Devon - Risk and return review
Devon - Returns and loss rates
Devon – Platform statistics 2026
1466
investors
Devon – Pros & Cons
About Devon
What it is
Devon is an Estonian-registered platform, launched in about April 2025, through which private lenders finance residential property developments in Latvia. All projects belong to MJL Group (MJL Enterprises), which also owns the platform, so Devon is the funding channel of one developer. Through the platform it has raised €12,813,645 from 1,466 active lenders, as of the end of September 2026.
How it works
After registering and passing checks you see the projects open to lenders (for example Deibner House, a Riga development added in October 2026) and choose how much to lend. Interest is paid daily and can be reinvested. Project interest rates are shown only to registered users. Devon publishes a monthly operations overview with funding figures and the status of each project.
Returns
The average interest rate was 15.22% a year in September 2026, and 15.40% over the first year to April 2026, according to the platform. These are contract rates before any losses; how the average is weighted is not stated. Lenders had earned €2,055,238 in interest since launch by the end of September 2026. New projects are offered at 'even higher' rates.
Losses and defaults
No default, late-payment or loss figure is published. The owner said in July 2026 that loans have been repaid at their scheduled maturity dates, and Villa Astor and Barona 92 were repaid in full. The book is young, and several projects were still waiting for building permits or senior bank finance in September 2026 (Terra Dunte, Juglasciems Village, Terbata Lofts), one was being redesigned (Biķernieku 13A) and one purchase had not closed (Brīvības 249A).
What secures your money
Your loan is not secured by the property in a way you can enforce. Devon lends investors' money as mezzanine loans to real estate companies of MJL Group in Latvia, the group that owns the platform. By design the loans are subordinated: a legal opinion summary by KPMG Germany (28 August 2026) says the loan amount is not unconditionally repayable, which is why Devon says it is not taking deposits. Banks and other senior lenders to the projects rank ahead of you. The main protection is a promise from the same group: if one project is delayed, other group companies are committed to covering what is owed to lenders. That guarantee is not security, and it depends entirely on MJL Group's finances. Devon states a weighted-average loan-to-value of 43.5% (April 2026); no independent valuations are published. Two loans, Villa Astor and Barona 92, have been repaid in full (July 2026); no recovery from a failed loan has been reported.
Who runs it and its licence
Devon OÜ (registration no. 17190298, Tartu mnt 67/1-13b, Tallinn, Estonia) runs the platform and belongs to MJL Enterprises. It holds no licence and is not in the European register of crowdfunding service providers (28 October 2026). In July 2026 the owner announced a move towards a regulated alternative investment fund structure; new loan agreements were accepted by 96% of lenders, and MJL prepared a bond issue as a buffer in case regulators require faster repayment. The August 2026 KPMG Germany summary concluded the subordinated structure is not deposit-taking under German rules and said materials must not suggest guaranteed repayment.
Fees
Devon publishes no fee schedule. Its lenders page says it cuts out intermediaries and commissions, which suggests lenders pay no platform fee, but the public pages do not say so in plain terms.
Getting your money out
The lenders page advertises an early exit, but its terms and cost are not public. Otherwise your money comes back when the project repays the loan, which depends on MJL Group selling or refinancing the property. With several projects still awaiting permits or senior finance, repayment can take longer than planned.
Our view
Return: Very High - the average interest rate was 15.22% a year in September 2026. Risk: Very High (higher means more risk) - the platform is unlicensed, its only borrower and guarantor is its own owner group MJL, and the loans are subordinated by design, so the property does not secure you directly. Risk-return: Very Low - a high rate does not make up for lending last-in-line to a single group that also controls the platform.
Regulation
License / Regulation: No licence - Devon OÜ (Estonia, registration no. 17190298) holds no crowdfunding, investment or credit licence and is not in the European register of crowdfunding service providers (28 October 2026). In July 2026 its owner announced a move towards a regulated alternative investment fund structure. A KPMG Germany legal opinion summary (28 August 2026) concluded that the subordinated loans are not deposits under German rules. No deposit guarantee or compensation scheme applies.
Functionality
For Investors
Useful Information
No. Devon OÜ holds no licence and is not in the European crowdfunding register (28 October 2026). In July 2026 the owner announced plans to move to a regulated alternative investment fund structure.
The public pages do not name a bank or payment provider. Your money is lent to companies of MJL Group, the owner of the platform.
The minimum is not published on the public pages; project details are shown only to registered users.
The average interest rate was 15.22% a year in September 2026, and lenders had earned €2,055,238 in interest since launch. No default or loss figure is published; the owner says loans have been repaid on schedule, and two have been repaid in full.
Not the property directly. The loans are subordinated by design, so senior lenders come first. The main protection is a guarantee from MJL Group companies, which is not security and depends on the same group.
Devon advertises an early exit, but its terms and cost are not public. Otherwise you wait until the project repays.
Devon publishes no fee schedule. It says it cuts out intermediaries and commissions.
Because the loans are subordinated and the guarantee comes from the same group, a problem at MJL Group could hit all loans at once. You would rank behind senior lenders, and no compensation scheme applies.
After what the owner called intense weeks in European P2P lending, it announced new loan agreements in July 2026, accepted by 96% of lenders, and a move towards a fund structure. A KPMG Germany opinion summary in August 2026 said the subordinated loans are not deposits under German rules.
