EstateGuru has marked its entry into the German market with the unveiling of its first project in the country.
Marek Pärtel, co-founder and chief executive of the European peer-to-peer property lending platform, said Germany holds the most potential for the company to expand.
He said the platform is finalising details to set up a local subsidiary and operations in Germany that will be run by a new country head who will be appointed in the next fortnight.
The first project will let investors earn 12 per cent by backing a bridging loan for an Estonian company to purchase a property in Sindelfingen, near Stuttgart, which will operate as a printing factory.
“This is one of the most important milestones we have achieved to date as Germany is the biggest market with the most potential for EstateGuru to expand its operations,” Pärtel said.
“Although the biggest investor pool – 11,000 out of 45,000 – already comes from Germany, EstateGuru hasn’t financed any projects in this lucrative real estate market until now.
“We want to become the leading ecosystem in the alternative lending market for small and medium-sized companies across Europe.”
“EstateGuru now provides fast and flexible lending solutions to its borrowers in seven countries.
“In addition to the Baltics, we are active in Finland, Spain, Portugal, and now also in Germany.”