ACBM Estonia has published an article about $EstateGuru losing lenders' money.

- Rolegur and Rolegur Residential: Kristaps Mors has already described the case of Zilu iela 10 loan. The valuation of the collateral, a land in Riga (Latvia), was 296 000 € and the loan 180 000 €. As defaulted, the land was sold on auction by the Riga city (probably because the tax have not been paid) at… 71 500 €! When Kristaps Mors checked the history of the land, he discovered that it was previously sold at 23 000 € in 2014 and 18 000 € in 2016.

It happens than Rolegur and Rolegur Residential director is Mihkel Roosme, a minority shareholder of EstateGuru. Later (after the loans were financed) he came to the board management of EstateGuru. EstateGuru promised us he would leave Rolegur and Rolegur Residential. He hadn’t. Instead he disappeared from board management of EstateGuru and from its team webpage. But, few months later, we’ve discovered randomly he was in fact still working for EstateGuru as an external advisor.

Fortunately, EstateGuru could recover some Rolegur and Rolegur Residential default loans. For example, loan #8823 was 101 500 €, its collateral was sold at 116 000 € during auction. But minus 5 000 € enforcement costs (bailiff agent, security agent, bankruptcy manager fees) and minus 5 000 € EstateGuru service fee, remain only 104 500 € for the lenders, received in April 2021. Meaning the lenders got 3 000 € as interests since January 2020, less than 3%. Can we imagine EstateGuru had so many difficulties and fees to get the collateral from a person still working for EstateGuru? By the way, yes, the EstateGuru security agent is another company, but its name is: EstateGuru tagatisagent.

Crowdestate, an EstateGuru competitor, had also trouble with a loan connected to Mihkel Roosme, thru Tamme Arenduse, a daughter company of Rolegur. The words “suspicion of fraud” are even used in Aripaev newspaper as he was not paying back.

- Marsa gatve 7 and Zvaigznaja gatve 18 loans in Riga: The loan amounts were respectively 205 000 € and 182 000 €, with collateral values of 315 000 € and 280 000 €. These collaterals were sold during auctions in June 2020 at 134 250 € and 114 750 €, respectively to Baltex Nami and to Royal Property Investment. So here too, there are big loss and unfortunately the buyer is not EstateGuru, meaning it’s too late, it will be impossible to try to sell these real estates at higher price. Instead of updating the website to tell about these auctions, EstateGuru has published in December (so six months later): “We have a written confirmation from an independent buyer confirming their interest to purchase the collateral and repay or refinance the loan. The transaction should occur in February 2021.” It sounds deceptive (EstateGuru hasn’t given us any explanation). The problem is that EstateGuru has a second market where it’s possible to sell/buy a loan, EstateGuru getting a 2% fee during the transaction. And, because of the wrong information published by the platform, a lender could buy with a premium (meaning at a higher price than the principal because some future interests are included) these loans hopping to get a normal payment back, while the loans were in fact already big loss.