Investor Portfolio Overview
HausKauf
Real Estate · Bulgaria · Burgas & Sofia · BRRR + Off-Plan
Gross Asset Value
€3.59M
Current market value · 16 assets
Gross Development Value
€4.22M
Conservative stabilised value
Unrealised Gain
€1.07M
+43.6% on total invested capital
Capital Efficiency
2.47x
GAV per euro of deployed capital
HouseKauf · Personal · SPV
16 assets · 1,293 m²
Burgas Coast + Sofia Vitosha
BRRR Strategy + Off-Plan Development
Est. 2019
01 — Portfolio Metrics
Key Performance Indicators
All figures as of May 2026 · Updated valuations
Total Invested
€2.45M
committed capital
Deployed Capital
€1.45M
cash out the door
Still Owed
€996K
off-plan instalments
Net Equity
€2.96M
GAV minus mortgages
Total Properties
16
Burgas + Sofia
Annual Net Income
€51K
7 operating assets
Operating DSCR
1.25x
above 1.20x threshold
Refinancing Pool
€1.70M
at 65% LTV · all assets
GDV Upside
€630K
to stabilised value
Total Area
1,293m²
across all assets
By status
Operating
41%
Development
44%
Personal Use
12%
Plot
2%
By legal holder
HouseKauf
43%
Personal
30%
SPV
27%
By geography
Burgas Center
53%
Sarafovo
24%
Sofia Vitosha
23%
02 — Capital Structure
Deployed · Committed · GAV · GDV
Capital efficiency: controlling €3.59M in assets on €1.45M deployed cash · 2.47x ratio
Deployed Capital
€1.45M
actual cash paid to date
Total Committed
€2.45M
+€996K still owed
GAV Today
€3.59M
current market value
GDV at Completion
€4.22M
conservative stabilised value
Capital bridge — deployed to GDV €K
Deployed
Still owed
Equity gain (GAV−committed)
Dev uplift (GDV−GAV)
Capital bridge chart.
Capital efficiency ratio
2.47x
GAV per euro of deployed capital
GDV / Deployed
2.91x
stabilised return on deployed cash
Total value creation
€1.70M
unrealised gain + development upside
03 — Refinancing Strategy
Capital Recycling & Akt 14
Full refinancing pool at 65% LTV · 1.71x coverage of remaining obligations · Two-wave timeline
Total Refinanceable
€1.70M
at 65% LTV · all 16 assets
Remaining Obligations
€996K
off-plan instalments
Coverage Ratio
1.71x
obligations fully covered
Surplus Equity
€703K
after all obligations met
Wave 1 — Available at any banker meeting · Lermontov + Semeramida Akt 14 ready
Lermontov 1 & 2 · Semeramida 2s & 3s
Akt 14 already issued + June 2026 · immediately refinanceable
€683K
proceeds
€604K
obligations
+€79K
surplus
Refinancing · Akt 14
Lermontov 1
+€247K
→
Obligation
Lermontov 1
€296K owed
Refinancing · Akt 14
Lermontov 2
+€195K
→
Obligation
Lermontov 2
€232K owed
Refinancing · Jun 2026
Semeramida 2s
+€98K
→
Obligation
Semeramida 2s
€31K owed
Refinancing · Jun 2026
Semeramida 3s
+€143K
→
Obligation
Semeramida 3s
€45K owed
€683K
Wave 1 proceeds
€604K
Wave 1 obligations
+€79K
rolls to Wave 2
Wave 2 — Q4 2026 · Belgravia Akt 14
Belgravia 1 & 2
Akt 14 expected end of 2026 · €80K gap covered by Wave 1 surplus
€312K
proceeds
€392K
obligations
W1 surplus
covers gap
Refinancing · Q4 2026
Belgravia 1
+€156K
→
Obligation
Belgravia 1
€192K owed
Refinancing · Q4 2026
Belgravia 2
+€156K
→
Obligation
Belgravia 2
€200K owed
€312K
Wave 2 proceeds
€392K
Wave 2 obligations
€703K
surplus by end 2026
Two sentences for any banker. At this meeting, four assets hold Akt 14 and are immediately refinanceable at 65% LTV, generating €683K against €604K in obligations. Belgravia follows Q4 2026 with the €80K gap covered by the Wave 1 surplus — leaving €703K of free equity for the next acquisition cycle by end of 2026.
04 — Cash Flow & DSCR
Income · Debt Service · Capacity
All figures are net monthly income after all operating expenses · 3.5% rate · 25yr term
Current Monthly NOI
€4,250
7 operating properties
Monthly Debt Service
€4,100
6 mortgaged assets
Operating DSCR
1.25x
above 1.20x threshold
Stabilised Debt Capacity
€7,408/mo
at 1.20x DSCR · €8,890 NOI
Monthly cash flow — current to stabilised
Net income
Debt service
Max debt at 1.20x
Cash flow chart.
Income & debt service per asset · net/month
AssetNOI/moDebt/moDSCR
Villa Eva€750€9000.83x
Villa Ina€750€9000.83x
BBR2€500€2002.50x
BayView Family€458€3001.53x
Sea Garden House€750€1,1000.68x
Mara Gidik ap1— personal€700—
Mara Gidik Studio€667—free
Las Brisas€375—free
Operating total€4,250€4,1001.25x
Forecasted income — off-plan assets at completion Net after expenses · debt service TBD at Akt 14
AssetWaveExpected rent/moNet NOI/mo (×0.80)Debt service/mo
Lermontov 1Wave 1€1,300€1,040TBD at Akt 14
Lermontov 2Wave 1€1,100€880TBD at Akt 14
Semeramida 2sWave 1€700€560TBD at Akt 14
Semeramida 3sWave 1€1,000€800TBD at Akt 14
Belgravia 1Wave 2€850€680TBD at Akt 14
Belgravia 2Wave 2€850€680TBD at Akt 14
Off-plan total€5,800/mo€4,640/mo
Stabilised portfolio total€10,050/mo€4,100/mo existing€7,408/mo capacity
Stabilised debt headroom. At full stabilisation, €8,890/month in net income supports €7,408/month in total debt service at 1.20x DSCR — €3,308/month above current committed debt, equivalent to approximately €560,000 in additional financing capacity at 3.5% over 25 years.
05 — Asset Register
Complete Property Portfolio
16 assets · Burgas & Sofia · All valuations as of May 2026
Asset Location Holder Status m² Invested Current value GDV ROI Akt 14
HausKauf · Real Estate Portfolio · Burgas & Sofia · Bulgaria
Conservative GDV · 65% LTV model · All figures net after expenses · May 2026 · Confidential