Preserving history and shaping the future with Markus Hörning GmbH - through the energy-efficient refurbishment of a historic residential and commercial building in Lengenfeld.
The acquisition of this investment is associated with considerable risks and may lead to the complete loss of the invested assets.
UN Sustainable Development Goals
The investment at a glance
Project intent
The German company Markus Hörning GmbH (Hörning) is part of the Hörning Group and specializes in the acquisition, enhancement, and energy-efficient renovation of historic properties in the Vogtland region. In the past, Hörning has successfully co-financed and repaid 4 of its existing properties through bettervest. As part of its projects in Vogtland, Hörning applies particularly high standards to energy renovations in order to sustainably increase the value of the properties.
The loan will be used to finance the energy-efficient renovation of a historic residential and commercial building in Lengenfeld. The development includes two new attic apartments with modern living comfort as well as two barrier-free residential units in the annexe.
In addition, the existing apartments in the main building will be modernized, the technical infrastructure renewed, and the basement comprehensively refurbished. On the ground floor, a bookshop adds cultural vibrancy to the location. The goal is to carry out a comprehensive modernization, significantly improve energy efficiency, and ensure the long-term preservation of the property as affordable housing that meets contemporary energy standards.
Social & Economic Impact
The renovation measures create a win-win situation by offering benefits to both tenants and the landlord. Tenants benefit from cost savings through significantly reduced ancillary and energy costs as well as an improved quality of living, while the landlord can increase their return through a legally permissible rent adjustment. Additionally, the measures increase the market value of the property and contribute to sustainable urban development.
Climate protection
Through the energy-efficient renovation and the installation of photovoltaic systems, a total of 8.6 tons of CO₂ are saved annually.
Early bird bonus
All investors who invest within the first 2 weeks will receive an Early Bird Bonus of 0.5% p.a. The interest rate will therefore increase from up to 9.50% to a total of up to 10.00% p.a.
Established, sustainable company
The Markus Hörning GmbH, founded in 2016 in Rodewisch, is a family-run real estate company specializing in the renovation of existing residential buildings. In addition, the Hörning Group offers certified property appraisals, property management, municipal services and mobility solutions. Under the leadership of Markus Hörning, a seasoned real estate and housing management professional as well as a certified property valuation expert, the company relies on lean management to ensure competitiveness and growth. Its mission is to realize innovative and affordable housing concepts with a strong focus on quality and sustainability. Due to its excellent creditworthiness, the company received the CrefoZert from Creditreform for the sixth consecutive time in 2025, which discloses a particularly high credit rating. Markus Hörning GmbH maintains close partnerships with companies in the construction and finance sectors and is a member of the German Sustainable Building Council (DGNB). The company was recognized in 2024 and 2025 for its compliance with ESG criteria as the first and to date only company in the Vogtland region to receive the EcoZert certification, which is valid until August 2026.
Risk reduction measures
For this funding, the use of a special purpose vehicle was deliberately avoided, as the borrower is an established company with significant assets and a high equity ratio.
Rental income from the 18 properties in the real estate portfolio of Markus Hörning GmbH is also available to support repayment to the crowd.
Additionally, this loan is a qualified subordinated loan (qualifiziertes Nachrangdarlehen). According to legal regulations, it is unfortunately not permitted to provide direct collateral in favor of investors for this type of loan.
Project description
Affordable housing is becoming increasingly scarce, barrier-free apartments are barely available in many areas, and our buildings continue to consume enormous amounts of energy.
Around one third of total energy consumption in Germany is attributable to the building sector, primarily for heating with oil and gas. Demand for modern, efficient, and accessible housing is growing, yet a large proportion of existing stock is neither energy-efficient nor designed to meet the needs of an ageing society.
This is precisely where the new project by Markus Hörning GmbH comes in.
Acquisition and energy-efficient renovation of a historic residential and commercial building
Located in the heart of Lengenfeld, Saxony, Markus Hörning GmbH is transforming a turn-of-the-century residential and commercial building into a future-proof residential ensemble.
A visible milestone of this development is the already completed conversion of two new attic apartments, offering modern living comfort. In parallel, two barrier-free residential units are being created in the annexe, specifically addressing the growing demand for age-appropriate housing. At the same time, the existing units in the main building are being modernized in the existing structure, technical systems renewed and the basement comprehensively refurbished, in order to sustainably enhance the property as a whole.
The commercial use on the ground floor also remains an integral part of the concept: an already-let bookshop with a cultural programme, including readings and events, strengthens the local infrastructure and brings additional vibrancy to the location.
A core element of the project is its consistent energy transformation: the existing oil heating system will be replaced by a modern heat pump solution (or hybrid system), with the goal of achieving energy efficiency class A. This is complemented by a photovoltaic system with a tenant electricity model, supplying residents directly with locally generated renewable energy.
