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Settlement Complete: MJL Enterprises fulfils obligations for historical projects

We are proud to announce that, as promised, MJL Enterprises has fully repaid all outstanding obligations related to our historical projects previously hosted on the Crowdestate platform.

This milestone marks the total closure of a chapter that began in 2021. Despite the various structural challenges and the eventual shutdown of the intermediary platform, our commitment to our investors remained the priority for us.

Key facts regarding the settlement:

To provide full transparency to our community and the P2P market, here are the audited facts regarding the repayment of the projects (including Sprukstes and Mailīšu Street 13, Riga):

• The borrower: SIA Valdemāra 143 (a subsidiary of MJL Enterprises).
• The original financing involved two historical projects with a total registered security limit of €1.15 million.
• The amount has been repaid in full. We have exceeded the original contractual limits to ensure investors were not penalised by platform delays. The total repayment reached approximately €1.45 million.
• 100% of the principal amount was covered.
  • 100% of all accrued interest since 2021.
  • An additional 3% penalty fee for investors.
  • All of Crowdestate’s outstanding invoices and legal fees.
• Repayments were sourced entirely from MJL’s own capital and stable cash flow from our Jelgava project (developed in cooperation with the European Commission and ALTUM) and other projects. No investor funds from the Devon platform were used to cover these historical debts.

Integrity beyond the “paper promise"

In the P2P world, problematic projects often end in partial recoveries or years of litigation. By stepping in to cover amounts exceeding the registered security limit, MJL Enterprises has demonstrated that our group guarantee is a tangible financial reality, not just a marketing term.

"Working with partners and fulfilling our obligations has been our core principle for over 20 years. With this final payment in February, we maintain our track record of a zero default rate across our entire history." — Jānis Lagzdiņš, CEO of MJL Enterprises and Devon platform

Why this matters for the Devon community

The difficulties we faced with third-party management at Crowdestate, ranging from shifting leadership to a lack of communication during their shutdown, were the primary catalysts for the creation of Devon.

By transitioning to our own platform, we have eliminated the "intermediary risk." We now have:

1. Direct Control: We manage the financing and the development flow.
2. Direct Communication: No more "broken telephone" between the developer and the investor.
3. Proven Resilience: We have shown that even when an external platform fails, MJL Enterprises stands by its projects until the very last cent is returned.

If you have any queries regarding MJL Enterprises and Crowdestate settlement, please contact us at [email protected]