Pre-launch · ECSP license application · Bank of Lithuania
A crowdfunding platform built to EU regulation. Invest in European real estate.
Spilqa UAB (Lithuania) is preparing to offer loan-based crowdfunding for real estate developers, subject to ECSP authorisation by the Bank of Lithuania. Each loan is intended to be secured by a first-rank mortgage. Funds are intended to be held in escrow via a licensed EU payment institution, with payouts tied to verified construction milestones.
Joining the waitlist does not create an investor account, client relationship, or investment relationship. No investment opportunities are currently available. Capital at risk when investing.
Not yet authorized. Transparent about it.
Spilqa UAB is a Lithuanian private limited liability company registered in Vilnius, Lithuania. Spilqa is preparing an application for authorization as a European Crowdfunding Service Provider (ECSP) under Regulation (EU) 2020/1503 to be submitted to the Bank of Lithuania.
Spilqa is not currently authorized as a crowdfunding service provider. No crowdfunding, investment, payment, or other financial services are currently provided. There are no investment offers on this website.
How investing through Spilqa works after authorisation.
No branch visits, no minimum holding periods, no real estate background required. The process is designed to be clear at every step.
Create an account
Register with your email. Provide identity documents for KYC verification — required by EU regulation and completed fully online.
~5 minutesReview project details
Every project on Spilqa includes the KIIS document, independent appraisal report, LTV, covenants, and milestone disbursement schedule.
At your own paceChoose an amount after authorisation
Select your investment amount. Funds are intended to be held through a licensed EU payment / e-money institution, subject to final provider arrangements and regulatory review, and released only at verified milestones.
4-day reflection periodTrack and receive
Monitor construction progress, escrow disbursements, and covenant compliance in your dashboard. Interest paid according to the loan schedule.
Monthly updatesHow everything is set up
You invest
You choose a property and invest from €100. Your rights to a share of the loan are legally formalized.
Spilqa manages
Verifies the developer and collateral, controls escrow, monitors covenants, and oversees payouts in your interest.
Developer builds
Builds the object in stages. Receives tranches only after independent verification of each stage.
Capital, backed by real assets
We've designed Spilqa to eliminate "excavation pit" risks and pure startup bets. Only properties with real collateral and verified economics will be listed.
Real asset
Every loan will be secured by real estate and a first-rank mortgage. A tangible value-generating asset, not just a promise.
Verified economics
The financial model of each project will be verified through an independent collateral valuation and third-party financial due diligence review before listing.
Regulated structure
Structured under the ECSP Regulation (EU) 2020/1503. Investor rights will be protected under EU law upon authorisation.
Regular cash flow
Payouts will follow the loan schedule and be based on real project milestones, not optimistic forecasts.
Submit a request and be among the first
Choose how you prefer to invest — as a one-off or regularly. Joining the waitlist does not create an investor relationship; we will contact you after ECSP authorization.
You're on the list
Thank you for your interest. We'll be in touch as soon as Spilqa receives ECSP authorisation.
If you have any question, write to hello@spilqa.com.
Joining the waitlist does not create an investor account, client, or investment relationship. Capital at risk when investing.
Seven layers of protection — for the moment you invest.
Most platforms say "secured by a mortgage" and stop there. We explain exactly what that means and what happens in every scenario, including the ones that go wrong.
Full project documentation will be available in the data room post-authorization.
First-rank mortgage on the property
Senior securedA first-priority legal claim registered against the development land and building rights. In the event of default, the property is sold — and investors are repaid first from the proceeds. LTV disclosed per project.
Funds released only at verified milestones
Escrow-controlledYour money never goes to the developer on day one. It is intended to be held through a licensed EU payment / e-money institution, subject to final provider arrangements and regulatory review, and disbursed in defined tranches — only after each construction milestone is independently verified.
Legally binding covenants on every deal
Covenant frameworkEach project will be governed by a minimum of 5 specific covenants: quarterly progress reports, construction insurance at all times, maximum additional debt cap, pre-sale requirement trigger, and a 30-day material change notice obligation.
Independent valuation before listing
Third-party verifiedBefore any project is listed, a licensed independent appraiser will verify the current market value of the collateral. The full appraisal report will be published in the data room.
Developer screening before every listing
Screened & verifiedEvery developer is assessed before their first project is listed: track record, financial standing, beneficial ownership structure, and absence of criminal or regulatory violations — as required under ECSP Regulation Art. 21. Projects from developers who do not meet Spilqa's admission criteria will not be listed.
4-day cooling-off period — guaranteed by law
Art. 22 ECSPUnder ECSP Regulation Art. 22, every investor has the right to withdraw their investment offer within 4 calendar days of making it — no penalty, no questions asked. This mandatory reflection period ensures no investment decision is made under pressure. It applies to every offer on the platform, on every project.
EU-regulated platform with segregated funds
ECSP pendingSpilqa intends to operate under ECSP Regulation (EU) 2020/1503, under the supervision of the Bank of Lithuania, subject to authorisation being granted. Investor funds are intended to be held in segregated accounts via a licensed EU payment / e-money institution — never mixed with Spilqa's operating capital.
Lithuania first. EU expansion in preparation.
Spilqa is preparing through the Lithuanian regulatory framework, with ECSP authorization from the Bank of Lithuania. Lithuania sets the initial legal and supervisory framework for the launch. Any future cross-border activities will depend on authorization, passporting, and local legal analysis.
Why Lithuania first
Lithuania is one of the most developed jurisdictions for ECSP authorization in CEE. The Bank of Lithuania has clear procedures under Regulation (EU) 2020/1503. Spilqa UAB is registered in Lithuania and will apply to the Bank of Lithuania as its home competent authority.
