Serenity — AJ Promotion Immobilière — 12%/an · 24 mois

Plateforme · 17.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF AMF fonds propres-2023-31 obtained on 9 November 2023, in force
CIF and COA status registre ORIAS 16003112
Member of France FinTech and CNCEF

A2 · Track Record 3.0/6

Score adjusted thanks to live data: Default rate 0.0% → 6/6×0.5=3.0
Delay rate 33.98% → 0/6×0.3=0.0
Actual yield 10.16% compliant with announced range → 6/6×0.2=1.2
Weighted: (3.0+0.0+1.2)=4.2, but penalty −2 pts for significant deterioration: 110/112 projects in delay, 80 in collective insolvency proceedings, target IRR decline

A3 · Rigueur de sélection 2.0/4

Selection process via internal committee mentioned
Selection rate not published
Financial analysis present in files

A4 · Santé financière 3.0/4bon

Score adjusted thanks to live data: Tikehau Capital subsidiary (50bn€ AUM), solid institutional group
BUT net loss SAS Homunity −2.24m€ (2024) vs −12.5k€ (2023), fundraising −66.46% (2022-2025)
Platform risk moderate but no imminent distress

A5 · Protection investisseurs 1.0/3faible

Reflection period 4 days + documented BCP Capsens → 1 pt (mandatory agrément AMF)
Segregated accounts not mentioned → 0 pt
Secondary market not documented → 0 pt

Projet · 50.0/75 (55.0 brut, red flags −5)

B1 · Instrument & Structure 9.0/10bon

B1.1: 5/5 - Simple bond fixed rate 12%, French law clear

B1.2: 3/3 - Dedicated société dédiée (SPV) SERENITY, issuer distinct from operator, French law

B1.3: 1/2 - IPPD first rank in process of registration (45 days post-issuance), not yet registered at date

B2 · Opérateur & Track record 12.0/15bon

B2.1: 4/4 - Juneyt Arikan appointed, identifiable manager, LinkedIn

B2.2: 4/5 - Group AJ since 2016, 26.3m€ turnover, multiple completed projects Hérault-PO

B2.3: 3/3 - 2 Homunity operations reimbursed without incident

B2.4: 1/3 - AJ Promotion IF 7.9m€ equity, moderate gearing; SERENITY created 2023, capital 100k€, recent entity under-capitalised

B3 · Garanties & Sûretés 12.0/15bon

B3.1: 7/9 - IPPD first rank in process of registration (deed signed, formality 45 days) + first rank pledge on bank account + joint and several guarantee

B3.2: 3/4 - AJ Promotion: equity 7.9m€, gearing (11.2-7.9)/7.9=0.42, sound situation

B3.3: 2/2 - No bank; but <2m€ threshold RF2 not applicable; 0 pt as absence of bank confirmed

B4 · Structure financière 10.0/15

B4.1: 3/5 - Loan-to-Cost (ratio prêt/coût total) crowd=4.7m/30.4m=15.5%; but Loan-to-Cost (ratio prêt/coût total) total debt/cost: no bank, favourable ratio. Total cost 30.4m, crowd 15.5% → 5/5

B4.2: 0/4 - fonds propres operator 1.208m€/30.4m=4% < 5%, almost entirely via sales and crowd

B4.3: 3/4 - Stress −14% price: cash-flow 7.2% positive documented; −30% not tested

B4.4: 1/2 - Net margin 5.6% of turnover TTC < 8%

B5 · Pré-commercialisation 6.0/10

Marketing 54% volume (50/93 lots), predominantly VEFA reservations
Pace >4 lots/month since January 2025
Break-even not reached, 43 lots in stock, mix of reservations/agreements not specified

B6 · Permis & Maturité 4.0/5bon

permis de construire obtained and cleared (confirmed in file)
Land under promises to sell (not yet executed)
Construction planned July 2026
Score 4/5: permis de construire cleared but land not executed at fundraising date

B7 · Marché & Localisation 2.0/3

Score adjusted thanks to live data: Cap d'Agde, established coastal market Hérault, sustained demand tourism residences
Exit price ~7,000€/m² vs local market 3,500-4,300€/m² old apartments - notable gap but new/para-hotel premium
Stable market according to live data, national transactions +12%

Points forts

✓IPPD first rank + pledge on bank account + joint and several guarantee: triple documented guarantee.

✓Solid AJ Group: 26.3m€ turnover, 2.9m€ net result, 4.8m€ cash at end 2025.

✓2 Homunity operations reimbursed without incident by operator.

✓PC obtained and cleared: administrative risk eliminated.

✓High marketing pace: >4 lots/month since January 2025.

Risques identifiés

!Land not yet executed: acquisition under promise to sell at fundraising date.

!Absence of bank financing on 4.7m€: no independent external validation.

!Operator equity contribution very low: 4% of total cost, dependence on sales.

!43 lots remaining to market; exit price ~7,000€/m² well above local old prices.

!High delay rate on Homunity platform (34%): systemic risk in incident management.