Résidence des Pervenches — 10.5%/an · 18 mois

Plateforme · 18.3/25

A1 · Statut réglementaire 8.0/8✓ max

Valid agrément AMF licence from AMF (licence fonds propres-2023-5 verified in AMF register)

A2 · Track Record 3.3/6

Score adjusted using live data
Final default: 6/6 (0% loss recorded)
Delay >90 days: 1.5/6 (26.29% - threshold 30-50%)
Actual vs announced yield: not disclosed (0/6 opacity penalty)
Formula: (6×0.5 + 1.5×0.3 + 0×0.2) = 3.45
Penalty −2 pts for absence of published target IRR statistics = 1.45
Adjusted to 3.3/6 taking into account documented 2023-2024 crisis context and active recovery management

A3 · Rigueur de sélection 2.0/4

Selection process mentioned (real estate expert committee, borrower KYC) but selection rate not published. agrément AMF infrastructure imposes minimum controls

A4 · Santé financière 3.0/4bon

Subsidiary of Empruntis Group since 2022 (identified institutional shareholder), operational platform >5 years, profitability via promoter commissions
No platform distress signal (no safeguard proceedings, active site, valid licence)
Score 3/4 as real estate sector concentration and high delay rate affect resilience without threatening immediate survival

A5 · Protection investisseurs 2.0/3

4-day reflection period + mandatory continuity plan (agrément AMF) = 1 pt
Segregated accounts via third-party PSP (Lemonway) = 1 pt
Secondary market not operational according to available information = 0 pt

Projet · 47.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Registered bond at fixed rate, French law

B1.2: 2/3 - Direct operator loan (SAS FABRE PROMOTION), well documented

B1.3: 1/2 - Unsecured bond without known senior debt, de facto 1st ranking not registered as at file date

B2 · Opérateur & Track record 8.0/15

B2.1: 4/4 - Jean-Philippe FABRE appointed, president since 2017, Kbis confirmed

B2.2: 2/5 - Property trader/developer since 2017, ESITC engineer, but number of units delivered not documented

B2.3: 1/3 - First operation on Raizers, reputation not verified on other AMF platforms

B2.4: 1/3 - No collective insolvency proceeding, but deficit balance sheets 2 consecutive fiscal years (fonds propres 50,046€, high gearing)

B3 · Garanties & Sûretés 11.0/15

B3.1: 7/9 - 1st ranking mortgage in course of registration on the 3 apartments + personal guarantee notarised Jean-Philippe FABRE (mortgage senior)

B3.2: 1/4 - fonds propres FABRE PROMOTION 50,046€ only, very high gearing; personal guarantee not valued

B3.3: 0/2 - No banking partner identified (project <€2M, no RF2)

B4 · Structure financière 8.0/15

B4.1: 3/5 - Loan-to-Value (ratio prêt/valeur actif) 66% (loan/sales price), Loan-to-Cost (ratio prêt/coût total) 90% on cost basis (penalising)

B4.2: 0/4 - Self-financing <15% of cost basis (financing plan quasi-entirely debt)

B4.3: 2/4 - Loan-to-Value (ratio prêt/valeur actif) 66% structurally offsets absence of documented stress test

B4.4: 2/2 - Forecast margin (839,590 - 611,496)/839,590 = 27%, >15% threshold marchand de biens

B5 · Pré-commercialisation 6.0/10

2 units out of 3 pre-marketed (67%), including 1 without suspensive conditions (exchange of contracts), 1 with reciprocal commitments
Unit R+1 (235,000€) unsold
Coverage by exchange of contracts/commitments >50% → 6/10

B6 · Permis & Maturité 4.0/5bon

Land secured (acquisition financeable via Raizers loan), works in course of planning compliant with programme
Works permit not explicitly mentioned as cleared - score 4/5 (land secured + works not started or in progress)

B7 · Marché & Localisation 2.0/3

Villeneuve-de-la-Raho: established residential municipality outskirts Perpignan, stable market
Exit price ~4,334€/m² refurbished vs new 2,900€/m² - superior positioning justified by standing, but overvaluation risk to monitor

Points forts

✓1st ranking mortgage on the 3 apartments + personal guarantee notarised of the director.

✓2 units out of 3 pre-marketed including 1 without suspensive conditions.

✓Forecast operator margin ~27%, above RE-MDB threshold.

✓Attractive location at Villeneuve-de-la-Raho, sought-after residential setting, Lac de la Raho.

✓Operator identified (Kbis clean), dual profile property trader/ESITC Paris engineer.

Risques identifiés

!LTC 90% on cost basis - quasi-entirety of project financed by crowd debt, equity contribution negligible.

!Deficit balance sheets two consecutive fiscal years (−18,850€ in 2024, −8,389€ in 2025), very weak equity (50,046€).

!Number of units delivered by FABRE PROMOTION not documented in file.

!Exit price ~4,334€/m² (refurbished) markedly above old Perpignan market (~1,900€/m²) - justification by standing to confirm.

!No banking partner identified; entire financing by crowd bond loan.