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Geert Kroos team 7
Geert Kroos Duiven, NL

Think local, eat global!

ResiRest is your personal guide to new and exciting food experiences. Taste the authentic culture through a local home made meal!

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The concept

ResiRest is a new and exciting global travel platform, that connects locals and tourists all over the world through food. 

Tourists are looking for safe, easy and affordable ways to connect with locals and experience the authentic local culture. Locals are looking for reliable ways to benifit from local tourism and increase their welfare without making big investments.


ResiRest builds a bridge between them, by offering an exciting, fun and user-friendly mobile app and web platform, supported by qualified local agents.

We truly believe in the emerging future of the "sharing economy" and we are eager to promote that thought globally.


First, ResiRest will be launched in Thailand, where all necessary preperations have already been made. Next up are Uganda and Morocco. Of course, we will continue envolving our global expansion.

Unique Selling Points


  • ResiRest connects tourists and locals through authentic home dining experiences

  • We embrace structural cooperation with locally involved development- and non profit organizations

  • We offer tourists a taste of the true local culture, instead of the usual high priced and not-so-authentic tourist attractions

  • We offer locals a way to increase their income and improve their social welfare without having to make big investments

  • We only work with qualified and experienced local agents

  • We apply a fair price policy for local cooks and tourists, which means all dining experiences will meet a locally prevailing price level

Revenue model

Our revenue model is primarely based on the 15% fee we charge over every transaction through the ResiRest platform.

For example: when a guest books a ResiRest home dining experience for €20,- on our platform, ResiRest will transfer €17,- to the offering host and make a €3,- revenue.

Achieved so far

The succes of the ResiRest platform is based on the existance of demand and supply. We understand the importance of feasibility and validation and we have done an extensive research on both.

In addition, we selected an experienced and professional digital agency to manage our app- and web development and marketing strategy. We also sorted a lot of practical issues we expect to encounter operating a global travel plaform. 


In order to enable a prosperous launch of ResiRest in Thailand, we have prepared all the necessities. Kay, our local Agent for ResiRest Thailand is ready to go and already recruited over 200 Thai ResiRest Hosts.

Next up will be Uganda, where we can count on the profound cooperation and support of the Egoli Africa foundation, a public benefit organization dedicated to improve social welfare in Uganda. Our Ugandan Agent Nassar is recruiting ResiRest hosts now.

We are currently working on building our backbone for ResiRest Morocco and USA, and we will continue envolving our global expansion.

Required investment and purpose

In order to launch ResiRest the way we envisioned, we need a €70.000,- start-up capital. Mainly, this amount will be spent on pre-operational expenses such as the development of our mobile app and our responsive website and the support of our launch by our marketing strategy. 



For the Investor

When you believe in ResiRest and you decide you want to be part of our company by investing in us by loaning us your money, we obviously value your contribution highly. Therefore, we will make sure you will be updated about our development and our progress regularly and keep you posted when we have news to share. As one of our investors, we also want you to be part of our succes by rewarding your investment with a decent return. The yearly expected return for our investors will be +7%. For example: a loan of €100 wil lead to an expected return of €107 after year 1, €114 after year 2, up to €135 after year 5. For more details about the expected return and the exit-strategy, we refer to attached convertible loan document.

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Geert Kroos
Founder & CEO of ResiRest

Geert has an outstanding talent for connecting the right people at the right time. He has over 20 years of experience as an entrepreneur and he has a background in accounting and business consultancy. Geert is committed to closing the social food gap between demand and supply, by building a fair-food bridge for tourists and locals.

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Marijke van den Berg
Co-founder & COO of ResiRest

Marijke is a talented go-getter, driven by the thought that dreams don't work unless you do. She is a graduated lawyer (LL.M) with a crazy passion for online marketing and digital business, who loves contributing to global social welfare. She has over 7 years of experience in co-building and managing different online businesses and project management.

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Astrid de Koning
Manager International Partnerships and Relations

Astrid has an international legal background. Being a people-person she was on the lookout for some space, which she literally and figuratively has found in travelling. Since then she has spent and lived in Africa and Asia for many years, as well as in Central and South America. She is familiar with the many cultures and is experienced in organizing tours both for groups and individuals. Moreover,

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Nassar Mukasa
ResiRest Agent Uganda

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Else Zonneveld
ResiRest Agent Cape Verde

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Dambar Bahadur
ResiRest Agent Nepal

Legal structure

The legal structure of ResiRest is a "Besloten Vennootschap" (B.V.), or a private limited liability company (Ltd.) in English.

