Villa Didor – KARE — 11%/an · 18 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 · 48.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Registered obligation at fixed rate, clear French law

B1.2: 2/3 - Direct loan from KARE, well documented French law

B1.3: 1/2 - Unsecured undertaking, known senior bank debt (1 710 K€), crowd rank not formally prioritised

B2 · Opérateur & Track record 11.0/15

B2.1: 4/4 - Sébastien DEVAUX appointed, born Besançon, known domicile, identifiable

B2.2: 5/5 - >10 years Arcachon basin, dozens of documented premium property trader operations

B2.3: 3/3 - 6 Raizers operations all repaid without delay

B2.4: 2/3 - KARE capital 200K€, no court proceedings; detailed accounts not available, gearing unknown but LAVEO holding capital 1 000€ low

B3 · Garanties & Sûretés 9.0/15

B3.1: 7/9 - Notarised joint and several guarantee LAVEO (SAS sole shareholder) + 2 notarised personal guarantees from DEVAUX and MONTEXIER. Notarised joint and several guarantee = 7 pts

B3.2: 1/4 - LAVEO capital 1 000€, accounts unknown, gearing not assessable; guarantor natural persons' assets not publicly documented

B3.3: 2/2 - Two identified bank loans (900K€ + 810K€), bank not named but amounts specified

B4 · Structure financière 10.0/15

B4.1: 3/5 - Refinancing 300K€ / sale value 2 900K€ → Loan-to-Value (ratio prêt/valeur actif) ~10%; but Loan-to-Cost (ratio prêt/coût total) vs total cost (purchase+works+crowd) ~17%. Total cost ~1 710K€+300K€ fonds propres = crowd/cost ratio ~17% → 5/5 approx, but high-end unique asset → retained 4/5

B4.2: 4/4 - fonds propres committed 298 989€ on cost ~2 010K€ ≈ 15%; + two bank loans = solid mixed structure

B4.3: 2/4 - No stress test, but very low exit Loan-to-Value (ratio prêt/valeur actif) compensates

B4.4: 0/2 - Operator margin not disclosed in file

B5 · Pré-commercialisation 2.0/10faible

No promise or reservation signed on the villa
Works ongoing, marketing planned at completion
Arcachon premium market liquid, but no formal documented commitment → 2/10 (standard product on liquid market, no commitment)

B6 · Permis & Maturité 5.0/5✓ max

Land completed (acquisition January 2026), works ongoing compliant, building permit obtained and cleared → 5/5

B7 · Marché & Localisation 3.0/3✓ max

Arcachon - premium coastal market (Arcachon basin, Atlantic Coast), high-end unique villa, strong structural demand for premium assets
Market trend: rising according to live data
Exit price 11 600€/m² consistent with Arcachon ultra-premium segment

Points forts

✓Experienced operator: 6 Raizers operations repaid, >10 years Arcachon basin.

✓Land completed, permit cleared, works ongoing - high operational maturity.

✓Notarised joint and several guarantee LAVEO + two notarised personal guarantees from managers.

✓Two bank loans in place (1 710 K€): strong independent external validation.

✓Arcachon premium location, unique villa 250 m², highly liquid coastal market.

Risques identifiés

!No pre-marketing: villa to be sold post-works, exit price risk 2.9 M€ not yet validated.

!LAVEO principal guarantor with capital of 1 000€: very limited financial strength of guarantor.

!Unsecured obligation junior rank behind 1 710 K€ of senior bank debt.

!Operator margin not disclosed in file; operation profitability not verifiable.

!Rate 11%/year at upper limit for RE-MDB; verify that guarantees compensate for high yield.