Fundimmo Property development Financé

Ce projet est clôturé. L'analyse ci-dessous reflète les informations disponibles au moment de la souscription et n'a pas été mise à jour.

FRANCOIS 1er

Average

score / 100

Yield

12%/yr

Duration

24 months

Min. ticket

1 k€

Amount raised

2.3 M€

Invest →

À propos

Real estate development operation in Saint-Denis, Reunion (974): demolition and construction of an R+10 building comprising 9 commercial/tertiary premises and 52 housing units sold on individual basis. Operator: FINANCIERE BOURBON DEVELOPPEMENT (Bourbon Développement group, >20 years local experience). Building permit obtained and cleared, land still under promise at dossier date, acquisition planned for March-April 2026. Pre-marketing at 83% of TTC turnover.

Plateforme · 20.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF in force, fonds propres-2023-18 licence confirmed - maximum regulatory status

A2 · Track Record 4.0/6

Default 0% → 6 base pts
Delay >6 months at 16.77% → range 15-30% → 3 base pts
Actual vs announced return: N/A → 0 pts
A2 = (6×0.5)+(3×0.3)+(0×0.2) = 3.9 → rounded 4

A3 · Rigueur de sélection 2.0/4

Selection process mentioned (platform established since 2016, 340M+ financed) but selection rate not published and criteria not detailed

A4 · Santé financière 4.0/4✓ max

Subsidiary of Foncière Atland (>4 bn€ AUM), capitalised institutional group, existence >5 years, no distress signal at platform level
Delay rate = A2

A5 · Protection investisseurs 2.0/3

agrément AMF → reflection period 4 days plus mandatory continuity plan (1 pt)
Segregated accounts probable via regulated payment service provider (1 pt)
Secondary market not documented (0 pt)

Projet · 42.0/75 (47.0 brut, red flags −5)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligation fixed rate clear French law

B1.2: 2/3 - Direct issuance by FINANCIERE BOURBON DEVELOPPEMENT, EU local law

B1.3: 1/2 - First-ranking mortgage claimed, land under promise not yet executed

B2 · Opérateur & Track record 10.0/15

B2.1: 4/4 - Justin SAMOURGOMPOULLE appointed, born 27/08/1957, identifiable founder

B2.2: 4/5 - 13 operations delivered, 876 housing units, >20 years experience in Reunion

B2.3: 1/3 - Operations in progress on Fundimmo with 2 extensions noted

B2.4: 1/3 - Debt/equity ratio of −326, very tight balance sheet for FINANCIERE BOURBON DEVELOPPEMENT

B3 · Garanties & Sûretés 10.0/15

B3.1: 7/9 - First-ranking mortgage in progress (land not yet executed, registration to follow) + assignment of receivable

B3.2: 2/4 - Holding capital 1.2M€, detailed financial situation absent; director's assets >1.5M€

B3.3: 0/2 - No bank credit (0% bank financing)

B4 · Structure financière 9.0/15

B4.1: 5/5 - Loan-to-Cost (ratio prêt/coût total) crowd = 2.3M€/19.2M€ = ~12%, very low

B4.2: 0/4 - Operator equity 300K€ = 1.6% of PR, very insufficient

B4.3: 2/4 - No formal stress test but Loan-to-Cost (ratio prêt/coût total) very low (<15%) structurally compensates

B4.4: 1/2 - Net margin 8.4% of TTC turnover, at lower end of acceptable range

B5 · Pré-commercialisation 6.0/10

Pre-marketing at 83% of TTC turnover by VEFA reservations (reservation contracts)
29 housing units reserved + 9 tertiary premises reserved
Break-even point not precisely documented but high coverage
VEFA reservations = rank 3 (revocable)

B6 · Permis & Maturité 3.0/5

Building permit obtained (Dec
2022) and cleared (Nov
2023 appeal, Jul
2025 non-withdrawal)
DOC filed Jan
Land still under promise (acquisition March 2026 announced)
Land not executed = score limited to 3/5

B7 · Marché & Localisation 1.0/3faible

Saint-Denis (974), stable but secondary market
Housing vacancy rate 11%
National new property decline -20%+ in 2025
Project exit price (~5,852 €TTC/m² SHAB) consistent with local comparables but uncertain market

⚠ Alertes détectées · −8 pts déduits

Terrain pas encore acheté −3 pts

Land not yet executed on operation RE-PROM - acquisition promise signed, deed scheduled March 2026 (−3 pts) - NOTE: RF6 strictly speaking reserved RE-MDB; penalised via B6 score 3/5 only, RF6 not triggered.

Pas de financement bancaire −5 pts

No bank partner on project of 2.3M€ (>2M€) - bank financing 0% documented (−5 pts).

Points forts

✓Experienced operator: 13 operations delivered, 876 housing units, 20+ years in Reunion.

✓Very low crowd LTC (~12%), limited crowdfunding financial exposure on the operation.

✓Building permit obtained and cleared, DOC filed - solid administrative progress.

✓Pre-marketing at 83% of TTC turnover, tertiary premises 100% reserved.

✓GFA firm offer by insurers rated A− and A+ (Accelerant + Great American).

Risques identifiés

!Land under promise only, effective acquisition scheduled March 2026, risk of non-execution.

!Complete absence of bank financing on a 19.2M€ project, dependence on VEFA cash flows.

!FINANCIERE BOURBON DEVELOPPEMENT balance sheet very tight: debt/equity ratio of −326, DSCR 0.02.

!Two operations in progress on Fundimmo subject to extensions - signal of recurrent delays.

!Adjusted score thanks to live data: national new property market in decline −20%+ YoY; B7 limited to 1/3.

⚠ 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.