Who is B11G OÜ?
B11G is the name of a SPV, private limited company registered in Estonia, that is created specifically to carry out a real estate development project. Please check the “About us” section on https://b11g.eu to learn more.
The name B11G is shorthand for Betooni 11G, the address of the 4,000+ m2 facility being developed in the heart of Estonia, one of the Eurozone’s fastest growing economies.
What is B11G project?
It is the development of a state-of-the-art industrial complex for small and medium-sized companies and B11G wants to share the experience with everyone interested in combining real estate investments with blockchain possibilities. B11G is raising EUR 1.1M, offering creditors an interest rate of 14% per year, with a maturity date of 24 months after issuance.
What is Initial Loan Procurement (e.g. ILP)?
ILP is a fundraising method that enables projects to expand its ecosystem by procuring loans. Creditors earn interest on the funds they lend to the company. ILP is innovative in that:
1) The loan agreements are digitally signed on Agrello’ s legal platform.
2) The Loans are transferable using access B11G tokens
3) Creditors lend funds in Ethereum (ETH) and are paid back with interest in stable coin (EURS).
What happens if the hard-cap (EUR 1,1M) is not reached?
If the 1.1m EUR goal is not reached, B11G OÜ will decide within 15 days whether to proceed with B11G Project or not. If the decision is to abandon the project, then all the creditors who have granted a loan will receive their funds back. If the decision is to proceed with the project with fewer funds, then everything goes on just like hard-cap would have reached.
What happens if the hard-cap (EUR 1,1M) is reached quickly?
B11G has reserved the right to raise the hard-cap to EUR 1,5M. No other condition will change in respects of creditors who have granted a loan.
How can a person contribute?
Please check the “How to participate” section on https://b11g.eu.
Who are eligible to participate?
All natural person in the World, except:
1) Persons that are underaged.
2) Residents of the countries and territories that are under appropriate international measures are not eligible to invest in this project. Such countries are: Algeria, Bolivia, Burma/Myanmar, Democratic Republic of the Congo, Crimean Peninsula, Cuba, Ecuador, Eritrea, Iran, Iraq, Libya, Morocco, Namibia, North Korea, Pakistan, Somalia, South Sudan, Sudan, Syria, Venezuela & Yemen.
3) Residents of countries where B11G Project or ILP are prohibited or restricted with license requirements or similar pre-conditions that the B11G Project does not fulfill (i.e. Unites States of America) should refrain from participating in the B11G Project through this website or by acquiring B11G tokens from the secondary market.
Where can a person get additional information?
Where are the B11G tokens?
At the moment of transferring a loan amount to B11G, a creditor shall receive B11G tokens corresponding to the loan amount granted (1 B11G token corresponds to EUR 1) to the ETH address set during the registration. After receiving the tokens, a creditor can transfer the tokens to another wallet – all the payments from B11G are still executed to the ETH address set during registration process.
What is B11G token?
It is token that corresponds to a certain granted loan amount through ILP. If a creditor grants a loan of EUR100, it will receive 100 B11G tokens each of them corresponding to EUR1. The token is necessary to assign the granted loan as a whole or in part to another person.
Why does the nominal value of the B11G token always stay the same and does not fluctuate?
Each B11G token corresponds EUR1 that is granted as a loan through ILP. Nominal value of the token cannot increase and it could decrease only if the B11G OÜ uses the right to pay back part of the principal amount in advance (i.e. if B11G pays back 20% of the funds borrowed through ILP, the nominal value of a token decreases from EUR1 to EUR0,8). The market price of a B11G token may increase or decrease over the loan period based on creditors expectations (i.e. it could be higher if the interest payment date is soon).
Why is the number of received B11G tokens and displayed loan balance different from the value shown in the ETH calculator before sending Ethereum?
Each B11G token corresponds to granted loan amount of EUR 1 and the granted loan amount is calculated in EUR. The calculator is based on estimated conversion rate from Ethereum to EUR. The actual loan amount granted depends on the actual conversion rate when the transaction is completed.
Where are the interest payments and repayment of principal amount made?
All payments to the creditors are going the the ETH address the creditor set at the time of registration process.
How is the interest calculated?
Interest paid to a certain creditor is calculated based on the loan amount granted by that creditor on the day of interest payment. Interest rate is 14% annual.
How often is interest paid?
Interest will be paid out on two occasions. The first payment will be made after 6 months and the second payment will be made, with the principal, at the end of the 24-month loan term.
When is the granted loan amount paid back?
Granted loan will the paid back in the end of 24 month period together with any outstanding interest. Each creditor shall receive the amount of funds it is granting as a loan on the day of maturity of the loan. B11G has reserved the right to pay back principal amount in advance in total or in parts.
