Short update: Bulkestate and Flender with additional cashback

For some weeks now we regularly see new projects on Bulkestate and they seem to get bigger. On Monday there will be one with 380k Euros. Nothing too special, but still a bit special ;). The yield starts at 17 percent for everyone, investors with more then 10k get 18% and the ones willing to invest more then 25k get 19%. There are some things I like to point out though. It is not a secured loan with a mortgage, you buy equity with this project, so you are a partial owner. This means if there are problems, investors get paid at last, but at least you own some bricks 😉 Of course I exagerate, but the high yield comes from somewhere. There is a new financial number which I did not know before: FLTV (future loan to value), it is 33% in this case. Looks relatively secure doesn’t it? Not really, I have my problems with this number. I checked the valuation report on the website and it says (if I can trust google translate, as my Latvian is not so good ;)) that the whole project is valued at 1.141 mio Euro after renovation. So 380k / 1.141m equals that 33% FLTV. My problem is, there is no loan, only equity holders. How can we talk about a loan to value ratio? Plus the value only holds if everything goes accoring the plan. I do not say this project is worse or better then others, but I think you should keep in mind these infos before investing. It is not the usual mortgage deal we are used to from Bulkestate and there will be more projects like this (actually it is the second equity investment). The project goes live on Monday, 16.00h. I expect it will be filled rather quickly. The interest rate is tempting and other comparable projects filled quickly. Check out the project and register as investor

Flender with special cashback for autoinvest usage

Yes, you read that correctly, you get extra cashback for using the autoinvest function until end of July. I expect this promotion will be extended a month or so. Autobids from 150 Euro get 5% cashback and bids from 300 Euro 10% cashback (unlimited amount). Additionally new investors which register through this link, get additional 5% cashback (unlimited). So at maximum you can get 15% cashback, on a bid of 300 Euro this is 45 Euro in cashback. Really exceptional. How can the platform afford that? CEO Kristjan Koik has his own approach in advertising. He believes (and I do as well) that it is better to use the word of mouth instead of paying lot of money to online advertising. With this approach you are sure that every Euro you pay, there was a benefit for the marketplace and its customers and investors. I am happy with my investment experience during more then one year. To date I did not have any delay or default. I read from another investor that there was a problem with one project which was in arrears. As it seems it is back up to the original payment plan. Ireland seems to be a very good place for p2p investors, the borrowers really are great payers as you also can see with linked finance and grid finance.Follow me to Flender

New cashback offers and investment opportunities

Due to the cash drag situation at some platforms I have shown you some possibilities to invest your funds.  Of course real estate platforms are a good choice as well.  Let me give you an overview of current opportunities and new cashback offers.

Up to 90 Euro cashback at Iuvo Group

Beginning of this year I have let my investments run out at Iuvo Group as my results were not really convincing (relative to other opportunities at that time). Some weeks ago I rejoined them as I received a cashback offer for old investors to rejoin.  Since then my yield is (per XIRR) about 10 percent, on the other hand the platform shows me 11. This is a far better result than last time. This time I did not invest in overdue loans, which seems to be the more fruitful strategy, but it could be just luck. My number of loans and my investment horizon are to small to draw a relevant conclusion. Now there is a cashback scheme for new investors if you invest at least 1000 EUR (or an equivalent in Bulgarian Currency), and get 30 Euro. If you top up your investments by at least 1500 Euro during your first 2 months on the platform (total 2500 EUR) you get additional 60 Euro as a bonus. Necessary steps to be eligible:

1. Get in touch with me via contact form, that I can send you an invitation
2. Register with the same email at Iuvo
3. Transfer and invest at least EUR 1’000.-.
4. You get your cashback credited within 2 business days

Still 1% Cashback at DoFinance

Still 1 percent cashback (with this link only) for new investors for their deposits within the thirst 30 days. I don’t know how long this offer will stay valid, it could be cancelled anyday. Look at DoFinance’s functionality..

