EstateGuru has a really good track record when it comes to bad debt recovery and so far no project has caused a loss to investors. But that might change because of EstateGuru’s adviser and minority shareholder (0.1%) Mihkel Roosme.
Hi Kristaps, I found your blog on google after reading an investor’s comment on Seedrs. I have not heard Rolegur and Nordic Group related issues before and did not understand what is going on. What you found, how EG replied above are shocking and frightening for me. On the other hand they made below statement about the person you mentioned. For your information.
“We have made several previous public communications about Mihkel Roosme and his involvement in Rolegur OÜ / Rolegur Residential OÜ loans - Mihkel is not a member nor has he ever been a member of the EstateGuru credit committee, thereby he has absolutely no involvement in 1) loan decisions and / or deciding on specific loan terms and 2) means of managing default loans. As has been publicly communicated, Mihkel Roosme's loans were initiated prior to his involvement in EstateGuru or its activities. Mihkel has contributed to EstateGuru's success through advising us on international expansion.”
Thank you Kristaps, for the detailed and vital blog post. We really appreciate and highly value the commitment of our investors and partners. Transparency is one of the most important business values to us and, therefore, we strive to publish relevant information on different business processes as soon as it becomes determinant for our investors. We are always willing to respond to all questions our community might have.
The following update was published via the EstateGuru marketplace on the 29th of March 2021:
The auction of the property was successfully held on 29th of March 2021 and it was won by EstateGuru's debt collection agency who was acting in the name of EstateGuru's investors. EstateGuru remains in control of all the actions in regards to the property and the security agent’s mortgage will remain in force. After the results of the auction are approved, the property ownership will be transferred to our debt collection partner who will proceed with the sale of the property without the limitations of the forced sale process.
This activity was necessary to avoid the property being sold under poor terms to other interested parties and to continue with the agreed activities to realize the collateral on favourable grounds and terms.
To add and to emphasize, this action was undertaken solely with the purpose of protecting our investors' assets and claims. In the case of ordering valuation reports for the enforcement proceedings, it is a relatively standard procedure in Latvia to have the valuation 2-4 times lower compared to the initial valuation and to make it extremely conservative, as this is already an enforcement procedure. This does not indicate the final value of the collateral.
EstateGuru, along with its partners, will continue to work towards resolving this loan under its own control.
Hi Kristaps, I found your blog on google after reading an investor’s comment on Seedrs. I have not heard Rolegur and Nordic Group related issues before and did not understand what is going on. What you found, how EG replied above are shocking and frightening for me. On the other hand they made below statement about the person you mentioned. For your information.
“We have made several previous public communications about Mihkel Roosme and his involvement in Rolegur OÜ / Rolegur Residential OÜ loans - Mihkel is not a member nor has he ever been a member of the EstateGuru credit committee, thereby he has absolutely no involvement in 1) loan decisions and / or deciding on specific loan terms and 2) means of managing default loans. As has been publicly communicated, Mihkel Roosme's loans were initiated prior to his involvement in EstateGuru or its activities. Mihkel has contributed to EstateGuru's success through advising us on international expansion.”
Hello,
Thank you Kristaps, for the detailed and vital blog post. We really appreciate and highly value the commitment of our investors and partners. Transparency is one of the most important business values to us and, therefore, we strive to publish relevant information on different business processes as soon as it becomes determinant for our investors. We are always willing to respond to all questions our community might have.
The following update was published via the EstateGuru marketplace on the 29th of March 2021:
The auction of the property was successfully held on 29th of March 2021 and it was won by EstateGuru's debt collection agency who was acting in the name of EstateGuru's investors. EstateGuru remains in control of all the actions in regards to the property and the security agent’s mortgage will remain in force. After the results of the auction are approved, the property ownership will be transferred to our debt collection partner who will proceed with the sale of the property without the limitations of the forced sale process.
This activity was necessary to avoid the property being sold under poor terms to other interested parties and to continue with the agreed activities to realize the collateral on favourable grounds and terms.
To add and to emphasize, this action was undertaken solely with the purpose of protecting our investors' assets and claims. In the case of ordering valuation reports for the enforcement proceedings, it is a relatively standard procedure in Latvia to have the valuation 2-4 times lower compared to the initial valuation and to make it extremely conservative, as this is already an enforcement procedure. This does not indicate the final value of the collateral.
EstateGuru, along with its partners, will continue to work towards resolving this loan under its own control.
Kind regards
EstateGuru Team
When was the Policy adopted? Have you asked EG for additional information about their activities with Roosme?