Le Magicien (59) — Roubaix — 12.0%/an · 24 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 · 49.0/75 (52.0 brut, red flags −3.0)

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct borrowing société dédiée (SPV) KG INVEST, clear French law

B1.3: 1/2 - Priority ranking claimed (first ranking mortgage), inscription in progress on real property under promise

B2 · Opérateur & Track record 9.0/15

B2.1: 4/4 - Romain GABON appointed, function President, identifiable

B2.2: 2/5 - 2 operations in progress + 5 professional operations, emerging property trader

B2.3: 2/3 - 2 projects in progress on LPB, not yet repaid

B2.4: 1/3 - KG INVEST created 04/2024, capital €1600, short accounts, very high gearing (debt €534K/equity €47K)

B3 · Garanties & Sûretés 10.0/15

B3.1: 7/9 - First ranking mortgage in progress of inscription (real property under promise)

B3.2: 1/4 - KG INVEST equity €47K, gearing >10x; joint and several guarantee Romain GABON €1,662,000, assets not valued

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

B4 · Structure financière 13.0/15bon

B4.1: 3/5 - Loan-to-Value (ratio prêt/valeur actif) 74.84% (property trader threshold 55-65% = 3 points)

B4.2: 3/4 - Contribution 25.16% of total (threshold 25-35% = 3 points)

B4.3: 4/4 - Exit price 13% below market, 60% pre-commercialised, stress −30% structurally absorbable

B4.4: 2/2 - Net margin 19% > 15% (marchand de biens)

B5 · Pré-commercialisation 8.0/10bon

Adjusted score thanks to live data: 46 lots under signed promise of sale = 60% turnover (€1,366,000), of which 40 without financing suspensive condition. >50% under notarial promises marchand de biens → 8 points

B6 · Permis & Maturité 3.0/5

Real property under promise of sale (not yet executed)
Works partially commenced by previous operator
Judicial acquisition in progress, real property not executed = 3 points max marchand de biens (no RF6 as deed provided for)

B7 · Marché & Localisation 1.0/3faible

Adjusted score thanks to live data: Roubaix/Nord, declining logistics market, volumes Q1 2026 −67% YoY
Underlying demand self-storage SME/craftspeople solid locally but secondary market with economic uncertainty → 1 point

Points forts

✓60% of turnover pre-commercialised via signed promises of sale, of which 40 without financing suspensive condition.

✓Exit price 13% below market median, offering significant purchaser discount.

✓Forecast net margin of 19%, above RE-MDB thresholds.

✓First ranking mortgage documented + joint and several guarantee €1,662,000.

✓Identified operator, 5 professional operations, 2 projects in progress on LPB.

Risques identifiés

!Real property not yet executed (judicial acquisition in progress), risk of non-completion.

!SPV KG INVEST very recent (04/2024), equity €47,706, gearing exceeding 10x.

!Operator managing 2 simultaneous projects on LPB with documented operational difficulties on Le Gradi.

!Single purchaser concentration on €300,000 of lots (approximately 22% of forecast turnover).

!Logistics/activities market North in phase of contraction of investment volumes (−67% Q1 2026).

⚠ Avertissement sur les risques

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