E-mail from Bulkestate
January 15, 2019
Today I received an e-mail from Bulkestate about the cancellation of Martas Street
With deep regret, we are forced to inform our investors about the cancellation of one of our recent investment objects, Martas Street, due to reasons beyond our control.
Based on the information provided to Bulkestate the seller of the property on Martas Street allegedly operated with falsified documents and criminal proceedings have been initiated. Thanks to the swift reaction of the involved parties and excellent cooperation with the State Police of Latvia and the office of Sworn Notary, the alleged fraudsters have been detained quickly. However, this also means that the transaction — acquisition of the property — cannot be completed.
We, at Bulkestate, are shocked about the developments regarding this investment object on Martas Street. We would like to assure you that we performed the necessary due diligence procedures regarding the property and the anticipated investment transaction according to the best standards in the industry, but apparently, the allegedly fraudulent documents have been made in a way, which cannot be detected without a professional eye also by other participants, professional real estate companies, in the sales tender process for this property.
This development has proven that it is always advisable to involve a Sworn Notary in the formation of the transactions to reduce the risks for our investors, which we have done in the past and will definitely do in the future.
Let us remind you that the goal of the loan was to crowdfund the purchase of the property acquiring an object for 1.3 million euros. Together with you, we managed to collect this amount at unbelievable speed — in 4 hours only. We highly appreciate your trust and readiness to participate in the realisation of our greatest challenges, however, we stay alert and do pay attention to additional safety measures, even if transactions seem to run smoothly.
Bulkestate hereby would like to confirm that all the investments would be repaid in full. We are sorry for the inconveniences caused to our investors, however, we remain delighted that systematic safety measures have paid off and neither us, nor users of our platform have become victims of fraud.
Safety of transactions has always been our key principle, and we pay special attention to it, in particular now, when various events in the industry of p2p platforms have compromised the trust and threaten the investments. The goal of Bulkestate remains to offer safe and beneficial investment opportunities to our investors and we will continue working on that and we rely on your support in this.
Yours faithfully,
Bulkestate team