Les Blancs Monts — 11%/an · 16 mois

Plateforme · 15.5/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF currently valid → maximum score

A2 · Track Record 0.5/6faible

Default 17.76% (>15%) → 0/6
Delay >90 days estimated >33% (>1/3 capital blocked >6 months) → 1.5/6
Actual yield vs announced N/A → 0/6
A2 = (0×0.5 + 1.5×0.3 + 0×0.2) = 0.45 ≈ 0.5

A3 · Rigueur de sélection 2.0/4

458 projects financed since 2015, selection process not detailed publicly
Implicit mention of a filter with no published rate

A4 · Santé financière 3.0/4bon

Subsidiary of Atland group (4 bn€ AUM), solid institutional
Degraded portfolio (new real estate crisis 2022-2023) but no signal of platform default itself

A5 · Protection investisseurs 2.0/3

agrément AMF licenced → reflection period + continuity plan mandatory (1 pt)
Segregated accounts probable via third party PSP (1 pt)
Secondary market not documented (0 pt)

Projet · 40.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligations at fixed rate, French law

B1.2: 3/3 - SAS dedicated to the transaction, separate from the group

B1.3: 0/2 - Unsecured crowd subordinated to the bank mortgage debt of 4.1M€

B2 · Opérateur & Track record 9.0/15

B2.1: 2/4 - Appointed managers, public profiles not verified

B2.2: 4/5 - 7 delivered operations, fonds propres holding 2.3M€ (<5M€)

B2.3: 2/3 - 1 Fundimmo operation repaid, 3 ongoing

B2.4: 1/3 - Registers not consulted, RM IMMO equity in sharp decline

B3 · Garanties & Sûretés 8.0/15

B3.1: 5/9 - GAPD of a sister company, not a bank, plus guarantors

B3.2: 1/3 - RM Participations fonds propres 2.3M€, gearing 2.2

B3.3: 2/2 - Banque Populaire ALC, 4.1M€ firm commitment

B4 · Structure financière 8.0/15

B4.1: 5/5 - Loan-to-Cost (ratio prêt/coût total) crowd 7.4%

B4.2: 0/4 - Operator contribution 100K€, i.e. 2% of cost price

B4.3: 2/4 - No stress test, Loan-to-Cost (ratio prêt/coût total) crowd very low

B4.4: 1/2 - Net margin 10.8% of total turnover

B5 · Pré-commercialisation 6.0/10

84% of total turnover pre-marketed, mainly through reservations
Promises limited to units 2 and 6-7 (~15% of turnover)
Inconsistencies between the table and the stated total

B6 · Permis & Maturité 0.0/5faible

Development permit obtained and purged (02/2026), transfer completed, but land still under promise with 3 amendments (reiteration 15/05/2026)

B7 · Marché & Localisation 1.0/3faible

Secondary tertiary market on the periphery of Reims, endogenous demand, moderate values
Market trend not verified by live data

Points forts

✓Bank loan of 4.1M€ in firm commitment from Banque Populaire ALC

✓Development permit purged and transferred to the borrower

✓Pre-marketing declared at 84% of total turnover

✓Partial repayment of 200K€ planned from 80% of actionable sales

✓Family group active since 2004, 7 delivered operations

Risques identifiés

!Land not acquired, promises extended three times until 15/05/2026

!Unsecured obligations, no real security, subordinated in fact to the bank

!Guarantor RM Participations: assets 90% in intra-group receivables, weak cash

!Operator contribution 100K€ (2%), total debt ~92% of cost price

!Pre-marketing inconsistent between table, total ex-tax/inc-tax and number of units

⚠ Avertissement sur les risques

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