Human development

The management positions of ResiRest are filled by Geert Kroos (Founder and CEO) and Marijke van den Berg (Co-founder and COO). 


For every added ResiRest country, a ResiRest Agent position is filled by a local yet qualified and experienced agent. We recruite our agents in collaboration with local development organizations, non profit organizations and social welfare foundations. For ResiRest Thailand, this position is filled by our agent Kay Pitsawas. Nassar Mukasa is our agent for ResiRest Uganda.

The product

Get a taste of the authentic local culture by joining ResiRest!

ResiRest is a new and exciting global travel platform, that connects locals and tourists all over the world through local home dining experiences.


When you have been travelling, you have probably experienced the way travel agencies or local tour operators usually want you to get to know the country. They offer different types of rediculousy expensive experiences, all based on large amounts of tourists exploring the not-so-authentic tourist attractions. You hardly encounter true local culture. And that is such a shame, because that is what you wish to experience during your stay, right?

On the other hand, this is exactly why the local residents hardly seem to benifit from local tourism. They can't compete with these agencies. Locals are looking for reliable and safe ways to be part of the tourism industry and benefit from it in order to increase their income and their social welfare, without making big investments.


ResiRest builds a bridge between them, by offering both the tourist and the local an exciting, fun and user-friendly global travel platform, supported by qualified local agents.


In order to operate our global travel platform, we will develop the ResiRest app and responsive website by working with an experienced and professional digital agency to manage our app- and web development. We envision a user-friendly, safe, universally understandable and fun to use community, where tourists and locals are beeing connected

How will our platform work? The ResiRest platform will be managed and controlled from our headquarters in The Netherlands, where our management team is located. When a host signs up with ResiRest, he will get acces to his personal dashboard. He can introduce himself to his potential guests, upload his menu including all the dishes he offers, upload pictures and discriptions and set his calendar for the available dates and times. 

Tourists can view all offers from all hosts, filter according to their preferences, select an offer and choose his dish, set for an available date and time, or set for a local cook nearby, and make a booking for which he can pay securely through our payment provider. He will receive all necessary information through email and can request addional service from our local ResiRest Agent if required.


ResiRest works with experienced and qualified local agents. They all have a background in the travel industry and are multilingual. Our agents recruit the local ResiRest hosts, make sure they meet our requirements and they will take care of local marketing. They will also provide local support for our guests when necessary.


We truly believe in the emerging future of the "sharing economy" and we are eager to promote that thought globally. Within the travel industry, the trend of the sharing economy is based on the evolving and shifting demand and supply. On one hand, local residents are increasingly looking for alternative sources of income and are eager to benefit from the growing travel industry. On the other hand, tourists are increasingly looking for more authentic travel experiences and value-for-money.


First, ResiRest will be launched in Thailand, where all necessary preperations have already been made. Kay, our local Agent for ResiRest Thailand is ready to go and already recruited over 200 Thai ResiRest Hosts. Next up will be Uganda, where we can count on the profound cooperation and support of the Egoli Africa foundation, a public benefit organization dedicated to improve social welfare in Uganda. Our Ugandan Agent Nassar is working on recruiting ResiRest hosts now. We are currently working on building our backbone for ResiRest Morocco and USA, and we will continue envolving our global expansion.

Unique Selling Points


  • ResiRest connects tourists and locals through authentic home dining exeriences

  • We embrace structural cooperation with locally involved development- and non pofit organizations

  • We offer tourists a taste of the true local culture, instead of the usual high priced and not-so-authentic tourist attractions

  • We offer locals a way to increase their income and improve their social welfare without having to make big investments

  • We only work with qualified and experienced local agents

  • We apply a fair price policy, so all dining experiences will meet a locally prevailing price level

Revenue model

Our revenue model is primarely based on the 15% fee we charge over every transaction through the ResiRest platform.

For example: when a guest books a ResiRest home dining experience for €20,- on our platform, ResiRest will transfer €17,- to the offering host and make a €3,- revenue. Our revenue model is both highly scalable and repeatable.


Scalability

ResiRest is a highly and globally scalable company. For geographic expansion, there are no constraints. Our online platform will be universal and has no linqual restrictions. Transactions are settled by various payment options handeled by an international payment service provider.


