Our approach

How we analyse projects

A /100 score built on 12 factual, verifiable criteria. No opinion, no affiliation. Only data from public sources and documents submitted by platforms.

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Scoring formula

          Score = A (max 45 pts) + B (max 55 pts) − Penalties
        

The score is calibrated so that solid projects in the current market score between 65 and 80 points. A score > 80 signals exceptional quality; a score < 50 indicates significant risks.

Part A · Financial risk (max 45 pts)

LTV / LTC, loan-to-value ratio (12 pts)

Ratio of the amount raised to the property value or total project cost. LTV < 60% → maximum score; LTV > 80% → minimum score.

Guarantee quality (12 pts)

Hierarchy of securities: first-rank mortgage and trust deed at the top, simple personal guarantee at the bottom. Combining complementary guarantees is valued.

Financing plan (11 pts)

Equity contribution, presence of senior bank credit, operator gross margin. A margin > 15% and equity > 10% of the balance sheet are favourable.

Pre-sales (5 pts)

Proportion of the programme already sold or reserved at the time of the fundraise. > 50% pre-sold → significantly reduced sales risk.

Yield / minimum ticket (5 pts)

Announced yield compared to market rates for the same risk class. A high minimum ticket may signal targeting of professional investors.

Part B · Operator & platform risk (max 55 pts)

Operator track record (18 pts)

Number of completed projects, on-time delivery, any legal proceedings. An operator with more than 5 default-free deliveries is preferred.

PSFP / ECSP licence (10 pts)

Does the platform hold a valid PSFP (European Crowdfunding Service Provider) licence? An EU licence from any member state is equivalent.

Legal structure of the deal (7 pts)

Dedicated SPV, SCI, SCCV: legal isolation of the asset limits cross-contamination in case of the parent company's failure.

Local market (7 pts)

Exit prices compared to recent comparable land registry data for the municipality. A project priced 10% below market is more secure.

Repayment method (5 pts)

Bullet repayment (coupon + principal at maturity) vs. amortising (regular cash flows). Amortising reduces duration risk.

Planning permission & progress (5 pts)

Permit cleared of appeals, construction already started. Completed administrative milestones reduce regulatory risk.

File transparency (3 pts)

Quality and completeness of documents provided: business plan, permits, SPV articles, notarised guarantee certificate.

Penalties (red flags)

Certain signals trigger a direct deduction from the score, regardless of other criteria. A cumulative penalty > 20 points results in the verdict Avoid.

Note on high yields: a rate > 14%/yr is flagged as a point of attention but does not trigger an automatic penalty. A high yield may be justified by strong guarantees (first-rank mortgage, low LTV). The RF10 penalty only applies if the rate exceeds 15% and the project has no registered real security.

Operator under active insolvency proceedings -15 pts

Anonymous / unidentifiable operator -10 pts

Platform without verifiable PSFP/ECSP licence -10 pts

Convertible instrument without registered real security -8 pts

No banking partner on a project > €2M -5 pts

LTV > 85% on real estate asset -5 pts

Total absence of real security on project > €500K -5 pts

Yield > 15%/yr without real security (SME loan) -3 pts

Verdict scale

80–100 Very Strong High-quality file, risks well covered.

65–79 Strong Good risk/return balance. Standard vigilance.

50–64 Average Weaknesses identified. In-depth analysis recommended.

35–49 Fragile Significant risks. For experienced investors only.

< 35 Avoid Major red flags. Investment not recommended.

Independence & limitations

CrowdPickr is an independent information service. We receive no affiliate commission and have no paid partnership with any platform we analyse. Scores are based on public documents and data submitted by platforms. They reflect information available at the date of analysis and may change.

This service does not constitute personalised investment advice. Any crowdfunding investment carries a risk of partial or total loss of capital. Consult an independent financial adviser before making any significant investment decision.