HouseKauf — Investor Portfolio

01 — Portfolio

At a glance

Capital deployed and committed, today’s asset base against debt, and the income trajectory to 2027.

Deployed Capital

€1.45M

Actual cash paid to date

Upcoming Investment

€1.00M

Off-plan investments 2026–2027

Current Asset Value · 2026

€3.69M

Today’s market value

Projected Market Value · 2027

€4.23M

At stabilisation

Debt

€630K

Outstanding mortgages · 17% LTV

Net Equity

€3.06M

Current value minus debt

Current Net Income

€55K

Today · 7 operating assets

+118%

→

by 2027

Projected Annual Income · 2027

€120K

At full stabilisation

By status

Development

44%

Operating

41%

Personal use

12%

Plot

3%

By legal holder

HouseKauf

43%

Personal

30%

SPV

27%

By geography

Burgas center

53%

Sarafovo

24%

Sofia Vitosha

23%

02 — Capital Structure

From cash deployed to value created

€1.45M of deployed cash controls €3.69M of assets today, with a clear path to €4.23M at stabilisation.

Portfolio value trajectory · 2020 → 2027€ millions

Deployed Capital

Future Investment

Equity Gained

Equity Uplift in Progress

Capital efficiency

2.54×

Asset value per € of deployed cash

Stabilised multiple

2.92×

Projected value per € of deployed cash

Total value creation

€1.78M

Unrealised gain + dev upside

03 — Refinancing & Akt 14

Capital recycling, fully self-funding

At 65% LTV the portfolio refinances into €1.70M — covering every remaining off-plan obligation 1.70× over, with €700K of free equity left for the next cycle.

Refinanceable pool

€1.70M

65% LTV · all 16 assets

Remaining obligations

€1.0M

Off-plan instalments

Coverage ratio

1.70×

Obligations fully covered

Surplus equity

€700K

Free after all obligations

The two sentences for any banker At 65% LTV the portfolio refinances into €1.70M — enough to clear the €1.0M of remaining off-plan obligations 1.70× over. Several units already hold Akt 14 and refinance immediately, with the rest following as their certificates issue through 2027 — leaving roughly €700K of free equity for the next acquisition cycle.

04 — Cash Flow & DSCR

Income, debt service & capacity

All figures are net monthly income after operating expenses. Modelled at 3.5% over a 25-year term.

Current net income

€4,517

7 operating properties

Debt service

€3,400

5 income-producing mortgages

Operating DSCR

1.33×

Above 1.20× threshold

Stabilised capacity

€7,764

/mo at 1.20× · €9,317 NOI

Monthly cash flow · current → stabilised

Net income

Debt service

Capacity @ 1.20×

Per asset · net per month

Asset	NOI	Debt	DSCR
Villa Eva	€800	€900	0.89×
Villa Ina	€800	€900	0.89×
BBR2	€600	€200	3.00×
BayView Family	€500	€300	1.67×
Sea Garden House	€750	€1,100	0.68×
Mara Gidik ap1	personal	€700 · personal	—
Mara Gidik Studio	€667	—	free
Las Brisas	€400	—	free
Operating total	€4,517	€3,400	1.33×

Forecast income · off-plan at completionNet after expenses · month income begins

Asset	Wave	Expected rent	Net NOI (×0.80)	Operational
Lermontov 1	Wave 1	€1,300	€1,040	03.2027
Lermontov 2	Wave 1	€1,100	€880	03.2027
Semeramida 2s	Wave 1	€800	€640	02.2027
Semeramida 3s	Wave 1	€1,000	€800	02.2027
Belgravia 1	Wave 2	€900	€720	08.2027
Belgravia 2	Wave 2	€900	€720	08.2027
Off-plan total		€6,000	€4,800	—
Stabilised portfolio · 2027			€9,317 NOI	€7,764 capacity

Stabilised debt headroom At full stabilisation, €9,317/month of net income supports €7,764/month of debt service at 1.20× DSCR — €4,364/month above today’s €3,400 operating debt service, equivalent to roughly €870,000 of additional financing capacity at 3.5% over 25 years.

05 — Asset Register

The complete portfolio

16 assets across Burgas and Sofia. All valuations as of May 2026.

Asset	Location	Holder	Status	m²	Invested	Value	GDV	ROI