Le Faron — 11.0%/an · 24 mois

Plateforme · 18.5/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF fonds propres-2023-15 verified and in force

A2 · Track Record 4.5/6bon

Score adjusted thanks to live data: Default rate 0.0% (6 pts), delay rate >6 months 10.1% (4.5 pts), yield not disclosed
Weighted formula: (6×0.5 + 4.5×0.3 + 3×0.2) = 4.95
Rounded 4.5/6

A3 · Rigueur de sélection 2.0/4

Documented audits before publication but selection rate and detailed process not published

A4 · Santé financière 3.0/4bon

Score adjusted thanks to live data: Platform profitable (851K€ profit 2022), healthy growth (367M€ collected, 171K investors), >29 employees, offices in Lyon
Licenced agrément AMF 2023, thus <3 years licence but solid structure

A5 · Protection investisseurs 1.0/3faible

agrément AMF licence guarantees 4-day deadline + continuity plan (1 mandatory pt)
No mention of segregated accounts or secondary market in file

Projet · 54.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Participating loan with remuneration, clear French law

B1.2: 2/3 - Direct loan Smile Immo, well documented, French law

B1.3: 1/2 - Priority ranking claimed (2nd rank mortgage), senior bank debt of 1st rank known

B2 · Opérateur & Track record 13.0/15bon

B2.1: 4/4 - Aurélien Chatrieux, appointed, 40 years old, identifiable manager

B2.2: 4/5 - 5+ property trader operations delivered Var, >3 years documented activity

B2.3: 3/3 - 5 projects reimbursed without incident on LPB

B2.4: 2/3 - Sound company, capital 1000€ limited, holdings balance sheet not detailed

B3 · Garanties & Sûretés 9.0/15

B3.1: 7/9 - 2nd rank mortgage registered (1st rank bank 150K€ known and reasonable)

B3.2: 1/4 - GAPD Holding Chatau 264K€ but holding equity not communicated precisely

B3.3: 1/2 - Bank present (150K€) but identity not disclosed

B4 · Structure financière 12.0/15bon

B4.1: 5/5 - Loan-to-Value (ratio prêt/valeur actif) 29% (threshold <40%), excellent

B4.2: 3/4 - Operator contribution 32% of total cost (threshold 35-50% = 3 pts)

B4.3: 3/4 - Margin 29%, stress -20% absorbable; stress test not formalized but Loan-to-Cost (ratio prêt/coût total) 40% compensates

B4.4: 1/2 - Net margin 29% turnover, but net of tax not specified

B5 · Pré-commercialisation 5.0/10

marchand de biens: 3 lots out of 7 under sale agreement (47% turnover, 360K€)
Corresponds to >1 written confirmed commitment but <50% lots
Score 5/10 (break-even not reached, solid written commitments existing)

B6 · Permis & Maturité 5.0/5✓ max

Land executed on 06 March 2025
Prior declaration obtained (01/12/2025) and expired (01/03/2026)
Works in progress

B7 · Marché & Localisation 2.0/3

Toulon, established Mediterranean market, exit price 2 992€/m² within local average range (2 039-4 754€/m²)
Stable market with confirmed T2-T3 residential demand

Points forts

✓Operator with 5 projects reimbursed without incident on La Première Brique.

✓Exceptionally low LTV at 29%, offering significant safety margin.

✓Land executed, prior declaration expired: zero residual planning risk.

✓High forecast margin of 29% (222 633€) offering comfortable safety cushion.

✓GAPD of holding of 264 000€ covering 120% of borrowed amount.

Risques identifiés

!2nd rank mortgage only; crowd reimbursement subordinated to prior bank reimbursement.

!Pre-marketing at 47%: break-even not yet reached, 4 lots remain to sell.

!Detailed balance sheet of Holding Chatau (GAPD guarantor) not communicated in file.

!Rate of 11%/year over 24 months: above RE-MDB standard; verify that guarantees compensate.

!Transaction slowdown in Toulon (-63% transactions in 2 years) may extend sale timelines.

⚠ Avertissement sur les risques

Investir en crowdfunding comporte un risque de perte partielle ou totale du capital, ainsi qu'un risque d'illiquidité. Selon le baromètre France FinTech / Forvis Mazars 2025, 25 à 30 % des projets accusent un retard de plus de 6 mois et 4 à 6 % entraînent une perte définitive. Ne placez jamais plus de 5 à 10 % de votre patrimoine en crowdfunding et diversifiez sur au moins 10 projets. CrowdPickr est un service d'information indépendant, non agréé en tant que conseiller en investissement. Les analyses présentées ne constituent pas un conseil en investissement personnalisé.