Grupeer opened up for new originators

Grupeer started a new product some weeks ago with Russian shortterm loans of 2 to 3 months with a buyback protected yield of 15 percent.  This week there were no loans of this kind added to the platform. I believe they would like to see first a redemption of the first loans, which are due end of October. In the meantime they added more loan originators to the platform with some nice loans yielding 14 percent for up to 12 months. There is always something to invest at Grupeer.

Bulkestate with a new project and one in the pipe

Now the newest Bulkestate Project is online: Hotel appartements in Bulgaria which will be sold with a profit. The duration is 8 months and the yield is set at 13.8% which I consider attractive given the shorter then usual duration and low LTV of 35 percent. In some weeks we should see another (development) project in Riga with a nice yield. Check out Bulkestate  and open a free account. This makes sure that you get news of the platforms newest projects.

Bulkestate Hotel Complex

Just an info to the functionality. You can’t hold funds in your Bulkestate account at the moment. You place your bid and then get an email with payment instructions based on which you can make your transfer and pay for your bid. A little bit unconfortable I know, but a solution is in the making. So Investing should get easier down the road, but as always, these solutions take time to be developped and appear on the platform. It is never easy when money is involved as regulatory requirements have to be met for our own safety.


Housers offers 50 euro Cashback until October 31st

Invest 50 Euro and get additional 50 Euro to invest. Nice deal, isn’t it. Valid through October. Just use this link to register and you are entitled to receive your cashback once you made your first investment. Please note: when you

Housers Hostel

make your investment they ask you for a promotion code, this has nothing to do with the cashback offer. It is a special promo for investors to receive more interest when they invest more then amount X, as stated in the project description. You can leave this empty. At the moment there is such an offer, check out the image.

Flender offers 10 percent cashback in October

You just have to register through this link and invest 2500 Euro during october and you get at least 250 Euro cashback. Your bid date counts, it does not matter if the funding period goes into November. If you bid by end of October, you will be granted your bonus, even if the project would not complete funding at all.

Property investments with p2p (part 1)

With my last post I mentionned some strategies to counter a cash drag. I shed some light on minor platforms where you could put your money to work. Intentionally I excluded real estate investment platforms. Why?  Because these platforms work differently and we have a physical security in place and do not rely solely to the financial power of the platform or loan originator. Firstly I will take a look at Baltic (but not exclusively) platforms. In my next article I will cover the UK platforms.

In contrast to buyback platforms where an investor buys securitized loans, with property investments there is always a physical security in place (property, land etc). The LTV (loan to value ratio) shows us the ratio between mortgage and value of the security. Example: Property value 100k, mortgage value 60k equals and ltv of 60% (60/100).  Looks quite secure, doesn’t it? The problem here is that the property value is an estimation, which could be too favorable.  So we should treat the LTV’s  with caution. Even if the estimated value is in line with the actual market value we are not safe. There always needs to be a buyer in place willing to buy at that price right now. Maybe there is a buyer, but only in some months time. Just keep that in mind, real estate investments are not risk free, but they offer substance.

Let’s take a look now at the platforms:


With soon 200 projects funded (and lots of them already repaid) Estateguru (get 0.5% cashback on your first 3 months investments with that link) is in the club of the more established platforms in the property sector. We now know how the platform reacts to delayed payments. An interesting case is this one. The borrower was not able to pay on time so the property was transferred into an entity controlled by Estateguru. The

Estateguru Project

borrower has no time until end of October to buy back the property. If not, the property will be sold. If this will happen we are going to know how good the LTV estimation was. There are other loans which are overdue, but none of them was sold until today. Most of the loans are redeemed more or less on time, sometimes premature. If not, there are indemnity charges. It has happened that a loan was funded but the funds could not be transferred to the borrower as they failed to provided the needed documentation. In such cases Estateguru paid the interest for the funding period out of their own pocket. It happened twice to me. I like this attitude as they would not be required to do that. According to the stats there are no loans in default, which means the payment is missing for more then 45 days. This is not really true as abovementionned case shows. In the end I like Estateguru, where I invest now for nearly two years without any default. The number of available loans was a problem back in the days, but this has changed now, there are several loans coming every week, which helps me to invest. I try to get into a good mix of different project types. I prefer loans with a monthly (interest) installement. This for a simple reason: if there is a delay we find it out quicker. If I see nice projects which redeem at the end, I invest regardless. Estonian projects are preferred as well, but I don’t close my eyes from others. My goal is to have at least 50 percent of Estonian projects in my portfolio.


