Les Terrasses du Port — 13%/an · 18 mois

Plateforme · 16.4/25

A1 · Statut réglementaire 8.0/8✓ max

Licence agrément AMF AMF fonds propres-2023-30 currently valid, verified in AMF register
Complete regulatory status

A2 · Track Record 2.4/6faible

Score adjusted thanks to live data
Default: 6/6 (0% published final defaults)
Delay >90d: 1.5/6 (28.12% delays - range 30-50%)
Yield: insufficient data on realised vs announced IRR (3/6 by caution)
Formula: (6×0.5 + 1.5×0.3 + 3×0.2) = 3.0 + 0.45 + 0.6 = 4.05, minus 2pts penalty incomplete statistics = 2.4/6
CrowdRevolt mentions documented on problematic projects (CRAPONNE), organised investors

A3 · Rigueur de sélection 2.0/4

Mention of a documented selection process (prior audits mentioned in context) but selection rate not published
Credibility affected by 28.12% delays and projects in collective insolvency proceedings despite initial audits

A4 · Santé financière 3.0/4bon

Backed by Magellim Group (4.2bn euro AUM), solid institutional shareholder guaranteeing platform viability
Share capital 75K euro (low) but group structure compensates
No platform distress signal identified
High delay rate (28.12%) does not penalise A4 (measured in A2)

A5 · Protection investisseurs 1.0/3faible

agrément AMF licence: 4 day reflection period plus mandatory continuity plan = 1pt minimum guaranteed
Payment service provider not documented in this data (0pt escrow)
No operational secondary market identified (0pt)

Projet · 37.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct loan from operator ANEOR INVEST, documented French law

B1.3: 1/2 - First ranking mortgage announced, registration not confirmed as at file date

B2 · Opérateur & Track record 7.0/15faible

B2.1: 4/4 - Jérôme Noël appointed, complete Kbis, verifiable profile

B2.2: 2/5 - 1 operation delivered Saint-Brieuc (Sept. 2025), group founded 2021, limited experience

B2.3: 1/3 - First operation on Baltis, reputation not yet established

B2.4: 3/3 - Infogreffe clear, sound balance sheet (equity 119K€, low gearing on light holding)

B3 · Garanties & Sûretés 7.0/15faible

B3.1: 4/9 - Notarised personal guarantee from operator plus first ranking mortgage announced not yet registered at conservatoire

B3.2: 1/4 - ANEOR INVEST equity 119K€ very low, guarantor solidity limited

B3.3: 0/2 - No banking partner identified, project <€2M therefore not RF2

B4 · Structure financière 8.0/15

B4.1: 3/5 - Loan-to-Cost (ratio prêt/coût total) not calculable precisely, crowd/total cost ratio estimated 65-75%

B4.2: 2/4 - Operator equity contribution partial, financing plan incomplete in file

B4.3: 2/4 - 27% margin on turnover documented offers cushion, moderate Loan-to-Cost (ratio prêt/coût total) compensates for absence of stress test

B4.4: 1/2 - 27% net margin on turnover favourable but holding turnover low (180K€)

B5 · Pré-commercialisation 1.0/10faible

B6 · Permis & Maturité 5.0/5✓ max

B7 · Marché & Localisation 1.0/3faible

Points forts

✓Planning permission obtained and final release: administrative risk nil on this project.

✓Operator margin 27% on turnover offers comfortable cushion.

✓Jérôme Noël identifiable, Kbis clean, no collective insolvency proceeding.

✓Simple bond French law, clear legal structure

✓Notarised personal guarantee from operator plus first ranking mortgage announced.

Risques identifiés

!ANEOR INVEST: single operation delivered, developer experience very limited.

!No pre-marketing documented on 5 apartments.

!ANEOR INVEST equity very low (119K€), guarantor solidity limited.

!Saint-Quay-Portrieux market in slowdown, private investors in withdrawal.

!Baltis platform delay rate high (28%), selectivity to be questioned.