La Pellegrino (74) — 11.5%/an · 20 mois

Plateforme · 18.5/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF fonds propres-2023-15 verified and in force

A2 · Track Record 4.5/6bon

Score adjusted thanks to live data: Default rate 0.0% (6 pts), delay rate >6 months 10.1% (4.5 pts), yield not disclosed
Weighted formula: (6×0.5 + 4.5×0.3 + 3×0.2) = 4.95
Rounded 4.5/6

A3 · Rigueur de sélection 2.0/4

Documented audits before publication but selection rate and detailed process not published

A4 · Santé financière 3.0/4bon

Score adjusted thanks to live data: Platform profitable (851K€ profit 2022), healthy growth (367M€ collected, 171K investors), >29 employees, offices in Lyon
Licenced agrément AMF 2023, thus <3 years licence but solid structure

A5 · Protection investisseurs 1.0/3faible

agrément AMF licence guarantees 4-day deadline + continuity plan (1 mandatory pt)
No mention of segregated accounts or secondary market in file

Projet · 36.0/75 (44.0 brut, red flags −8.0)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Participating loan with remuneration, clear French law

B1.2: 2/3 - Direct borrowing from HB Locations operator, French law

B1.3: 1/2 - First ranking mortgage claimed, formal registration not confirmed as of file date

B2 · Opérateur & Track record 6.0/15faible

B2.1: 4/4 - Benjamin Heluin appointed, identifiable manager

B2.2: 1/5 - First property trader project, adjacent patrimonial investor, no documented delivered property trader operation

B2.3: 0/3 - First operation on any platform

B2.4: 1/3 - Negative equity (-88K€), two companies compulsory liquidated (Holding JVE, BioAlpes), gearing not calculable (negative equity)

B3 · Garanties & Sûretés 11.0/15

B3.1: 7/9 - First ranking mortgage in course of registration documented

B3.2: 1/4 - HB Locations: negative equity (-88K€), joint and several guarantee from Benjamin Heluin (1,224M€ declared) not formally notarised

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

B4 · Structure financière 7.0/15faible

B4.1: 2/5 - Loan-to-Cost (ratio prêt/coût total) 78% (threshold RE-property trader 65-75% = 3pts, >75% = 2pts)

B4.2: 1/4 - Contribution 22.3% including 144K€ already injected on total cost 1.31M€; self-financing <25%

B4.3: 2/4 - LTS 68% offers moderate structural cushion, no formalised stress test

B4.4: 2/2 - Forecast net margin 12%, within property trader range >10%

B5 · Pré-commercialisation 5.0/10

RE-property trader: Commercial premises for sale (165K€), 3rd/4th floor apartments close to completion; no documented signed promise
Construction nearly completed on upper part, liquid Evian market
Score 5/10 (partial completed construction, strong market potential)

B6 · Permis & Maturité 5.0/5✓ max

RE-property trader: Land acquired (acquisition 10/04/2020)
Existing asset, no town planning application required
Works in course of completion
Maximum score

B7 · Marché & Localisation 2.0/3

Evian-les-Bains: established market, shores of Lake Leman, proximity to Switzerland, spa town
Target prices 4,710€/m2 in line with documented local average range (3,510-6,427€/m2)
Rising market
Score 2/3 (established market, no exceptional tension data)

Points forts

✓First ranking mortgage on identified asset, LTS 68% offers reasonable coverage.

✓Land acquired since 2020, works partially completed (288K€ already carried out).

✓Premium location Evian-les-Bains, Lake Leman shore, documented dynamic market.

✓Exit prices in line with local averages, forecast margin of 12%.

✓Joint and several guarantee of 1,224M€ from the operator engaged.

Risques identifiés

!First property trader project from the operator, no similar delivered operation previously.

!Negative equity (-88,657€) of HB Locations, under-capitalised company (capital 1,000€).

!Two companies compulsory liquidated (Holding JVE, BioAlpes) in the operator's history.

!LTC of 78% high for a property trader. crowdfunding financing represents 77.7% of total cost.

!No formalised pre-sale (promise/agreement) documented in the file.

⚠ 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.