AUDINCOURT — 10%/an · 12 mois

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 · 53.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct loan EURL AXIS LAREDO, clear French law

B1.3: 1/2 - Rank not registered; known senior bank debt 5.8M€, crowd rank subordinated in fact

B2 · Opérateur & Track record 12.0/15bon

B2.1: 4/4 - Alexis MULLER appointed, born 1978, identifiable manager

B2.2: 4/5 - RE-COM: 1-2 documented major operations + 20 years experience, 10 disposals 2025

B2.3: 2/3 - First Fundimmo operation, verifiable reputation elsewhere

B2.4: 2/3 - Debt/equity ratio 3.99 (AXIS LAREDO) tight, group balance sheet sound

B3 · Garanties & Sûretés 9.0/15

B3.1: 5/9 - Joint and several guarantees notarised GROUPE AXIS, AXIS PROMOTION and AXIPARTS (strong combination)

B3.2: 3/4 - AXIPARTS: 160M€ assets, CRD 93M€; group equity >5M€, high gearing but acceptable

B3.3: 1/2 - Banque Populaire BFC identified, 5.8M€ granted

B4 · Structure financière 11.0/15

B4.1: 4/5 - RE-COM Loan-to-Value (ratio prêt/valeur actif) crowd/asset value ~15.9% excellent

B4.2: 2/4 - Operator equity 650K€ being 9.8% of PR (5-10%)

B4.3: 3/4 - Margin 12.7% PR; scenario -20% covers crowd repayment

B4.4: 2/2 - Target gross IRR ~14.7% net revenue, margin >12%

B5 · Pré-commercialisation 7.0/10

RE-COM: signed lease undertakings KFC (building 1) and Action (building 3) = 47.6% revenue inc. tax
Advanced negotiations Blachère bringing to 69% of expected rent
No definitive lease signed on all units
Score 7/10

B6 · Permis & Maturité 5.0/5✓ max

Land completed (March 2022 + February 2025). permis de construire obtained 12/11/2024, purged 12/02/2025
Works in progress, structural works 85%, delivery May 2026

B7 · Marché & Localisation 1.0/3faible

Score adjusted via live data: secondary commercial market Audincourt/Montbéliard stable but national new sales -20% Q3 2025
Secondary RE-COM market, selective rental demand, no documented shortage data

Points forts

✓Land completed, PC purged, works advanced (structural 85%) - low construction risk

✓AXIS Group: 20 years experience, 45 buildings, 160M€ assets, 10 disposals 2025

✓Bank facility Banque Populaire BFC 5.8M€ granted - external validation

✓Joint and several guarantees notarised group (AXIPARTS, AXIS PROMOTION, GROUPE AXIS)

✓Very low crowd LTV (~15.9%) - limited relative exposure in overall financing

Risques identifiés

!Secondary commercial RE-COM market Audincourt selective; national new sales -20% Q3 2025

!Only 47.6% firm pre-commercialisation (lease undertakings); remaining units unsecured

!AXIS LAREDO debt/equity ratio 3.99 and DSCR 0.46 - SPV financial structure very tight

!Crowd obligation subordinated in fact to senior bank debt of 5.8M€

!Commercial rental market Audincourt illiquid; 6.8% yield depends on national retailers

⚠ 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.