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CLICHY — Globalstone IV
FU
Fundimmo Property trading 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.

CLICHY — Globalstone IV

Strong
72
score / 100
Yield
11.0%/yr
Duration
12 months
Min. ticket
1 k€
Amount raised
850 k€
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À propos

Property trader operation consisting of resale by subdivision, before works, of a building with 12 residential units and one commercial premises located 14 Boulevard Jean Jaurès, 92110 Clichy (Hauts-de-Seine). The operator GLOBALSTONE IV (president Guillaume LANGE) acquired the asset via activation of a trust. Participatory financing of 850 000€ substitutes for a Caisse d'Épargne bank credit which has reached maturity, with repayment scheduled for April 2027.

Plateforme · 20.0/25
A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF in force, fonds propres-2023-18 licence confirmed - maximum regulatory status

A2 · Track Record 4.0/6
  • Default 0% → 6 base pts
  • Delay >6 months at 16.77% → range 15-30% → 3 base pts
  • Actual vs announced return: N/A → 0 pts
  • A2 = (6×0.5)+(3×0.3)+(0×0.2) = 3.9 → rounded 4
A3 · Rigueur de sélection 2.0/4

Selection process mentioned (platform established since 2016, 340M+ financed) but selection rate not published and criteria not detailed

A4 · Santé financière 4.0/4✓ max
  • Subsidiary of Foncière Atland (>4 bn€ AUM), capitalised institutional group, existence >5 years, no distress signal at platform level
  • Delay rate = A2
A5 · Protection investisseurs 2.0/3
  • agrément AMF → reflection period 4 days plus mandatory continuity plan (1 pt)
  • Segregated accounts probable via regulated payment service provider (1 pt)
  • Secondary market not documented (0 pt)
Projet · 52.0/75
B1 · Instrument & Structure 8.0/10bon
B1.1: 5/5 - Simple obligation fixed rate French law
B1.2: 2/3 - Direct loan operator SAS Globalstone IV, well documented
B1.3: 1/2 - First ranking mortgage claimed, formal registration not attested at dossier date
B2 · Opérateur & Track record 13.0/15bon
B2.1: 4/4 - President M. Guillaume Lange appointed, identifiable
B2.2: 4/5 - Operator property trader Paris since 2010, >10 operations completed
B2.3: 3/3 - 11 operations repaid on Fundimmo
B2.4: 2/3 - No proceeding but negative net result 2024 and high gearing
B3 · Garanties & Sûretés 10.0/15
B3.1: 7/9 - First ranking mortgage pending registration plus personal joint and several guarantee M. Lange (mortgage priority)
B3.2: 1/4 - Globalstone IV: fonds propres 2.46M€, very high gearing (~40x), negative net result
B3.3: 2/2 - Caisse d'Epargne Hauts de France named, amount specified
B4 · Structure financière 11.0/15
B4.1: 4/5 - Loan-to-Value (ratio prêt/valeur actif) 39.3% (excluding completed lot) → range 40-55% or better
B4.2: 4/4 - Operator fonds propres 1 267 887€ being ~59% total financing
B4.3: 2/4 - Margin 3% very low, stress test absent; low Loan-to-Value (ratio prêt/valeur actif) partially compensates
B4.4: 1/2 - Net margin 3%, below 10% threshold
B5 · Pré-commercialisation 3.0/10faible
  • marchand de biens: 1 completed lot (rank 1) + 4 lots under agreement (rank 2) = 29% turnover incl. tax
  • Namely 5 commitments out of 13 lots
  • No total undertaking; Clichy market liquid but >50% stock
B6 · Permis & Maturité 5.0/5✓ max
  • Land completed via trust (Globalstone IV ownership)
  • Prior declaration obtained Nov
  • 2025, purged Jan
  • No works at operator charge (ASL)
  • Maximum score
B7 · Marché & Localisation 2.0/3
  • Clichy (92), inner first ring north-west Paris, established and liquid market
  • Displayed prices 4 807-6 000€/m² land (works excluded) conform to local comparables
  • Stable market post-correction
⚠ Alertes détectées · −5 pts déduits
Ratio prêt/valeur trop élevé −5 pts

LTV calculated at 39.3% - 85% threshold not reached, RF7 not triggered

Points forts
✓LTV of 39.3% offering comfortable protection margin on the asset.
✓11 operations fully repaid on Fundimmo since 2019.
✓Land secured and prior declaration purged since January 2026.
✓Bank financing totally substituted, no residual bank credit.
✓Operator capital contribution representing 59% of total financing.
Risques identifiés
!Operating margin of 3% leaves very little room in case of commercial slippage.
!Globalstone IV balance sheet very tight: gearing ~40x, negative net result in 2024.
!Pre-commercialisation at 29% of turnover - 71% of stock unsecured at date.
!Commercial premises (690 000€, 28% of turnover) not pre-commercialised; risk of delay.
!Personal joint and several guarantee M. Lange not notarised; patrimony not assessed in dossier.
Score card
Score card — CLICHY — Globalstone IV
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