Aranea par Inversiones Polandrius — 11.5%/an · 12 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 · 46.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple loan fixed rate Spanish law EU recognised

B1.2: 2/3 - Direct borrowing operator, Spanish law EU, well documented

B1.3: 1/2 - Second-ranking mortgage claimed; senior bank debt 3.15M€ takes priority

B2 · Opérateur & Track record 8.0/15

B2.1: 4/4 - Andrea Carrera Armendariz appointed, role specified, identifiable profile

B2.2: 2/5 - ~10 years construction sector, >10M€ invoiced, 1-2 documented operations Navarre

B2.3: 0/3 - First operation on Raizers, reputation not verified on other AMF platforms

B2.4: 2/3 - No procedure found Navarre register, capital 23,000€ very low, 2024 balance sheet in annex not provided

B3 · Garanties & Sûretés 8.0/15

B3.1: 7/9 - Second-ranking mortgage registered on 29 lots (first-ranking bank debt known and quantified)

B3.2: 1/4 - Share capital 23,000€, holding not evaluated, natural person guarantor not documented financially

B3.3: 1/2 - Bank credit 3.15M€ granted, bank not named

B4 · Structure financière 9.0/15

B4.1: 3/5 - Loan-to-Cost (ratio prêt/coût total) crowd/cost to completion = 600K/5.2M = ~11.5%; overall Loan-to-Value (ratio prêt/valeur actif) loans/revenue = 3.75M/6.29M = 60% correct

B4.2: 0/4 - Operator equity 265K€ = 5% total cost (<5% promotion immobilière threshold)

B4.3: 2/4 - No stress test; 60% Loan-to-Value (ratio prêt/valeur actif) compensatory structural

B4.4: 1/2 - Net margin 9% revenue inc. tax (threshold 8-12%)

B5 · Pré-commercialisation 8.0/10bon

100% lots pre-commercialised via reservation contracts (10% paid at signature)
Reservation contracts = rank 3 (revocable)
80% price collectable at delivery
Score 8/10 because reservations, not notarised compromises

B6 · Permis & Maturité 4.0/5bon

Land acquired (land purchased from own funds)
Building permits obtained and site works in progress (40% completion)
Purged status not explicitly confirmed in the file

B7 · Marché & Localisation 1.0/3faible

Score adjusted thanks to live data: Spanish residential development market/Navarre stable but live data indicates declining market IN France
Navarre distinct; local market validated by 100% commercialisation
Score 1/3: secondary market, few recent comparable data provided, macro risk

Points forts

✓100% of lots pre-commercialised, commercial risk nil to date.

✓60% LTV offers comfortable safety margin on the asset.

✓Bank financing confirmed 3.15M€ - independent external validation.

✓Works advanced (40%), two parcels expected Q4 2026.

✓Operator with 10 years sector experience, >10M€ invoiced in Navarre.

Risques identifiés

!Operator equity contribution very low (5%), high leverage on the operation.

!Second-ranking mortgage: senior bank repaid in priority in case of loss.

!Share capital Inversiones Polandrius (23,000€) insufficient as guarantor.

!Spanish/Navarrese development market: recent comparable data not provided in the file.

!Reservation contracts revocable - 80% of price collectable only at delivery Q1 2027.