Le Lagon (971) — 12.0%/an · 24 mois

Plateforme · 18.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF fonds propres-2023-15 obtained in November 2023, currently valid
Maximum regulatory status

A2 · Track Record 4.0/6

Default 0% → 6/6 (×0.5=3.0)
Delay 10.1% (5-15%) → 4.5/6 (×0.3=1.35)
Actual return vs announced: N/C → 0/6 (×0.2=0)

A3 · Rigueur de sélection 2.0/4

Selection process not detailed in available data
812 funded projects attest to sustained activity
Selection rate not published

A4 · Santé financière 3.0/4bon

Independent platform, >5 years existence (2019), iXO PE and Elige Capital entry in 2025, growth 85%/year
Modest share capital (150K€) but confirmed institutional support
No PLATFORM distress signal

A5 · Protection investisseurs 1.0/3faible

agrément AMF licence guarantees 4-day reflection period and continuity plan (1 mandatory point)
No secondary market or account segregation documented in data provided

Projet · 57.0/75

B1 · Instrument & Structure 8.0/10bon

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

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

B1.3: 1/2 - First ranking mortgage claimed, registration in progress

B2 · Opérateur & Track record 9.0/15

B2.1: 4/4 - Alexandre Pallas and Philippe Curutchet appointed, functions specified, publicly identifiable

B2.2: 4/5 - Alexandre: 30 years experience, Anthelios Group founded 2005, sold 2022 via Rothschild; Philippe: property trader Cap-Ferret/ski/PACA

B2.3: 1/3 - First transaction on LPB, verifiable reputation on other platforms

B2.4: 0/3 - Collective insolvency proceedings mentioned linked to the buyer of the sold group; ambiguity not entirely dispelled

B3 · Garanties & Sûretés 11.0/15

B3.1: 7/9 - First ranking mortgage in course of registration plus fiduciary pledge on BARTHELIA shares as complement

B3.2: 3/4 - Coverage 196% of amount (land value 2.38M€ versus loan 1.022M€); active guarantor identified

B3.3: 1/2 - No identified bank credit, project <2M€ therefore RF2 not triggered

B4 · Structure financière 13.0/15bon

B4.1: 5/5 - Loan-to-Value (ratio prêt/valeur actif) 17% (borrowing/sale price), Loan-to-Cost (ratio prêt/coût total) 36%, LTA 51%; exceptionally low ratios

B4.2: 4/4 - Operators contribution 1.825M€ being 64% of total cost, well above 50%

B4.3: 3/4 - Promise of sale at 6M€ signed; stress scenario -30% turnover: sale at 4.2M€ covers loan amply

B4.4: 1/2 - 53% margin exceptional but marchand de biens context: margin calculated on land resale, not on works

B5 · Pré-commercialisation 8.0/10bon

Notarial promise of sale signed at 6M€ with qualified American buyer, holding deposit paid
Authentic deed expected summer 2026
Exit quasi-secured (ranking 2 engagement quality)
Authentic deed not yet signed

B6 · Permis & Maturité 5.0/5✓ max

Land secured (notarial certificate 25 July 2025)
Building permit obtained and cleared on 14 April 2026
No works required
Maximal situation for marchand de biens

B7 · Marché & Localisation 3.0/3✓ max

Saint-Jean, Saint-Barthélemy: ultra-prime international market, rare supply (difficult permits), global UHNW clientele
Exit price 12,605€/m² confirmed by signed promise
Structurally excess demand

Points forts

✓LTV 17% and mortgage coverage 196% of financed amount, exceptional.

✓Notarial promise of sale 6M€ signed, holding deposit paid.

✓Building permit obtained and cleared, land secured in July 2025.

✓Operators contribution 64% of total cost - skin-in-the-game very high.

✓Rare asset in Saint-Barthélemy, ultra-prime market with structurally constrained supply.

Risques identifiés

!Collective insolvency proceedings mentioned linked to Alexandre Pallas (buyer of group, 2024); residual ambiguity despite explanation provided.

!No BARTHELIA financial statements available (share capital 5,000€ only); borrower financial solidity not verifiable.

!Authentic deed of sale not yet signed - risk of withdrawal by American buyer or default before closing.

!Saint-Barthélemy jurisdiction (overseas collectivity): specific local law, mortgage enforcement potentially more complex than mainland.

!Yield 12%/year above RE-MDB norm (6-12%); situated at upper limit, justified by exotic profile and jurisdictional risk.

⚠ Avertissement sur les risques

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