Bancarellu — 12%/an · 18 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 · 51.0/75 (54.0 brut, red flags −3.0)

B1 · Instrument & Structure 9.0/10bon

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

B1.2: 3/3 - Dedicated société dédiée (SPV) société dédiée (SPV) Domaine Bonifacio, distinct issuer, clear French law

B1.3: 1/2 - Simple bond without known senior debt, de facto unsecured ranking

B2 · Opérateur & Track record 11.0/15

B2.1: 4/4 - Éric Muchembled appointed, function specified, identifiable

B2.2: 4/5 - Several dozen property trader operations, >30 years experience, South Corsica well documented

B2.3: 2/3 - 2 operations on Raizers including one redeemed early

B2.4: 1/3 - société dédiée (SPV) created 28/05/2026, no historical financial data available; MMB holding not evaluated

B3 · Garanties & Sûretés 11.0/15

B3.1: 8/9 - Trust-security over société dédiée (SPV) shares (notarial deed, rapid control takeover in case of default) + personal surety notarised + GAPD parent company

B3.2: 2/4 - Strength of guarantor MMB not evaluable (balance sheets not provided)

B3.3: 1/2 - No bank credit; MangoPay escrow bank identified (1pt agrément AMF procedure)

B4 · Structure financière 9.0/15

B4.1: 3/5 - Loan-to-Value (ratio prêt/valeur actif) 57% (threshold marchand de biens: 55-65% = 3pts)

B4.2: 0/4 - Equity contribution approximately 4% of acquisition price (crowd 96%), below 15%

B4.3: 3/4 - Low Loan-to-Value (ratio prêt/valeur actif) (<60%) compensates for absence of formal stress test

B4.4: 2/2 - Implicit margin >25% (purchase 959K€, sale 1,620K€), >15% marchand de biens

B5 · Pré-commercialisation 8.0/10bon

1 lot under compromise (290K€) + 2 lots under offer (270K€) = 560K€ approximately 35% of forecast revenue
Division completed, approximately 100 visits, approximately 30 offers received
Strong commercial momentum on Bonifacio premium market

B6 · Permis & Maturité 3.0/5

Land not yet completed (acquisition planned end June 2026)
Division completed and registered by surveyor (DMPC filed)
No administrative authorisation required
Works not started (no works)

B7 · Marché & Localisation 3.0/3✓ max

Bonifacio = exclusive premium market, supply structurally constrained by restrictive planning regulations and Loi Le Meur
Exit price 4,133 €/m² below local comparables (5,624-6,967 €/m²)
Stable market with documented supply/demand tension

Points forts

✓Trust-security over SPV shares + GAPD parent company + director's notarised surety: triple solid protection

✓LTV 57% on target sale price, significant discount versus local market comparables

✓Experienced operator >30 years, 2 Raizers operations including early redemption

✓Land division already completed, no residual administrative risk

✓Exit price 4,133 €/m² well below Bonifacio prices (5,624-6,967 €/m²)

Risques identifiés

!Land not yet completed at launch: residual risk of failure in acquisition

!Operator equity contribution near zero (approximately 4%): financing almost entirely by crowd debt

!Financial strength of parent company MMB (guarantor GAPD) not documented in file

!Niche seasonal market (Bonifacio): commercialisation period for unsold lots uncertain

!No bank credit: no independent external validation of operation

⚠ Avertissement sur les risques

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