Bulkestate started in Latvia but moved to Estonia as the regulation there is more supportive to crowdfunding platforms. Since then there were some projects with really nice returns. During the next few days two big projects should be added on the platform.  One is a bulkdeal where investors can buy a hotel complex in Burgas, Bulgaria. The other project is a multistage real estate development project in Riga.

Bulkestate Project

I have a positiv attitude towards the platform, even if they can’t provide a track record as only one project has redeemed to date. All projects are set to be redeemed at the end so far which makes an evaluation hard at the moment. Technically and optically the platform seems to be nice. There is no investors account at the moment so you can’t store your money there. You have to bid project by project and then pay your bid by bank transfer.

I already have spoken to the guys in charge and they seem to know what they are doing (from their RE experience). As there are not a lot of projects at the moment I suggest you create a  free account, so that you get informed when new projects were added on the marketplace.


Live for an extended period of time is Crowdestate, although we do not hear and read a lot about the platform. An overview of the functionality is available here. For some weeks they offer now business loans secured with properties.

Most of the projects pay their first installement after 12 months or at maturity, so an assessment is quite difficult, although we have a little track record here. Nice is that as an investor you get a quarterly update about your projects with lots of information.

They make a professional impression on me and I think it can’t hurt if you check out the platform.


Some weeks ago I joined  Housers (get 50 Euro cashback when using this link and invest in a project) as an investor. I liked the idea of investing in a different region (although I was and remain sceptical to a certain extent). I already have invested in some different projects and got my first monthly installements (10% of that remain with housers as commission). Some projects are buy to sells, so a property gets bought, renovated and sold (hopefully) with profit. There is a duration of 12 months with such projects and the profit relies on the sale price. If the estimations are realistic remains to be seen, but I like the mix of buy to sells, buy to let and interest bearing projects.

At the moment there is an attractive looking project available: A hostel in Valencia which is in funding phase. A big project which needs about 2 Mio Euro. There the investor participates from the revenues (monthly) and the increase in property prices (once sold).

You can join housers as an equity holder as they are offering some equity on

Housers Hostel

Crowdcube at the moment. In my opinion the valuation is high, so I join (if I join) with the minimal invstment amount. Access to the private round is provided by the above link. I can’t show any figures as all details of the pitch need to remain private.

That’s it for now, with my next post I will look at UK property platforms, and there are lots them 😉 If you prefer buyback platforms, check  this out when you are cash dragged.

Bulkestate – an update and some answers

Do you kow that? You discover something new and you need to know as much as possible about it? This happens to me with p2p platforms (amongst some other things). At the moment I am engageing myself with Bulkestate. Some time ago I introduced Bulkestate to you. Some questions still remained open and some of the circumstances were not entirely clear to me. For example see the below project with the very low ltv and still yielding 13.4 percent? Well, I tried to get answers and clarification.

Residential property in Jurmala (bathing resort in Latvia)

The project is so far invested slightly over 50 percent and is open for new investments until Wednesday. No worries, the project will be financed in the end, as Bulkestate has a network of big hitters which will jump in. If you would like to profit from 13.4 percent yield together with a really low ltv, so then you should hurry up. Zur Register here (top right corner click on login and then on the lower band of the pop up choose register as new investor). I asked them why a project with such a low ltv still can yield more then 13 percent. I did not get why a solid borrower would do such thing as he clearly could better rates at a bank. The answer was that it is not that easy with banks and they are very slow. Get a mortgage can take weeks. If a borrower has no history in borrowing then it seems hopeless to get a mortgage in Latvia. This should not be the case in this project. I could envision that this is somewhat like a bride loan. In any case Bulkestate has a direct claim, which is easily covered by the property even if the valuation was much too high. Ok, enough with searching for problems, I don’t see any….

Some questions I posed to the platform were answered by Kaspars

Could you tell me when and by whom the idea was created to found Bulkestate?

