Eco-house building project – available

We invite our investors to invest in Sandbox Funding new ABS program which includes 5 loans issued to eco-house construction company “BONO House” LTD. All investments will be allocated in Round 1 of the innovative demo house building in Latvia.

In this Project overview you will find:

  • ABS program information
  • About “BONO House”:
    • field of operations
    • approach and uniqueness
    • future plans
    • ownership structure
  • About “Round 1 of demo eco house building project”
  • About “BONO” group
  • Market situation
ABS program information:
  • Total amount – 108 000 EUR
  • Skin in the game – 10%
  • Available for investments – 97 200 EUR
  • Term – 24 months
  • Interest rate – 12.25 % p.a.
  • Penalty fee (in case of late repayment) – 10 % p.a.
  • Type – SME / building construction
  • LTV (round 1) – 64.80 %
  • Trust score – B+
  • Location – Latvia
  • Collateral value – 150 000 EUR
  • Collateral – Land and project documentation synchronized with supervisory authorities
About “Bono House”
  • Name – “BONO House” LTD / Subsidiary company of “BONO” group
  • Reg number – 40203370560
  • Reg date – 03.01.2022.
  • Legal address – Beātes 5, Valmiera, Valmieras county., Latvia
  • Board members – Jānis Upenieks, Gatis Vanags, Annija Žentiņa

Field of operations

“BONO House” is part of “BONO” group. The company is founded in 2022 with the goal to develop products with high added value – eco houses, thus realizing the “BONO” group full-cycle timber production strategy.

“BONO House” designs and constructs Cross Laminated Timber (CLT) panel buildings.

The dominating aspects in the building design process are – energy efficiency and factors affecting the quality of life (thoughtful planning, air quality, and lighting). The buildings are designed in a 3D environment, which ensures a high level of detailing and the ability to produce building elements industrially – wall and covering panels, from which a ready-made building can be easily, quickly, and accurately assembled on the construction site.

In the last 1,5 years, extensive work has been done to develop and test new building construction technology. During this time, the biophilic aspects of the project (harmonization aspects of the interaction between person and nature) have been explored and defined; deeply researched CLT technology; agreements have been reached with key cooperation partners – construction designers, architects, as well as suppliers of materials of the relevant quality. Also, cooperation with the Latvian universities – Vidzeme University, and Riga Technical University – professionals and scientists in energy efficiency and improvement of building construction fields is going on successfully.

“We can say that wood, as a material, is in the blood and philosophy of the “BONO” group companies. That’s why in building constructions we use methods and solutions that allow us to create a product with high added value – sustainable, energy-efficient, high-quality, harmonized with the environment and people who live in,” CEO of “BONO House” Jānis Upenieks summarizes the company’s approach to business.

“BONO House” approach and uniqueness

Currently, in most cases, construction companies use the so-called 2D approach, when the dimensions of height and length are taken into account in construction planning. “BONO House” approach to building design and construction process organization is based on BIM 8D principle (the latest approach in the world).

  • CLT technology

The building structure consists of CLT (crosswise glued) and GLT (longitudinally – concurrently glued) solid wood constructions. The feeling of wood will fill up all the rooms creating a cozy atmosphere.

CLT is a future material, which changes the existing methods, opinions, and approaches in the field of construction.  CLT material is increasingly competing with popular construction materials such as concrete and others.

Benefits of CLT panel building:

  • very high energy efficiency, which significantly reduces operating (heating and cooling) costs,
  • CLT panels have low thermal conductivity and require less additional insulation,
  • materials are ecological and do not harm the health of residents,
  • CLT panel installation at the construction site is easy and fast, which leads to a predictable and faster construction time, which reduces labor, transportation, and other related costs,
  • CLT panels are manufactured as a design element therefore there is no need for interior decoration,
  • The hardness of CLT material is much higher than timber frame buildings,
  • The wood contained in CLT panels is enriched with carbon, thus it purifies the surrounding environment,
  • CLT buildings are light, which makes it possible to reduce building foundation costs of the construction,
  • CLT panels used in construction are 100% recyclable material,
  • CLT panels provide excellent air tightness and the interlocking structure of CLT panels ensures that the building does not lose its airtightness over time.

  • Balance between the environment and technologies

Using a carefully planned architectural and engineering plan, including data modeling, and building information modeling (BIM) software, results in the opportunity to create an ideal and sustainable living space.

  • Perfect climate

Thanks to the fact that the construction process of the building is based on the principles of biophilia, such a building has a favorable impact on societies and every individual’s physical and mental health. A combination of the best technologies and materials results in a breathing and natural building. Such a house of energy class A reduces daily carbon footprint and is economical in daily life.

