction works. Additionally we are continuing work towards project visualizations to launch the reservation process for the apartments.
• White Amber – Design and visualisation work continues, alongside development of the project website and preparations for the reservation process.