The results are measurable and impactful:
- Over 30% energy savings across the building stock
- Reduction of annual energy consumption from approx. 96,000 kWh to 67,200 kWh
- Savings of around 28,800 kWh per year
At the same time, the use of an in-house regional crafts team not only strengthens the quality of the renovation, but also supports the local economy and employment.
The result is a future-proof housing concept whose impact reaches far beyond a single building: as an impulse for sustainable development, a contribution to the energy transition, and an investment in liveable spaces.
Hörning’s business model actively contributes to four of the United Nations Sustainable Development Goals („sustainable development goals“):
The energy-efficient renovation of the building, combined with the transition to a modern heat pump solution and a photovoltaic system operating under a tenant electricity model, significantly improves energy efficiency and promotes the use of renewable energies. Local electricity generation and reduced energy consumption decrease dependence on fossil fuels and strengthen a more sustainable, decentralized energy supply (Goal 7.3).
At the same time, the reduction of energy consumption by over 30% leads to a measurable decrease in CO₂ emissions, making a concrete contribution to climate protection (Goal 13).
Beyond ecological benefits, the project also creates social value: through the targeted development of barrier-free apartments, much-needed age-appropriate housing is created. This improves quality of life, particularly for older residents, and contributes to better living conditions (Goal 3.9).
Furthermore, the revitalization of the existing building supports the sustainable development of urban space in Lengenfeld. By upgrading existing infrastructure, creating modern housing, and integrating local commercial use, the attractiveness of the location is enhanced and a contribution is made to future-proof, liveable urban development (Goals 11.1 and 11.6).
CO2-savings of the Lengenfeld property
As part of the renovation, a photovoltaic system will be installed on the building, operating under a tenant electricity model. The electricity generated will be supplied directly to tenants at a price below the local market rate, supplemented by feed-in to the public grid.
A key lever also lies in the energy modernization of the building: through the transition to a modern heat pump solution (or hybrid system) as well as further efficiency measures, energy consumption will be significantly reduced.
With a gross floor area of approximately 960 m², the annual energy demand will decrease from around 96,000 kWh to approx. 67,200 kWh. This corresponds to a saving of around 28,800 kWh per year.
Taking into account an average emission factor of approx. 300 g CO₂ per kWh, this results in an annual CO₂ saving of around 8.6 tonnes.
Total CO2 reduction
Together, the photovoltaic system and energy-efficient measures will achieve a combined annual CO₂ reduction of 8.6 tonnes.
The investment risks associated with the subordinated loan are described in detail in section 5 of the Investment Information Sheet (VIB) and in the risk disclosures. The measures taken to mitigate these risks are outlined below:
For this funding, the use of a special purpose vehicle was deliberately avoided, as the borrower is an established company with significant assets and a high equity ratio.
Rental income from the 18 properties in the real estate portfolio of Markus Hörning GmbH is also available to support repayment to the crowd.
Additionally, this loan is a qualified subordinated loan (qualifiziertes Nachrangdarlehen). According to legal regulations, it is unfortunately not permitted to provide direct collateral in favor of investors for this type of loan.
The loan of €505,650 is intended to finance the energy-efficient refurbishment of a historic property in Lengenfeld. The loan term is 5 years and offers crowd investors an annual interest rate of up to 9.5% p.a. Investors who participate within the first 2 weeks will receive an additional Early Bird Bonus of 0.5% p.a. (resulting in an attractive total return of up to 10% p.a.).
The funding threshold for this project is €50,000. If the funding target is not fully reached but the minimum threshold is met, the project owner will still invest the raised funds in the energy refurbishment of the property.
Repayment
Investors’ claims to interest and principal payments on the subordinated loans are to be serviced from income generated through residential and commercial rents. The final repayment instalment is to be settled from the sale of the property.
Interest is calculated in accordance with the act/365 method. Interest is payable annually in arrears on the anniversary of the start of the regular interest period. The issuer is obliged to pay interest and principal to all investors annually on the anniversary of the start of the regular interest period.