As mentioned, our ResiRest backbone for Thailand as well as Uganda is already set up and supported by local and international development organizations. We are currently working on the preperation for expanding to Morocco and the USA. This will be repeated for other upcoming ResRest countries. Furthermore, we expect to see our growth driven up by the snowball-effect.

Current status

By a private investment from ourselfs, the ResiRest founders, we were able to build our start-up company, do a lot of research and pay for the pre operational expenses so far.


The succes of the ResiRest platform is based on the existance of demand and supply. We understand the importance of feasibility and validation and we have done an extensive research on both.

In addition, we selected an experienced and professional digital agency to manage our app- and web development and marketing strategy. We also sorted a lot of practical issues we expect to encounter operating a global travel plaform. 


In order to enable a prosperous launch of ResiRest in Thailand, we have prepared all the necessities. Kay, our local Agent for ResiRest Thailand is ready to go and already recruited over 200 Thai ResiRest Hosts. Next up will be Uganda, where we can count on the profound cooperation and support of the Egoli Africa foundation, a public benefit organization dedicated to improve social welfare in Uganda. Our Ugandan Agent Nassar is recruiting ResiRest hosts now. We are currently working on building our backbone for ResiRest Morocco and USA, and we will continue envolving our global expansion.

Planned developments

The next step for ResiRest will be our crowdfunding campaign with Symbid. Hopefully, we were able to get our message across and we can welcome your massive support. Together with our crowd, we are able to raise the funding we need in order to tell our app- and web developer to go ahead with our detailed strategy and build our platform, so it is ready to launch next summer. Meanwhile, we will get our marketing show on the road, prepare for the addition of new ResiRest countries and our local agents will keep recruiting both hosts and guests locally. 


Target group

To identify our target market, we distinguish both demand and supply.


Let's take a look at our demand side first. The ResiRest demand target group in general consists of everybody who travels abroad. To determine our demand target group more specifically, we identify them as price-consious tourists who are looking for unique, authentic and personal travel experiences. This group is more aware, interested en informed about their destination, and doesn't want to follow the usual and trampled tourist paths. They are cultural explorers who are more aware of and affected by social factors and feel good about primarily benifitting the local population. 


For our supply side, we mainly focus on local residents who are receptive for alternative ways to increase their income and are eager to benifit from the upcoming local tourism industry, without having to quit their current job or having to make big investments. Locals who like to prepare local dishes and have the time and space to provide small-scale dinners for tourists and provide them with an unforgettable authentic experience.

Market size

As mentioned, the ResiRest concept is driven by demand and supply. For this reason, we initially focus our launching ResiRest in a few countries containing a high density of recruited hosts instead of launching in a lot of different countries with only a few active hostst. This strategy will also ensure our marketing and technical efforts are more efficient and and ensures that we can guarantee a high level of quality by working with experienced and qualified local agents.


Let's crunch some numbers, just for our launch in Thailand alone. In 2015 roughly 33 million travellers visited Thailand and spent almost 50 billion euro. Over 230.000 of those tourists had a Dutch origin, spending over 380 million euro. Over 10% of the Thai Gross Domestic Product is generated by tourism. And for 2016, a 10% increase of Dutch tourists alone travelling to Thailand is expected.


Extensive research by Paul Arsenault, tourism professor at the University of Quebec and Montreal, shows us the 7 expected trends in tourism over the next few years.

1. Tailor made: The future of tourism will rely heavily on customization.

2. Tourists with locals: Existing services and attractions will expand their functions. We already see large hotels offer gym or pool passes for local residents.

3. Social media: Multiple social media will contribute to enhance the value of the experiences of travellers even more.

4. Innovation and cooperation: Tourists and locals will be increasingly involved in the creation of new tourism models, services and attractions through technology.

5. Authenticity and immersion: Future tourists will seek authenticity and culrtural immersion as crucial ingredients to their vacations

6. Ginuine experiences: The future of tourism will be experiential and sensory. Tourists are after true local experiences.

7. No tourist zones: Popular tourist attractions will become overcrowded and will limit the influx of visitors in order to save the historical value.


ResiRest meets the expected trends and fits the future tourism perfectly.

Competition

Although we dont have fully comparable competitors, there are other company's offering travel experiences such as meals, tours or overnight stays abroad. 