  • Sustainability

When designing the house, we think about its impact on the mutual symbiosis of nature and humans. Renewable, recyclable, natural, carbon-positive houses constructed using trees that have accumulated during the lifetime a large amount of CO2 emissions generated across the globe.


Future plans

“BONO House” plans to expand in the construction sector of sustainable private houses and office buildings. The target markets are the Baltic countries and the Scandinavian market where the demand for eco-housing is increasing year over year. Already in 2024, it is planned to build the first projects in Finland, Norway, and Sweden and the first biophilic CLT office building in Finland.

Ownership structure

The owners of “BONO House” are:

  • “BONO” LTD, owns 70% of capital shares,
  • “VEF CRE ART” LTD, owns 30% of capital shares.

The owner of “VEF CRE ART” is Gatis Vanags, who is a Board member of SIA BONO House. Gatis Vanags is a professional with many years of experience in real estate development. He is responsible for company development issues related to construction works, attracting construction companies, supervision, and construction project management.

“BONO” LTD is represented by Jānis Upenieks – the Board member and COO of “BONO” LTD. Janis is a board member of “BONO House” LTD. With years of experience as the head of the “BONO” group, Jānis is responsible for operational day-to-day issues and the creation and supervision of the “BONO House” business model, as well as responsible for the regular exchange of information and reporting on achieved indicators to “BONO” group shareholders.

More about “BONO” group operation and business results can be found below in this article.

Round 1 of the demo eco house building project

In the beginning of September, the construction of the “BONO House” demo house in Sunīši village, Latvia will be started. The real estate and the project owner solely is “BONO House” LTD. The purpose of the demo house building project is to create a fully equipped, designed, following 8D model-built family house in a natural environment that will serve as a place where clients – real estate developers from the Baltics and Scandinavia will be able to experience all benefits of CLT-build house.

In total three investment rounds are planned in the demo eco house building process.

  • Project  Round 1 – demo eco-house building
  • Address – Mārtiņrožu street 38, Sunīši, Latvia
  • Cadaster number of the property – 8060 012 0661
  • Owner – “BONO House” LTD
  • Total funding – 450 000 EUR
  • Projected LTV – up to 75 %
  • Round 1 funding – 108 000 EUR
  • Round 1 LTV – 64.8 %
  • Land – 2417 m2
  • Building space – 183.4 m2
  • Type – Family house
  • Building start date – September 2023
  • End date – 1st of April 2024

Summary of Round 1

  • The loan is used to purchase a property (land) and to develop and synchronize project documentation with supervisory authorities,
  • The loan will be repaid from several financial sources – earning income from the sale of the demo house, as well as refinancing with a long-term bank loan. Income from planned construction projects serves as additional security,
  • The loan is secured with a first-rank mortgage,
  • The mortgage (land) is established during a prior financing process and partially will also cover additional stages of financing,
  • Prior to the next stage of financing, construction supervision must confirm the completion of works (works have been performed in a considerable amount).
  • The LTV of Round 1 is 64.8%
  • The projected LTV of the complete project (3 rounds) can increase to 75.0% (including additional collaterals for 2nd and 3rd stages).
  • After construction works are finished (planned on the 1st of April 2024), “BONO House” will use the property for demo purposes and afterward plan to sell the house.

For more information about “BONO House” please click here.

About “BONO” group

The company was founded in 2012 and during these more than 10 years, it has transformed into one of the leading players in the Latvian timber production and processing market. The company’s key lines of business include timber harvesting, logistics, pre-processing, further processing, trade, and now production of wooden houses. BONO has become a fully integrated group of companies that strives to use state-of-the-art technologies and production methods to help wood to obtain a higher added value at all stages of the value chain.

“BONO” provides full cycle forest management services – now including eco-house building business line.

“BONO” group incorporates 5 subsidiary companies:


For more information about “BONO” group please visit the corporate web page.

Market situation

One of the trends in the construction field is to build buildings using sustainable approaches – materials, planning solutions, and technologies. The demand for high-quality buildings is constant. Even during periods of global economic turbulence, this construction sector experiences only slight fluctuations in demand.

Wood is the most sustainable raw material, which is increasingly used in construction not only as an additional material, but also as a basic material from which load-bearing building structures are made. Thanks to innovative technologies (such as CLT), the qualities of wood (heat resistance as well as overall hardness) increase. Thus, not only individual houses but also office buildings and even small skyscrapers are being built from this material (here you can find more information about the highest wooden (CLT panel) building in Finland – click here.

Have a safe and profitable investing with “BONO” and Debitum

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