The idea was born in spring of 2015 and it was developed by Igors Puntuss and other colleagues that you can see on our website.

You started in 2016 with some projects and then it was very quit for some months, any special reason for that?

Yes, due to lack of legislation and support from Latvian institutions the company was moved to Estonia. Unfortunately, in Latvia there are no laws and regulation for crowdfunding companies. It took us couple months to get it sorted and now we’re able to move on. Estonian infrastructure and laws are better for this type of company and we see that it’s working more effective. (Input from p2phero: Estateguru and Crowdestate which operate in similar ways are registered in Estonia, whereas payday platforms mostly are in Latvia.)

What are your goals for the rest of 2017? And after that in 2018?

Our goal for 2017 is to launch our first bulkdeal and see how the market responds as it’s something new.

When it comes to investments, in general, we’d like to offer our investors only deals with attractive returns. We’ve noticed that many companies are raising funds for more properties but the quality and returns start to suffer. Our focus is on higher return properties that are attractive to our investors.

Getting attractive returns from property investments were mostly a possibility to a limited number of individual investors, we want to make it available to everyone.


Hopefully there are less questions now then before 😉 If not, just contact me. Register here (top right corner click on login and then on the lower band of the pop up choose register as new investor).

Bulkestate – a young platform with nice returns (14% at the moment)

Ok, today I’m going to introduce a new platform to you. Some months ago I accidentally came in contact with Bulkestate and invested the minimal amount of 50 Euro in one of their projects. The loan will mature next year, so I cannot share any more then that on this loan. According to the platform already two of their projects repaid so far. This is great news considering their small number of issued projects so far. I would place this platform somewhere between Estateguru and Crowdestate as they do business in similar segments of Real Estate financing.

Who is allowed to invest at Bulkestate and how to register?

Investing is open to any person which is at least 18 years old. There is also the possibility to invest as a company. A constraint for certain sountries seems not to exist.There is no word that the bank account has to be in the EU, but I would like to see what happens if a payment would be made from outside of Europe 😉 .

Registering is quick and easy, if you know where to start. You have to click on the login button (top right corner), and a window is to appear where existing investers can log in. On the bottom of this window you will find this sentence “Or register if you are a new user”, click it and start the registration process.

How to invest

As already mentionned the minimal investment at Bulkestate ist set at 50 Euro. Investing is pretty easy, just check out the project and hit the “Invest now” button. Afterwards you type in your desired amount of investment and confrim it. Bank transfer is actually the only possible way to pay at the moment. You get the payment instructions by email automatically or can hit “download receipt” to get them immediately. You then have up to 72 hours to execute the payment, otherwise your bid will be cancelled. I guess in reality you would have more then these 72 hours as the projects funding period mostly are several weeks and they seem to fill up slowly. But hey, what’s the point to wait? When I decide to invest, I then quickly send my funds on the way 😉 To get a quicker confirmation of your investment you can send a transfer confirmation from your bank to the support. I don’t think this is necessary as bank transfers nowadays are pretty fast.

A current project

Momentarily 70k Euro are beng sought to refinance an existing mortgage from an appartement. The owner would like to sell and is looking for a bridging loan. The duration is set at 12 months combined with an interest rate of 14 percent. The loan-to-value ratio is 61%. This means that the appartment is burdened only to 61 percent relatively to the object’s estimated value. Is the estimated value set too high, the ltv will be too low, so there could be more risks involved then anticipated when looking at the ltv ratio. So the valuation is a quite sensitive matter. Just keep that in mind when dealing with ltv’s. I will be investing some funds in this project as well, as it looks quite reasonable. Nearly I forgot to tell that I firstly thought that the loan is for the whole complex with nine levels as I read the description. In fact the loan is for one appartement in the 9th floor. This makes sense, as the valuation seems to be fitting, according what I saw on other platforms.


I like the websites layout and of course the interest rates. There are few projects so far, but I hope the number increases and the quality remains. (Earlier I wrote at this place that all investors will be burdened by a 10 percent withholding tax on the interest received. According to the platform this is not true and only affects Estonian tax residents. All other receive the full 14 percent). Follow me to Bulkestate.