Our main competitors in the field of home dinging experiences are:


  • EatWith


  • VizEat


  • WithLocals

  • Eataway

However, we see that they tend to focus on many different countries or cities where they represent only a very low density of hosts wich will effect the succes tremendously while it is mainly based on demand and supply. In addition, they offer the experience at prices that by far exceed the local prevailing price level. 


This presents an opportunity for ResiRest to define ourselfs more by focussing on offering meals alone, choosing a few-countries-high-density strategy, applying a fair price policy and offering a distinguishing and exeptional service from our experienced and qualified local agents.

Customer feedback

We understand the importance of feasibility and validation and we have done an extensive research on both. We have validated our ResiRest concept with both our target groups, being our potential guests and our potential hosts. 


We pitched our ResiRest concept to our potential customers and guests, and their feedback is very promising. They really love our concept and fully understand and believe in it's potential. They recognize themselves in the situation we outline, and dislike the rediculously expensive not-so-authentic trampled paths of usual tourist attractions. They indicate that they are increasingly looking for more customized and real authentic local travel experiences. In addition, they declare that they would actively use and support a user-friendly platform where they can book these kind of travel experiences easily, quickly and securely.


We also pitched our ResiRest concept to our potential hosts, and their feedback is very promising as well. They validated our assumption they are looking for alternative ways to increase their income and improve the social welfare of themselfs and their local community, by sharing in the upcoming tourist industry in their country. In Thailand alone, over 200 ResiRest hosts have already signed up and this number is increasing daily. Also in Uganda the ResiRest concept is received well. A large amount of hosts have already signed up, which indicates our initial target of 200 Ugandan hosts is highly feasible. We are currently building our backbone in Morocco and the United states, where we are happy to find the same enthousiastic and warm welcome.


We are also working on building partnerships with different global and local development organizations, non profit organizations, social welfare foundations and specialized travel agencies. The conversations we have had with these parties are very promising, and we are proud to announce the support and partnerschip with Egoli Africa. Of course, we will keep building our ResiRest network.

New customers

ResiRest aims for a fast growing base of both guests and hosts. Both our online and offline marketing strategy will reinforce this purpose. We also take in consideration that our guest will most likely not only book a ResiRest experience just for themselves, but also for their co-travellers like their partner or their family. They are also likely to book with ResiRest more than once. For the first three years we estimated the following numbers.


Year 1: 

ResiRest participants: 10.000

ResiRest bookings: 16.000

ResiRest hosts: 400


Year 2: 

ResiRest participants: 60.000

ResiRest bookings: 180.000

ResiRest hosts: 2000


Year 3: 

ResiRest participants: 280.000

ResiRest bookings: 720.000

ResiRest hosts: 7000

Sales pitch

Get a taste of the authentic local culture by joining ResiRest! ResiRest is a new and exciting global travel platform that connects locals and tourists all over the world through food, by offering local and authentic home dining experiences.


When you have been travelling, you have probably experienced the way travel agencies or local tour operators usually want you to get to know the country. They offer different types of rediculousy expensive experiences, all based on large amounts of tourists exploring the not-so-authentic tourist attractions. You hardly encounter true local culture. And that is such a shame, because that is what you wish to experience during your stay, right?

On the other hand, this is exactly why the local residents hardly seem to benifit from the local tourism. They can't compete with these agencies. Locals are looking for reliable and safe ways to be part of the tourism industry and benefit from it in order to increase their income and their social welfare, without making big investments.


So, tourists are looking for safe, easy and affordable ways to connect with locals and experience the authentic local culture. Locals are looking for reliable ways to benifit from local tourism and increase their welfare without making big investments. ResiRest builds a bridge between them, by offering both the tourist and the local an exiting, fun and user-friendly mobile app and web based global travel platform, supported by qualified local agents.

What has been done before

A good marketing strategy is based on solid research. For this reason, we put a lot of effort in to this, both for our demand and our supply. We selected a professional and experienced digital agency to set up and work out a decent but highly flexible strategy. As soon as we raised our needed funding, we will get our marketing show on the road.


In advance, we validated our concept with many potential guests, asked for their feedback and asked for them to spread the ResiRest message in their network. We connected to various global and local development organizations, non profit organizations, social welfare foundations and specialized travel agencies, in order to excite them with our ResiRest vision and work towards solid long-term partnerships. For now, Egoli Africa already committed to ResiRest, and we are currently working on partnerships with 10 oher organizations we hope to welcome to our ResiRest network soon. These partnerships are very valuable to us, also in terms of marketing. We can use their network to spread our message by beeing mentioned on their website, sending out a newsletter to their customer base and posting on their social media channels in order to reach out to the crowd and create awareness which will lead to our customer aquisition.

