Les Jardins de Prévert — 11.0%/an · 24 mois

Plateforme · 19.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF fonds propres-2023-5 obtained June 2023, prior to mandatory deadline November 2023
Status currently valid

A2 · Track Record 4.0/6

Default 3.5% → 4.5pts
Delay 26.29% → 3pts (15-30%)
Realised yield ~9% compliant with announced → 6pts
Score: (4.5×0.5)+(3×0.3)+(6×0.2)=4.35, rounded to 4

A3 · Rigueur de sélection 2.0/4

Selection process mentioned, platform active since 2014 with +340 operations, but selection rate not published in available data

A4 · Santé financière 3.0/4bon

Independent platform active since 2014 (+10 years), recognised player in Europe, no platform distress signal identified
No documented institutional backing

A5 · Protection investisseurs 2.0/3

agrément AMF licence → 4-day reflection period + mandatory continuity plan (1pt)
Third-party payment service provider likely for agrément AMF (1pt)
Secondary market not documented

Projet · 55.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple loan fixed rate, clear French agrément AMF

B1.2: 2/3 - Direct borrowing KAPAWEST SARL, well documented, French law

B1.3: 1/2 - Simple bond without known senior debt, de facto 1st ranking not registered

B2 · Opérateur & Track record 9.0/15

B2.1: 4/4 - Caroline Hubert appointed manager, 100% owner, identifiable

B2.2: 2/5 - 15 years experience in property development, 1-2 documented operations Kapawest since 2017

B2.3: 1/3 - First operation on Raizers, verifiable reputation Normandy market

B2.4: 2/3 - No identified procedure, capital 2,000€ very low (undocumented holding)

B3 · Garanties & Sûretés 11.0/15

B3.1: 7/9 - Notarised GAPD SCCV plus notarised personal guarantee Caroline Hubert; garantie financière d'achèvement Caisse d'Épargne (completion)

B3.2: 2/4 - Dedicated SCCV, personal guarantor assets not precisely valued

B3.3: 2/2 - Caisse d'Épargne identified, amount 1,300,000€ specified

B4 · Structure financière 10.0/15

B4.1: 4/5 - Loan-to-Cost (ratio prêt/coût total) crowd 22% very low (threshold <50% → 5pts but global Loan-to-Cost (ratio prêt/coût total) 75% VEFA calls included; Loan-to-Cost (ratio prêt/coût total) loan/CRT=22%)

B4.2: 2/4 - Operator equity 403,853€ representing ~5% of total cost

B4.3: 2/4 - No formal stress test but Loan-to-Cost (ratio prêt/coût total) very low (<30%) structurally compensates

B4.4: 0/2 - Net margin 2% of sales excl. tax, below 8% threshold

B5 · Pré-commercialisation 10.0/10✓ max

B5: 10/10 - 100% pre-marketed in VEFA block with two social housing providers (Habitat 76 and Seminor), reservation contracts signed for 3 buildings

B6 · Permis & Maturité 4.0/5bon

B6: 4/5 - Initial permis de construire obtained 22/11/2023, transferred SCCV 24/04/2026, amending permis de construire obtained 13/05/2026
Land partially executed (2 lots out of 12), 10 remaining lots planned end June 2026. permis de construire obtained not cleared at time of funding

B7 · Marché & Localisation 3.0/3✓ max

B7: 3/3 - Block sale to social housing providers eliminates residential market risk
Selling price ~2,782€/m² consistent with Normandy social housing market
Commercialisation risk nil

Points forts

✓Operation 100% pre-marketed with two recognised social housing providers, commercial risk nil.

✓GFA Caisse d'Épargne plus identified banking partner: independent external validation.

✓LTC crowd very low (22% of cost of development), limited investor exposure.

✓Notarised GAPD SCCV and notarised personal guarantee of manager, double formalised guarantee.

✓PC obtained and amended, site work planned July 2026, precise documented schedule.

Risques identifiés

!Net margin 2% of sales excl. tax very limited, sensitive to any cost overruns.

!Acquisition of 10 lots out of 12 not yet executed at time of funding (planned end June 2026).

!Kapawest track record limited: number of completed operations not documented in file.

!Low capitalisation Kapawest (capital 2,000€), financial soundness of personal guarantor not detailed.

!Return 11% per annum slightly beyond RE-PROM norm; justified by guarantees but to be noted.

⚠ Avertissement sur les risques

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