Devon
Estonia · Real estate · Founded 2025
Our score
Average return
15.24%
platform average
Regulation: No licence. Devon's own risk page states the loans are not overseen by any financial supervisory authority
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Our verdict
Devon is a financing channel for one Latvian development group, MJL Enterprises, and since May 2026 its loan agreement reclassifies a lender's claim as economic equity, repaid only once the borrower's assets exceed its non-subordinated liabilities. The group guarantee Devon originally presented as its main security no longer appears in the risk statement. Devon's own risk page says in plain words that the loans are unsupervised, subordinated and can be lost in full, which counts for something — but a candid description of a subordinated, undiversified, unlicensed loan is still a subordinated, undiversified, unlicensed loan. Devon OÜ, the Estonian company you deal with, has EUR 10,000 of capital against EUR 12.4m raised, had not filed its 2025 annual report by September 2026, shows a deletion notice on the register and is registered as a hosting business.
Read our full Devon reviewRegulation, returns, fees, risks and our verdict — in depth.What works
- A candid risk statement: Devon says in plain words that the loans are unsupervised, subordinated, treated as economic equity and can be lost in full
- Lenders fund identifiable residential buildings in Latvia belonging to a real operating group, not a financial shell with no assets
- The parent paid its old debts: MJL Enterprises settled its 2021 Crowdestate projects for about EUR 1.45m, including all interest and a penalty, with the last payment in February 2026
- Monthly operations reports give total raised, active lenders, average rate, interest paid and project status, and no investor fees are published
What doesn't
- Claims are subordinated: since May 2026 lenders rank behind ordinary creditors, and the group guarantee is no longer in the risk statement
- No licence, no supervision and no compensation scheme, and the same software stack carries Ventus Energy, which BaFin ordered to wind down its deposit business in May 2026
- Devon OÜ had not filed its 2025 annual report (due 30 June 2026), the register shows a deletion notice, and it holds EUR 10,000 of capital against EUR 12.4m raised
- One borrower group and no secondary market: every project belongs to MJL Enterprises, and early exit is paid only when other lenders fund the same project
Who this is for
Only experienced investors who already know MJL Enterprises, in an amount they would accept losing in full, since the subordination clause means taking equity-type risk for a fixed coupon.
How the score breaks down
How this score is calculatedEach dimension is scored 0–10 from documented inputs, then multiplied by its weight and summed. Nothing is rounded until the end.
Figure taken from: devon.eu · Sep 19, 2026 · 15.24% is Devon's own weighted average contracted coupon, not a return net of losses. Individual projects are advertised at 16%.
Terms & conditions tracker
We re-read the public terms of this platform every day and log what changed.
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