Marketing & sales channels

In order to reach our ResiRest target group, we follow a well developed and thought-out marketing strategy together with our professional and experienced digital agency. This strategy consists of different efficient channels, which covers Social Media Marketing, Search Engine Marketing, SEO, SEA, and Online Bannering and Advertising. Later on, we will also manage and expand our Content Marketing by working with travel bloggers. And of course, we will work our own base of guests and host through Email Marketing.

In addition, we can build on our team of local ResiRest Agents, who have their own network of potential guests and hosts due to their local status and long term experience. 


Because we create partnerships and collaborations with various global and local development organizations, non profit organizations, social welfare foundations and specialized travel agencies, we can count on their support. Some of them already committed to ResiRest and are willing and able to spread the ResiRest message among their customer base, followers, likers and fans.

Marketing objective

As mentioned, we will use a well developed and thought-out marketing strategy together with our professional and experienced digital agency, in order to reach out to our crowd.


First off, we will have to create awereness for our ResiRest brand. Therefore we will use various marketing channels such as Social Media Marketing, Search Engine Marketing, SEO, SEA, and Online Bannering and Advertising. These channels will also be used for our customer acquisition.

To keep in touch with our base of both guest and hosts, we will use various marketing channels such as Social Media Marketing, Content Marketing and Email Marketing. 

In addition, we can build on our team of local ResiRest Agents, who have their own network of potential guests and hosts due to their local status and long term experience. They will manage local marketing through mouth to mouth advertising and local advertising by printings such as posters and flyers.

Partnerships

As mentioned, we value our partnerships deeply. We put a lot of effort in to creating partnerships and collaborations with various global and local development organizations, non profit organizations, social welfare foundations and specialized travel agencies.

Some of them have already committed to ResiRest and are willing and able to spread the ResiRest message among their customer base, followers, likers and fans. We are very proud to announce that Egoli Africa is one of our first committed partnerhips. We are currently working on partnerships with 10 oher organizations we hope to welcome to our ResiRest network soon. Of course, we will keep working on establishing commitments with more valuable organizations.

Projected turnover

EBITDA forecast Equidam


Year 1: Turnover €36.000,-  /  EBITDA €0,0

Year 2: Turnover €405.000,-  /  EBITDA €215.000,-

Year 3: Turnover €1.620.000,-  /  EBITDA €1.050.000,-

Year 4: Turnover €3.240.000,-  /  EBITDA €2.570.000,-


Assumptions

Our forecast is promising. Our estimated revenue and growth reflected in the Equidam report is set for just Thailand alone, as our first RestiRest host country. But we obviously work hard to reinforce our progress constanly. Just recently, we closed a partnership with Egoli Africa in Uganda. We proudly welcome Uganda to our ResiRest network.

Our business model is scalable and repeatable. As soon as we signed 200 Resirest hosts in Thailand, we were already set up to start in Uganda. As soon as we signed another 200 ResiRest hosts, we move on to Morocco where we are building our backbone right now. Meanwhile, our local Agents work hard to keep expanding our base of hosts on the spot. Our strategy will keep reinforcing our growth. Although our focus in growth is key, we want to manage it wisely. Quality and security count.

So, when we start ResiRest in a country, we will first create a high density of hosts in that country making sure our supply is plenty, various and attractive to our potential guests. Then, we will repeat this process in a new ResiRest country, while our local agents in the already set up ResiRest countries keep working and managing their area. We will follow this strategy in order to regulate and manage our growth potential without losing sight of our high density strategy.

For the end of Year 1, we aim to represent 6 ResiRest country's. The next year we aim to be between 10 and 20, depending on our traction. The ResiRest strategy barely has restrictions for growth. Our goal is to build a sustainable yet social bridge between demand and supply. Every added country adds value. We persue our strategy to keep working our base and keep adding new countries, hosts and experiences in order to stay attractive for our customers and our crowd. This way, our footsteps in our host countries will go a long way and more locals will benefit from ResiRest, which benefits local social welfare. And that is exactly what we are after.