Poland is a planned market
Poland is one of the planned future markets. Any activity will depend on authorization, passporting under Article 18, local legal analysis, and operational readiness. Currently, investment opportunities in Poland are not available.
EU Passporting
Following authorization by the Bank of Lithuania, Spilqa may apply to passport services to other EU countries under Article 18 of the ECSP Regulation. This requires separate notification and may be subject to local requirements in each jurisdiction.
A single ECSP license operates across EU countries via passporting
Reg. (EU) 2020/1503, Art. 18Bank of Lithuania — home competent authority for authorization
Lietuvos bankasLithuania — initial regulatory market; others via passporting
Spilqa UAB, 2026Current status — no services provided, no opportunities
As of 2026What a project looks like on Spilqa
Projects will become available after obtaining the ECSP license. The example below shows the format, structure, and level of disclosure.
Residential development — demo property
Senior secured construction loan · illustrative
ILLUSTRATIVE FIGURES ONLY
Illustrative example. Not an offer to invest. Real projects will appear post-ECSP authorization.
On an investment of €1,000 you would earn approximately €172 in interest, receiving €1,172 at maturity.
A regulated platform built by founders who sign their names to it.
Spilqa is being built by Afanasii Pilkevych and Oleksii Rud — two founders with experience in finance, compliance, and technology. We are applying for ECSP authorization to the Bank of Lithuania.
If granted, this authorization will allow Spilqa to operate as a crowdfunding service provider in Lithuania. Any cross-border activities in other EU countries will depend on the passporting process under Article 18 and applicable local requirements.
Investment will open only after the required authorisation and regulatory steps are completed. Both founders are publicly named and personally responsible for every decision Spilqa makes.
Afanasii Pilkevych
Co-founder · Law, compliance, and finance
Responsible for ECSP licensing, KYC/AML architecture, financial discipline, and regulatory relations. Every compliance decision and financial control has a single accountable owner.
Oleksii Rud
Co-founder · Product, platform, and marketing
Responsible for platform development, integrations, investor experience, and communications. Every line of code, every UX decision, and the investor funnel is his domain.
"We are not trying to be the biggest platform in Europe. We are trying to be the most trustworthy platform for real estate-backed crowdfunding loans — and to prove that transparency and investment returns are not in conflict."
Afanasii Pilkevych & Oleksii Rud, Co-founders of Spilqa
Questions that matter.
We answer tough questions directly — including what happens if a project runs into problems. Opacity is not our strategy.
Spilqa is in the process of obtaining an ECSP (European Crowdfunding Service Provider) license from the Bank of Lithuania under Regulation (EU) 2020/1503. Authorization will allow us to operate as a crowdfunding service provider in Lithuania. Cross-border activities in other EU countries will be carried out via passporting under Article 18 of the Regulation. Investing will only be possible after the official license is granted.
If a developer misses a payment, we send a formal notice and initiate the collection procedure. Spilqa, acting in the interests of investors, can execute the first-rank mortgage — the property is sold, and the proceeds are distributed among investors, who are first in line. Full recovery is not guaranteed and takes time, but the mortgage gives priority. We publish our default management procedure in full.
Spilqa intends to charge zero fees to investors on the primary market — no management, entry, or exit fees. Revenue is planned to come from a fee charged to the developer, aligning platform motivation with successful project completion. Secondary market fees (if available in the future) will be disclosed separately.
Spilqa intends to operate under ECSP Regulation (EU) 2020/1503 supervised by the Bank of Lithuania. Investor funds are intended to be held in segregated accounts via a licensed EU payment/EMI institution — entirely separate from our operating capital. In compliance with ECSP requirements, Spilqa will maintain a business continuity plan ensuring orderly wind-down: existing loans would be managed to maturity, and uninvested funds returned to investors.
Spilqa is being prepared in Lithuania under the ECSP framework. Initial activity is expected to follow authorisation by the Bank of Lithuania, which is Spilqa's home competent authority. Poland is a planned future market — not the current operating market. Any activity in Poland will depend on ECSP authorisation, completion of the Article 18 passporting process under the ECSP Regulation, local legal review, and operational readiness. No investment opportunities are currently available in any market.
Post-authorization, investor eligibility will depend on applicable law, platform terms, onboarding checks, AML/KYC requirements, and jurisdictional restrictions. Identity verification (KYC) is mandatory before any investment — this is a regulatory requirement, not a platform option.
Under ECSP regulations, non-sophisticated investors have the right to revoke an investment decision within 4 calendar days without penalties or explanations. This is a mandatory protection provided by regulation, not a Spilqa policy. During this period, funds remain in escrow and no interest accrues.
Investing will open after the ECSP license is granted by the Bank of Lithuania. We are actively preparing the application but cannot guarantee exact timelines. Join the waitlist to be the first to know about the launch. We will not initiate investor flows without a license.
Join the waitlist
Be the first to know when Spilqa receives authorization and is ready to launch. Follow our licensing journey.
No spam. No investments until a license is obtained. Capital at risk when investing.
Terms of use · Cookies · Risk disclosure
These documents are being prepared and will be published prior to any public launch, subject to completion of independent legal review and satisfaction of applicable regulatory requirements.
This website remains a prototype / demonstration version. UAB SPILQA does not currently operate as a crowdfunding service provider and does not provide any financial services. No investment opportunities are currently available on this website.
Privacy notice
This privacy notice is being finalised and will be published prior to any public launch, subject to independent legal review.
By submitting the investor waitlist or developer application form on this website, you consent to UAB SPILQA storing and processing your contact information for the purposes described in the form. Data is held securely and used solely to notify you about the platform launch or evaluate your project application. You may withdraw consent at any time.
For data protection questions, to request deletion, or to withdraw consent, contact us at hello@spilqa.com.