The distributed amount is applied first to interest and then to principal. In the first year, no principal repayment is made (interest-only year). Upon reaching the funding limit, the payment in the first year, consisting solely of the interest payment, amounts to EUR 48,036.75. From the second year onwards, the instalment comprises both interest and principal payments, amounting to EUR 157,794.66 through to and including the fifth and final year. The principal share of the instalment increases continuously from the second year, while the interest share decreases. The principal repayment amounts to EUR 109,757.91 in year two (69.56% of the instalment), EUR 120,184.91 in year three (76.17%), EUR 131,602.47 in year four (83.40%), and EUR 144,104.71 in year five (91.32%). The difference in each case corresponds to the interest payment. The subordinated loan will thus be fully repaid by the end of the loan term, subject to the agreed subordination with qualified ranking retreat and pre-insolvency enforcement restriction. Further information can be found in the Investment Information Sheet
The Borrower and Country Profile
Markus Hörning GmbH
Lengenfelder Str. 5a,
08228 Rodewisch
Deutschland
Kontakt
https://markus-hoerning.de/
+49 3744 3652050
office@mhproperties.de
Markus Hörning GmbH: Project Owner and Borrower
Markus Hörning GmbH, founded in 2016 and based in Rodewisch, is a real estate company operating with a share capital of €500,000, specializing in the renovation of existing properties in the Vogtland region across several related business areas. As part of the family-run Hörning Group, the company is managed by Markus Hörning, a qualified real estate and housing management professional and certified property valuation expert with extensive industry experience.
The company is characterized by a transparent and streamlined structure, as nearly all essential project components, from planning to property management, are handled under Mr. Hörning’s leadership. Thanks to lean management, the organization remains cost-efficient with short decision-making paths. A team of specialists supports project execution, and an in-house team carries out interior construction work in a cost-effective manner, contributing to the company’s competitiveness and growth.
Markus Hörning GmbH is committed to implementing innovative housing concepts for affordable living under ecological criteria, where quality comes before quantity and economic and ecological responsibility go hand in hand. To date, Markus Hörning GmbH has successfully completed 22 projects since 2016.
The Hörning Group collaborates with a strong network of specialists and partners, including skilled trades, architects, site managers, energy consultants, construction companies, as well as legal, tax, and financial advisors.
Key milestones in the company’s history:
- 2009: Initial entry into the market as a private real estate investor
- 2013: Founding of MH Liegenschaften GmbH (now the parent company of the group)
- 2016: Official founding of Markus Hörning GmbH
- 2018: Membership in the German Sustainable Building Council (DGNB)
- 2020: First CrefoZert credit rating seal, renewed annually ever since
- 2022: Registered master craftsman business at the Chemnitz Chamber of Crafts
- 2023: In-house interior construction team with certified site manager
- 2023, 2024 and 2025: EcoZert certification for compliance with ESG criteria
- 2025: CrefoZert awarded for the sixth consecutive time
- 2026: First renovation of a complete residential quarter as a service for third parties
The company received the Creditreform “CrefoZert Bonitätssiegel” for outstanding creditworthiness in 2024, which was also issued again in 2025.
Vision and Objectives
The Hörning Group aims to establish progressive real estate management in the region, defined by innovation, sustainability, and a commitment to fostering strong communities. To achieve this, the company has set the following goals:
- Creation of high-quality and affordable living spaces
- Development of innovative multigenerational and senior living projects
- Building a solid and profitable real estate portfolio
- Promoting strong neighborhood communities around its properties
- Planning and executing projects based on ecological criteria with stable, long-term returns
- Expanding a robust regional network
It is advisable to gather information about the project location, particularly the country in which the project is being implemented, before making investment decisions. To provide an overview, the following indicators serve as a helpful starting point for independent research. The information was retrieved from the relevant data sources in Juli 2025 and is published without any guarantees.
INDIKATOR | BEWERTUNG Deutschland |
Euler Hermes Ranking | Euler Hermes has assessed the risk of non-payment by German companies as “low risk ’ and rated it AA1 on a scale from AA to D (sources: Euler Hermes Country Risk Map) |
Corruption index (Transparency International) | The corruption index, which is published by Transparency International and is measured on a basis of 0 (high level of corruption) – 100 (no perceived corruption), is 75 in Germany (source: Transparency International 2023). |
Interest Rate | On June 5, 2025, the European Central Bank lowered its key interest rate to 2.15%, after it had been raised to 3% at the beginning of the year. Despite the current rate cut, borrowing costs remain at a high level. This adjustment follows a period of rising interest rates, which had become necessary in response to the persistent upward risks to inflation. (Source: Trading Economics 2025). |
Creditworthiness (Moody’s) | Moody’s has rated the creditworthiness of German government bonds as Aaa on a scale from Aaa to D and thus categorised them as ‘prime’ (source: Trading Economics 2024). |
Foreign exchange market (Bundesbank) | Over the last five years, the exchange rate for the euro in Germany has fluctuated: five years ago the price was USD 1.10740, one year ago it was USD 1.09930 and in July 2024 the price was USD 1.08250(source: Bundesbank 2023). |
Key figures
| Borrower | Markus Hörning GmbH |
| Anlagetyp | Subordinated loan |
| Darlehensvolumen | EUR 505.650,00 |
| Duration | 5 Years |
| Yield | up to 9.50% p.a. (up to 10.00% p.a. if invested within the first 2 weeks) |
| Repayment and interest payment | annuity (first year interest-only) |