In terms of requiting customers, we are aware that we operate in a greenfield. Creating brand awareness globally will be tough, so one of our biggest challenges will be customer aquisition. For that reason we will put much effort in to attracting and comitting them to us. Besides our online markting strategy, we build on our local presence through our local ResiRest Agents, who will help us manage our local marketing activities. They are directly in contact with our target group daily and will use and work that position in order to attract customers on the spot. The partnerships with local development and non profit organizations, social welfare foundations and specialized travel agencies will also be a very powerfull instrument in order to facilitate growth of our customer base, as we can spread our ResiRest message through their network. And of course, once our customerbase is expanding, we will put effort in customer retention in order to keep our customers involved so they will choose to use ResiRest again and again in the future.

For all those reasons, we assume our customer base has a high potential of growth. We also assume guests are likely to not only book a ResiRest meal for themselves, but also for their co-travellers, beeing their partner or their family, as people tend to travel together instead of travelling alone. And once they have had a ResiRest experience, we assume they are likely to book with us again.


An overview of our forecast


Year 1: 

Participants: 10.000

Turnover: €36.000,- 

Bookings: 16.000

Hosts: 400


Year 2: 

Participants: 60.000

Turnover: €405.000,- 

Bookings: 180.000

Hosts: 2000


Year 3: 

Participants: 280.000

Turnover: €1.620.000,- 

Bookings: 720.000

Hosts: 7000

Invested so far

We have been investing a lot of time and effort, and for this year we also reserved a private investment from ourselfs of  €12.000,- to reinforce our ResiRest concept. With this private investment, we were able to build our start-up company, do a lot of research on feasibility and validation and pay for the pre operational expenses so far and for some which are still to come.


In addition, we selected an experienced and professional digital agency to manage our app- and web development and marketing strategy. We also sorted a lot of practical issues we expect to encounter operating a global travel plaform. 


In order to enable a prosperous launch of ResiRest in Thailand, we have prepared all the necessities. Kay, our local Agent for ResiRest Thailand is ready to go and already recruited over 200 Thai ResiRest Hosts. Next up will be Uganda, where we can count on the profound cooperation and support of the Egoli Africa foundation, a public benefit organization dedicated to improve social welfare in Uganda. Our Ugandan Agent Nassar is recruiting ResiRest hosts now. We are currently working on building our backbone for ResiRest Morocco and USA, and we will continue envolving our global expansion and creating more valuable partnerships.


Investment requirement

In order to launch ResiRest the way we envisioned, we need a €70.000,- start-up capital. Mainly, this amount will be spent on pre operational expenses such as the development of our app and our website and the support of our launch by our marketing strategy. 

Purpose of investment

Our raised start-up capital will mainly be spent on our coming pre operational expenses such as the development of our mobile apps and our responsive website, and the support of our launch by our marketing strategy.

Return

The yearly expected return for our investors will be +7%. For example: a loan of €100 wil lead to an expected return of €107 after year 1, €114 after year 2, up to €135 after year 5. For more details about the expected return and the exit-strategy, we refer to attached convertible loan document.

Risks

Up to now, we haven't had to make any significant investment in fixed assets, which reduces the risk of this start-up. We aim to continue this policy. 

Naturally, we also face some more significant risks in the near future. The main risk of ResiRest consists of a lack of brand awareness. For this reason, we follow a decent and thought-out marketing strategy together with our professional and experienced digital agency. This strategy is highly flexible so it can be adjusted along the way in order to improve our brand awareness. 

In todays world, we also have to take political risks into consideration, that may interfere with our growth. For this reason, we chose a multi country strategy. 

In addition, there are also some legal or tax risks which we eliminated as far as possible, by doing an extensive research on this particular subject.

We don't want to underestimate our competitors, so they are a risk as well. But there will always be competitors. Everywhere. So we will make sure to learn from them and always be one step ahead.

Our own succes can also be considered a risk. Competiton between local hosts or between hosts and existing local restaurants may occur. We will encourage our hosts to differentiate themselfs and our local ResiRest Agents will manage and intervene when necessary.

Of course, we rather prevent than cure, so we also make sure our local ResiRest Agents are trained and qualified and our Terms of Use are decent.

The Lender agrees that its claims against the Borrower under this convertible loan agreement rank below all other, non-subordinated, claims against the Lender as referred to in Section 3:277.2 Dutch Civil Code (‘BW’).