Can a creditor increase the granted loan amount after the fundraising period?
If a creditor wants to increase the amount of the granted loan, the creditor must obtain additional B11G tokens from other creditors on the secondary market. After that, the creditor should log in to this site, open the Dashboard and use 'Add Token' button to connect new tokens with his loan contract.
Is the B11G token be listed on an exchange?
Project B11G only plans to support decentralized exchanges, enabling peer-to-peer trading of the granted loan on the secondary market.
How can a creditor transfer its granted loan to another person?
Creditors can use B11G tokens to transfer loans to others. New holder of the tokens shall log onto this website and “register” the tokens to be assigned the corresponding loan amount. Once it is done, the granted loan balance of the original creditor is adjusted (decreased) to reflect the transfer.
What to do with B11G tokens received as a gift?
If a person is given B11G tokens, he or she should register himself on the webpage and sign a loan contract so that a granted loan corresponding to those tokens could be assigned to him and he could receive the interest payments and repayment of principal amount to his ETH wallet.
How will the loan balance change if a creditor sends B11G tokens to another person?
If a creditor sends its tokens to another person, the loan balance will change once the new owner of the B11G tokens connects them to its loan contract. If the new owner is not yet a creditor, he must make an Agrello ID, set ETH address where the tokens are, pass KYC/AML procedures and sign a loan contract first. Until the new owner of the has not connected the B11G tokens with his loan contract, original creditor shall receive all payments from B11G.
What does the “Renew Loan” buttons do?
The “Renew Loan” buttons are located on your Dashboard screen. After a creditor has registered and received his tokens, he should renew the loan agreement to update the granted loan amount.
How long does it take to update granted loan amount after transferring Ethereum?
It should take less than an hour. The time it takes will depend on blockchain traffic and how soon it requires for the mining process to be completed.
Where can a creditor check its loan contract and granted loan amount?
Please sign in and inspect the Dashboard screen.
Becoming a Creditor Questions
What is Agrello ID?
Agrello ID is a person´s own self-sovereign digital identity, powered by blockchain, supported by an advanced identification process, and protected by cryptography. Agrello ID makes it possible to identify a person digitally and sign legally binding agreements.
Why does a creditor need to create an Agrello ID?
1) Agrello ID is the only option to log in to this website and get access to ILP features.
2) The Agrello ID is used to simplify the procedure for signing legally binding loan contracts.
What to do if a person has lost its access to Agrello ID or it is not working properly?
Please contact Agrello immediately: https://www.agrello.io .
Is it possible to change the provided ETH address?
No changes can be made after the ETH address is set. ILP is based on smart contract and it will be connected to the set ETH address. B11G tokens will be sent and any payments will be made only to the registered ETH address. Creditors are encouraged to be sure the ETH address entered is the one they wish to use to receive B11G tokens and all the payments (i.e. interest and repayment of principal amount).
What happens if a wrong ETH address is set?
Blockchain provides an immutable technical solution, which unfortunately does not allow to make any changes to the data submitted. When a creditor sets an ETH address, it will be linked with its Agrello ID and this link cannot be changed. For this reason, if a creditor enters wrong ETH address and saves it, it will not be able participate in the ILP. We are sorry!
What happens if a creditor executes a transfer from an ETH address not set during the registration process?
Transfer of Ethereum shall not pass and a creditor receives its funds back.
Is it possible to use an exchange wallet to participate in ILP?
No. Firstly as a security measure, a creditor should use only a wallet with a private key. Secondly, the wallet should be ILP compatible. A creditor needs an ETH address to send ETH and sign loan contract. In addition, this ETH address will receive the B11G tokens (ERC20) and all the payments (i.e. interest and repayment of principal amount) in stable coin.
Why does a creditor need to provide documents for KYC/AML?
To adhere to European and other international regulatory guidelines, creditors are required to identify themselves and pass additional screening. This is to ensure in advance that B11G OÜ can accept a loan from a certain creditor and it will be able to execute all the payments to a certain creditor without any interruptions from local authorities or financial institutions.
What kind of documents can be used for creditor´s identity verification?
The list of supported documents will be shown during the verification process with our partner CoinMetro, and varies by the total amount loan a creditor wishes to grant.
How much time will it take to verify creditor´s identity?
Once the necessary information is entered and appropriate documents have been uploaded, depending on the amount of verification requests in the queue, it will take between 5 minutes to 24 hours to approve a creditor. This time frame accounts that verification requests are coming from all over the world, from a variety of time zones.