Le Clos Dennetière — 12.0%/an · 18 mois

Plateforme · 19.0/25

A1 · Statut réglementaire 8.0/8✓ max

Baltis holds the agrément AMF AMF licence (fonds propres-2023-19), currently valid in the AMF register
Maximum applicable score

A2 · Track Record 3.0/6

Platform statistics partially published
Delay rate >90 days estimated at 15-25% (portfolio majority promotion immobilière, market 2023-2024 under pressure)
No definitive default documented publicly to date
Actual return versus announced return not officially confirmed
Penalty applied for opacity of aggregated data
Score adjusted for caution: default ~0% (4.5pts×0.5=2.25) + estimated delay 15-25% (3pts×0.3=0.90) + return N/C (0pts×0.2=0) = 3.15 → rounded 3/6

A3 · Rigueur de sélection 2.0/4

Baltis mentions a selection process (committee, financial analysis) on its website but does not publish a quantified selection rate
Process described without verifiable quantitative data

A4 · Santé financière 3.0/4bon

Independent platform, operational since 2018, active fundraising in 2024-2025, no platform distress signal identified
No listed institutional shareholder but existence >5 years and operational continuity confirmed

A5 · Protection investisseurs 3.0/3✓ max

agrément AMF AMF licence → 4-day reflection period + mandatory continuity plan (1pt)
Segregated account via third-party payment service provider (Mangopay, 1pt)
No secondary market documented to date but collateral recovery mentioned in terms and conditions (1pt)

Projet · 35.0/75 (38.0 brut, red flags −3.0)

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct loan operator RG INVEST FRANCE, well documented

B1.3: 1/2 - Priority rank claimed (first mortgage), not yet registered as property not yet acquired by deed

B2 · Opérateur & Track record 7.0/15faible

B2.1: 4/4 - Romain Gabon appointed, present, identifiable profile

B2.2: 2/5 - Company founded 2023, 2 operations delivered in property trading, prior experience in urban planning/taxation adjacent

B2.3: 1/3 - First operation on Baltis, reputation to be confirmed

B2.4: 3/3 - No collective insolvency proceeding, published accounts, gearing 3.81 but balance sheet in strong growth

B3 · Garanties & Sûretés 9.0/15

B3.1: 5/9 - First mortgage planned on assets plus personal joint and several guarantee notarised from manager; property not yet acquired by deed so mortgage not yet registered → 5pts (joint and several guarantee/personal notarised guarantee takes precedence)

B3.2: 1/4 - RG INVEST FRANCE: equity 289k€, gearing 3.81, young structure; physical person guarantor not assessed for assets

B3.3: 0/2 - No identified banking partner; amount >€2M not applicable (1,001,500€ < 2M€), no RF2

B4 · Structure financière 9.0/15

B4.1: 3/5 - Estimated Loan-to-Value (ratio prêt/valeur actif) ~60% (1,001,500€ / forecast revenue 1,664k€); range 55-65% → 3pts

B4.2: 1/4 - Limited equity contribution, significant leverage, equity 289k€ on 1.6M€ operation i.e. ~17%

B4.3: 2/4 - No formalised stress test; Loan-to-Cost (ratio prêt/coût total) ~60% partially compensates

B4.4: 2/2 - Operator net margin 29% of turnover TTC, well >15%

B5 · Pré-commercialisation 3.0/10faible

46% of turnover TTC pre-marketed (6 lots out of 9) by reservations/undertakings; property acquisition not yet completed (planned July 2026)
Break-even point not clearly reached, significant commercial commitment but property not yet acquired by deed limits solidity → 3pts

B6 · Permis & Maturité 0.0/5faible

Property not yet acquired by deed as at file date (acquisition planned July 2026)
No administrative authorisation required according to operator. marchand de biens: property not acquired by deed → 0pt + RF6 triggered (−3pts)

B7 · Marché & Localisation 2.0/3

Halluin (59), Lille periphery, stable residential market with positive ITI
Forecast sale prices 2,819€/m² consistent with local market
Secondary market Lille metropolitan area, documented sustained demand → 2pts