Pre-opening | Raizers Finances the Conversion of a Former Farmhouse into 5 Homes in Peillonnex (Haute-Savoie)

21/09/2026 – ⏱ 3 min

This article is for informational purposes only and does not constitute investment advice or a recommendation of any kind.

Raizers is preparing a bond issue to finance MYK Construction Promotion's acquisition and conversion of a former farmhouse at 93 chemin de Tinjod, Peillonnex (Haute-Savoie, France), where five homes will be created. It should be remembered that any reference to return is inseparable from the corresponding risk, which is set out below.

The loan runs for 24 months at a rate of 11%; this reference is subject to investment risk and is not guaranteed. Six months of interest are retained and paid within two months of the award, with the remainder paid at maturity; proceeds from each sale go to early repayment. The fact sheet does not state the loan amount, an essential figure, nor the opening date, minimum investment or a rating: it only expresses it as 54% of the homes' sale value.

Asset description, construction progress and sales traction

The plot covers 1,396 sqm. The works will renovate and extend the building, taking its floor area from 170 sqm to 598 sqm, 559 sqm of it habitable, across five flats of three to five rooms with a balcony or garden. The building permit was obtained on 9 July 2026 and the project targets an A energy rating. Peillonnex, with some 1,400 inhabitants, is around 30 minutes from Geneva.

There are no pre-sales: all five lots are listed without any pre-commitment, and the platform itself cites the geopolitical situation as a factor that could affect sales, which CapiFrance will handle for 3% of turnover. Combined sale value is €2,086,000, at an average of €3,732 per sqm, 4% above the local market average (€3,588 per sqm) and 9% below new-build (€4,092 per sqm). Yakup Kozak, the operator's director, has developed five projects in the Geneva basin since 2019 and has repaid early two of the three financed by Raizers.

Financial structure, coverage ratios and security

Repayment is backed by a first-ranking mortgage in favour of Raizers on behalf of the lenders and by a personal guarantee from Yakup Kozak. The borrower, MYK Construction Promotion, has share capital of €448,000 and has been registered with the Thonon-les-Bains trade register since July 2021. The operator contributes €258,000 of equity.

The published ratios are not consistent with one another. The fact sheet puts the LTV at 54% of sale value and states that the loan covers 100% of the operation's cost (an LTC of 100%), yet in the same document it describes the €258,000 contribution as 19% of that cost, which would imply an LTC of around 81%. The fact sheet text also ends abruptly in the section on early repayment triggers.

Non-sophisticated investors have a four-calendar-day pre-contractual reflection period to revoke their offer without penalty. This is a crowdfunding product, not a deposit or a guaranteed savings product. It carries risks of illiquidity and of total or partial loss of principal. It is not supervised by the CNMV or the Bank of Spain, and has no cover under Directives 2014/49/EU and 97/9/EC. Investors may not recover the capital contributed.

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Your real estate crowdfunding, in one app.

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The Realty Investor beta is now available. Explore the market, discover new projects and get to know the platform with simulated money, without putting in any capital.

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