Homunity Property development 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.

Blum

Average

score / 100

Yield

11%/yr

Duration

22 months

Min. ticket

1 k€

Amount raised

1 M€

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À propos

Construction of 55 multi-family units (of which 21 in social housing) on a 3,074 m² plot on rue Elisabeth Lion in Angers (49), carried out by Opus Groupe (created in 2019, specialised in property development in Pays de la Loire). The land is under promise (not yet executed) at the time of the raising. The project is commercialised at 55% by volume. The bond finances 80% of the operator's equity for land acquisition and works.

Plateforme · 20.0/25

A1 · Statut réglementaire 8.0/8✓ max

Licence agrément AMF AMF fonds propres-2023-31 obtained on 9 November 2023, currently valid
Maximum score

A2 · Track Record 3.0/6

Score adjusted using live data: default 0.0% → 6pts×0.5=3.0; delay >90d 33.98% (bracket 30-50%) → 1.5pts×0.3=0.45; actual yield vs announced unverifiable (truncated data) → 0pts×0.2=0

A3 · Rigueur de sélection 3.0/4bon

Documented selection process (internal committee, financial analysis, borrower KYC) but published selection rate not confirmed in available data

A4 · Santé financière 4.0/4✓ max

Tikehau Capital subsidiary (>46 Bn€ AUM, Euronext listed), institutional group, >5 years in existence, no platform distress signal
Portfolio delay rate = A2, not A4

A5 · Protection investisseurs 2.0/3

Active agrément AMF licence → 4-day reflection period + mandatory continuity plan required (1pt)
Segregated accounts via documented third-party PSP (1pt)
No operational secondary market identified (0pt)

Projet · 30.0/75 (38.0 brut, red flags −8.0)

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct borrowing by the operator (SAS OPUS Promotion), well documented

B1.3: 1/2 - Unsecured bond, no known senior debt disclosed, rank not registered

B2 · Opérateur & Track record 9.0/15

B2.1: 4/4 - Mathieu Herbert appointed, public profile, KBIS OPUS GROUPE available

B2.2: 2/5 - Group created 2019, founders >10 years experience, 1-2 operations documented on platform

B2.3: 2/3 - 3 operations repaid on Homunity, 5 ongoing without reported incident

B2.4: 1/3 - Revenue 28.9M€, equity 3.4M€, assets 51.4M€; high gearing ~14x; net result 270k€ modest

B3 · Garanties & Sûretés 6.0/15faible

B3.1: 5/9 - Only the joint and several guarantee from holding OPUS GROUPE is noteworthy; no registered mortgage nor documented garantie financière d'achèvement at this stage (land not executed)

B3.2: 1/4 - Equity 3.4M€ but very high gearing (~14x), recent holding

B3.3: 1/2 - Bank credit 2.8M€ mentioned but bank not named in the file

B4 · Structure financière 9.0/15

B4.1: 4/5 - Loan-to-Cost (ratio prêt/coût total) crowd/total cost = 1.04M€/10.7M€ = 9.7%, very low

B4.2: 0/4 - Operator equity 260k€ out of 10.7M€ = 2.4%, below 5%

B4.3: 3/4 - Stress test -15% price: positive cash-flow at 5.2% revenue incl. VAT; -20% not formally tested but comfortable margin

B4.4: 1/2 - Net margin 7.3% of revenue incl. VAT, within bracket 5-8%

B5 · Pré-commercialisation 4.0/10faible

55% by volume/50% by value, mix of reservations and binding commitments not specified; break-even not reached confirmed (25 lots remaining out of 55 of which 21 social housing already fully reserved)
4 pts: break-even not reached, pre-commercialisation initiated with existing reservations

B6 · Permis & Maturité 0.0/5faible

Land not yet executed (promise under way). permis de construire not yet obtained/mentioned
Preliminary stage: land not secured at the date of the offering
Score 0/5 for promotion immobilière without land executed

B7 · Marché & Localisation 2.0/3

Angers, 160,000 inhabitants, dynamic regional metropolis, exit price ~4,500€/m² private housing in line with local standards
Stable market
2 pts: large regional metropolis, target prices compliant with comparables

⚠ Alertes détectées · −8 pts déduits

Terrain pas encore acheté −3 pts

Land not yet executed on RE-PROM class - note: RF6 applies strictly to RE-MDB; however penalised via B6=0. RF6 not formally triggered.

Pas de financement bancaire −5 pts

No bank partner named - credit of 2.8M€ mentioned but bank identity not disclosed. Project >€2M: RF2 triggered. −5 pts

Points forts

✓LTC crowd very low (9.7%) limiting relative exposure of investors.

✓Operator with 3 repayments without incident on Homunity and growing revenue.

✓21 social housing lots fully reserved, securing ~35% of the programme.

✓Projected cash-flow positive even with -15% on selling price of stock.

✓Bank credit of 2.8M€ confirmed, validating partial bankability of the project.

Risques identifiés

!Land not executed at the date of offering: acquisition not secured, major legal risk.

!Operator equity very weak (2.4% of total cost), quasi-entirely financed by debt.

!OPUS GROUPE gearing very high (~14x on equity 3.4M€ / assets 51.4M€), guarantor poorly solids.

!Rate 11%/year slightly above RE-PROM standard; 25 lots remaining to commercialise in 22 months.

!Absence of documented GFA and registered mortgage at this stage; no real guarantees.

⚠ Avertissement sur les risques

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