La Première Brique Property trading Financé

Ce projet est clôturé. L'analyse ci-dessous reflète les informations disponibles au moment de la souscription et n'a pas été mise à jour.

Le Batelier (73)

Average

score / 100

Yield

12.0%/yr

Duration

22 months

Min. ticket

1 €

Amount raised

965 k€

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À propos

Property trader operation in Aix-les-Bains (Savoie) relating to the acquisition of a residential house for division into 4 apartments, with detachment of land for building and creation of 6 parking spaces. The operator Yohann THABUIS (IMOYO) has a track record with La Première Brique (Le Bingo operation fully repaid in January 2026). Land under promise of sale, 7 units pre-marketed representing 23% of turnover.

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 · 33.0/75 (41.0 brut, red flags −8.0)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligation / participating loan, clear French law

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

B1.3: 1/2 - No known senior debt, ranking not formally registered at this stage

B2 · Opérateur & Track record 9.0/15

B2.1: 4/4 - Yohann THABUIS appointed, role specified, publicly identifiable

B2.2: 2/5 - 1 property trader operation delivered (Le Bingo), adjacent actor profile

B2.3: 2/3 - 1 operation repaid without delay on participating loan

B2.4: 1/3 - IMOYO equity capital 54K€, gearing very high (~40x), financial debts 1.96M€

B3 · Garanties & Sûretés 9.0/15

B3.1: 5/9 - First-ranking mortgage mentioned but land not yet completed (promise); personal joint and several guarantee 1,158M€ notarially documented → 5 points retained (notarially executed joint and several/personal guarantee)

B3.2: 1/4 - IMOYO equity capital 54K€, gearing ~40x, guarantor very poorly capitalised

B3.3: 0/2 - No banking partner, project <2M€, no RF2

B4 · Structure financière 10.0/15

B4.1: 4/5 - Loan-to-Value (ratio prêt/valeur actif) 85.36% (range 75-85% = 2 points) - Adjusted score: Loan-to-Value (ratio prêt/valeur actif) at upper limit, 2/5 retained

B4.2: 1/4 - Equity contribution 14.64% (15-25% = 1 point)

B4.3: 2/4 - Exit price 17% below market bid margin passable stress; no documented stress test but high Loan-to-Cost (ratio prêt/coût total)

B4.4: 1/2 - Net margin 13% (10-15% = 1 point)

B5 · Pré-commercialisation 3.0/10faible

B5: 3/10 - 7 units pre-marketed under promise but represent only 23% of turnover
Land not completed, promise stage
Break-even point not reached by firm commitments

B6 · Permis & Maturité 0.0/5faible

B6: 0/5 - Land under promise of sale, not yet completed
Triggers RF6 (−3 points property trader)
Prior declaration obtained and purged for roof only

B7 · Marché & Localisation 2.0/3

B7: 2/3 - Aix-les-Bains, established Savoie market, tight zone since 2024, strong residential demand
Exit price 3,580€/m² positioned 17% below market average (4,442€/m²)

⚠ Alertes détectées · −8 pts déduits

Terrain pas encore acheté −3 pts

Land not completed on property trader - property under promise of sale, notarial deed not executed as at file date

Ratio prêt/valeur trop élevé −5 pts

LTV calculated at 85.36% (threshold 85%) - loan to value ratio at upper limit on this property trader project

Points forts

✓Operator identified, 1 operation repaid without delay on La Première Brique.

✓Exit price for apartments 17% below local market average.

✓First-ranking mortgage planned plus notarially executed personal joint and several guarantee 1,158M€.

✓Aix-les-Bains classified tight zone, residential demand supported.

✓Prior roof declaration obtained and purged before launch.

Risques identifiés

!Land not completed: acquisition still under promise as at file date.

!LTV of 85.4% leaves little margin in case of asset depreciation.

!Operator equity contribution limited to 50,000€ at operation start, equity capital deployed elsewhere.

!IMOYO very poorly capitalised (equity capital 54K€, gearing ~40x), guarantor financially fragile.

!Net margin of 13% tight, no banking partner, financing almost entirely by crowd debt.

⚠ Avertissement sur les risques

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