Le Clos de Varye - Résidence Saint Doulchard — 11.0%/an · 12 mois

Plateforme · 14.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence from AMF obtained in November 2023, currently valid
Maximum applicable score

A2 · Track Record 1.0/6faible

Default 7.47% → tranche 7-15% → 1.5 pts
Delay >90 days: N/C → 0 pt
Actual return vs announced: N/C → 0 pt
A2 = (1.5×0.5)+(0×0.3)+(0×0.2) = 0.75 ≈ 1
Statistics partially published (loss rate 0.79% available), penalty -2 pts not triggered as partial data published

A3 · Rigueur de sélection 1.0/4faible

No selection rate published nor detailed process identified
Platform established since 2016, recognised in SME sector
Minimum score for established platform without documented process

A4 · Santé financière 3.0/4bon

Independent platform active since April 2016 (>8 years), agrément AMF licence obtained
No distress signal identified
AUM and solvency data unavailable but no platform incident reported
3 pts: independent, established, without negative signal

A5 · Protection investisseurs 1.0/3faible

agrément AMF licence legally guarantees 4-day reflection period and continuity plan → 1 pt mandatory minimum
Investor dashboard mentioned as updated
Segregated accounts and secondary market not documented in available data

Projet · 41.0/75 (46.0 brut, red flags −5.0)

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct operator loan (Presto Promotion), no dedicated société dédiée (SPV) between investor and issuer

B1.3: 1/2 - Simple bond, no known senior debt, de facto priority ranking not registered

B2 · Opérateur & Track record 9.0/15

B2.1: 4/4 - Pascal Rollet appointed president, photo/identifiable profile, Eric Chervy CEO documented

B2.2: 2/5 - 2 subdivisions delivered (Plaimpied, Fussy), small size, adjacent experience (agent, broker)

B2.3: 1/3 - 1st operation on this platform, reputation on other platforms not verified

B2.4: 2/3 - Gearing 4.6 in 2024 (tight), no collective insolvency proceeding identified

B3 · Garanties & Sûretés 8.0/15

B3.1: 6/9 - Pledge of company shares plus SCCV bank account registered; GAPD under private deed (non-bank = 5-6 pts); joint and several personal guarantee under private deed

B3.2: 1/4 - Dedicated SCCV with no substantial own balance sheet; Presto holding gearing 4.6, weak equity

B3.3: 1/2 - No bank credit identified, project <€2M therefore no RF2

B4 · Structure financière 9.0/15

B4.1: 4/5 - Loan-to-Value (ratio prêt/valeur actif) 45% (range 45-60% RE-COM/PROM → 4 pts according to Loan-to-Cost (ratio prêt/coût total))

B4.2: 0/4 - Equity €85K on forecast turnover €2.45M excl. tax = ~3.5%, below 5% threshold

B4.3: 3/4 - Pre-commercialisation 80%, VEFA calls cover construction; stress test -20% documented via 13% margin

B4.4: 1/2 - Gross margin 13%, within 8-12% range (upper limit), operating margin 2%

B5 · Pré-commercialisation 6.0/10

80% pre-commercialised: house under compromise plus 3 reservation contracts plus 4 signed purchase offers plus 1 free lot
Majority outside authenticated deed; 3 VEFA reservation contracts plus 4 signed offers = solid but revocable
Coverage 50-80% by mixed reservations/compromises → 6 pts

B6 · Permis & Maturité 5.0/5✓ max

Building permit obtained and purged (appeal deadline expired), land under compromise signed November 2025, acquisition scheduled June 2026
Compromise executed = land contractually secured
Building permit purged plus site launch → 5 pts

B7 · Marché & Localisation 1.0/3faible

Score adjusted thanks to live data: declining market
Saint-Doulchard = medium-sized town peripheral to Bourges
New sales -20%+ Q3 2025, hard stocks +74%, private investors -53%
Exit prices (€282-302K) high end of local market (median ~€1808/m²)
Secondary market stable but under national pressure

Points forts

✓Building permit obtained and purged, administrative risk nil.

✓Pre-commercialisation 80% with reservation contracts and signed offers.

✓LTV 45% offering acceptable safety margin on the asset.

✓Forecast margin 13%, consistent for an operation of this size.

✓Identified managers with documented real estate track record since 2008.

Risques identifiés

!Operator gearing very high (4.6 in 2024), tight financial structure.

!Total absence of bank financing; dependence on VEFA flows for repayment.

!New real estate market in sharp decline nationally and regionally over 4 consecutive years.

!Buyer financing not secured: suspension condition loan on existing house compromise.

!Operator equity contribution very weak (3.5%), limited capital commitment.