SCEA Foncière du Domaine de Fontorbe — Des kiwis jaunes pour cette exploitation en plein croissance

MiiMOSA Agricultural loan Financé

Ce projet est clôturé. L'analyse ci-dessous reflète les informations disponibles au moment de la souscription et n'a pas été mise à jour.

SCEA Foncière du Domaine de Fontorbe — Des kiwis jaunes pour cette exploitation en plein croissance

Average

score / 100

Yield

5.5%/yr

Duration

60 months

Min. ticket

—

Amount raised

225 k€

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À propos

Partial refinancing of land acquisition of 17 hectares in Escatalens (Tarn-et-Garonne) completed November 2025, including 9 ha lake and land to be planted with yellow kiwis. SCEA Foncière du Domaine de Fontorbe, subsidiary 99.97% of Timélie Deux holding, is an agricultural property company holding 350 ha of orchards, with emphyteutic rural leases of 25 years. Participating loan monthly over 60 months at 5.5%, guaranteed by joint and several guarantee of Timélie Deux. Note: sister company Vergers du Sud in conciliation procedure.

Plateforme · 14.0/25

A1 · Statut réglementaire 8.0/8✓ max

Licence agrément AMF AMF fonds propres-2024-5 valid since January 2024
Status verified in the context provided

A2 · Track Record 1.0/6faible

Estimated default rate 10-30% according to investor reports (0/6)
Delay rate not published (0/6)
Actual return not disclosed (0/6)
Penalty −2pts absence of statistics
Score adjusted thanks to live data: multiple instances of defaults and compulsory liquidations documented by investors despite volume €200M+ financed
Formula: (0×0.5 + 0×0.3 + 0×0.2) − 2 = −2 → capped at 1/6 minimum

A3 · Rigueur de sélection 1.0/4faible

No selection rate published
Process not documented in available context
Historic platform (2015) recognised in agricultural sector

A4 · Santé financière 3.0/4bon

Independent platform >3 years, €200M+ financed, valid licence
No platform distress signal identified
Score not affected by portfolio default rate (criterion A2)

A5 · Protection investisseurs 1.0/3faible

agrément AMF licence imposes 4-day reflection period and continuity plan (1pt mandatory)
Segregated accounts not documented
Secondary market not identified

Projet · 45.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Participating loan at fixed rate, French law clear

B1.2: 2/3 - Direct borrowing SCEA operator, well documented French law

B1.3: 1/2 - Senior ranking claimed, no known senior debt but not formally registered

B2 · Opérateur & Track record 8.0/15

B2.1: 4/4 - Didier Miollan appointed, president of Timélie Deux, identifiable

B2.2: 2/5 - SCEA created 1998, 350ha, tree-growing experience >10 years but yellow kiwis = new crop

B2.3: 0/3 - First MiiMOSA platform transaction

B2.4: 2/3 - Healthy balance sheet, gearing 1.2-1.5; conciliation of Vergers du Sud ongoing as noted

B3 · Garanties & Sûretés 9.0/15

B3.1: 7/9 - GAPD Timélie Deux over 100% financing, capitalised holding

B3.2: 2/4 - fonds propres Timélie Deux not directly quantified; SCEA gearing ~1.2-1.5, sound situation but guarantor information partial

B3.3: 0/2 - No bank partner identified on this project <€2M

B4 · Structure financière 8.0/15

B4.1: 4/5 - Loan-to-Value (ratio prêt/valeur actif) not calculable (land value not disclosed); SCEA assets >350ha, substantial collateral, favourable estimate

B4.2: 3/4 - Timélie Deux holding owner of substantial land, substantial own collateral

B4.3: 1/4 - No stress test; 2025 taux de couverture de la dette = 1.0, insufficient margin

B4.4: 0/2 - 2025 debt service taux de couverture de la dette = 1.0, visible tension; negative restricted liquidity ratio

B5 · Pré-commercialisation 6.0/10

Established agricultural activity >2 years, emphyteutic rural leases 25 years with Vergers du Sud
Documented stable history
Single tenant dependence but long-term contracts secure revenue

B6 · Permis & Maturité 5.0/5✓ max

SCEA agricultural activity established since 1998, all legal documents in order, land title executed 17/11/2025, sound legal structure confirmed

B7 · Marché & Localisation 1.0/3faible

AGRI market stable France
Yellow kiwis: niche with potential but limited French production
Climate risks Tarn, single tenant dependence in conciliation
Secondary market low liquidity

⚠ Alertes détectées · −0 pts déduits

Alerte −0 pts

Vergers du Sud in conciliation procedure - single tenant counterparty risk; not RF4 qualifying as procedure concerns tenant, not borrowing SCEA

Points forts

✓GAPD Timélie Deux over 100% of financing, capitalised holding with assets >350ha.

✓Emphyteutic rural leases 25 years neutralising rental vacancy risk.

✓SCEA established since 1998, experienced manager >10 years in tree-growing.

✓Interest rate 5.5% within AGRI standard, clear loan structure French law.

✓Land already title-transferred (acquisition completed 17/11/2025), tangible asset identified.

Risques identifiés

!Vergers du Sud (single tenant) in active conciliation procedure at drawdown date.

!Restricted liquidity ratio negative (−0.6 in 2025) indicates short-term cash tension.

!2025 debt service DSCR = 1.0: no margin if rental income falls.

!Total concentration on single tenant representing 100% of SCEA revenue.

!MiiMOSA track record deficient (A2=1/6) with high estimated default rate on agricultural portfolio.

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