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.

Vaujours Housing

Average

score / 100

Yield

10.5%/yr

Duration

24 months

Min. ticket

1 k€

Amount raised

648 k€

Invest →

À propos

Construction of R+3 building with 150 co-living / social access units in Vaujours (93), carried by Agencity Promotion via SPV La Financière 2. Programme fully commercialised (100%) with national social landlord. Land under promise (not yet authenticated); building permit obtained and purged; works commenced May 2026. Bond finances refinancing of equity for land acquisition.

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 · 35.0/75 (46.0 brut, red flags −11.0)

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - société dédiée (SPV) LA FINANCIÈRE 2 dedicated but capital 500€ very low

B1.3: 1/2 - No documented senior debt, priority ranking de facto not registered

B2 · Opérateur & Track record 10.0/15

B2.1: 4/4 - Directors appointed (Alexis LIM, Elwing TRAN, Manuel SOUTELO), Kbis provided, identifiable

B2.2: 4/5 - 3-4 delivered operations documented, active since 2016

B2.3: 2/3 - 2 projects repaid on Homunity

B2.4: 0/3 - SIREN mismatch reported; gearing calculated (18.6-4.1)/4.1=3.5, exceeding 3.0

B3 · Garanties & Sûretés 7.0/15faible

B3.1: 5/9 - Joint and several guarantee from AGENCITY PROMOTION (holding), without registered mortgage or pledge

B3.2: 1/4 - fonds propres 4.1M€ but gearing 3.5 (>3.0), tight situation

B3.3: 1/2 - Bank credit 3M€ granted, bank unnamed

B4 · Structure financière 12.0/15bon

B4.1: 5/5 - Loan-to-Cost (ratio prêt/coût total) crowd 4.2% (648K/15.5M), very low

B4.2: 0/4 - fonds propres operator 162K€ = ~1% of total cost, <5%

B4.3: 4/4 - Real estate cash-flow 18.3% turnover incl. VAT; commercialisation 100% block social landlord covers >100% cost

B4.4: 3/2 capped at 2 - net margin 9.3% turnover incl. VAT (range 8-12%), within norm

B5 · Pré-commercialisation 8.0/10bon

Project fully commercialised (100%) in block with social landlord via signed promise to sell
Rank 2 (agreement/promise), coverage >100% of cost
Score: 8/10 (promise not authenticated deed)

B6 · Permis & Maturité 0.0/5faible

Building permit obtained and purged (4 potential points), but land explicitly under promise not yet authenticated
Under promotion immobilière grid: land not secured by deed → 0/5

B7 · Marché & Localisation 1.0/3faible

Vaujours (93), Seine-Saint-Denis, periurban secondary market
Target prices for social landlord 4,617€/m² coherent
Stable market but second crown north-east zone, moderate attractiveness
Score: 1/3

⚠ Alertes détectées · −8 pts déduits

Terrain pas encore acheté −3 pts

Land not yet authenticated (under promise) - class RE-MDB… NOTE: RF6 is RE-MDB only; NOT triggered for RE-PROM

Aucune garantie réelle sur ce projet −5 pts

No registered real guarantee (mortgage, pledge) - BUT documented joint and several guarantee (B3.1=5 points) → RF8 NOT triggered

Points forts

✓Commercialisation 100% in block with national social landlord, nil commercial risk.

✓LTC crowd very low (4.2%), investors' exposure limited in structure.

✓Building permit purged, TRC/RCMO/DO/GFA obtained, works commenced.

✓Operator active since 2016, 2 projects repaid on Homunity without incident.

✓Real estate cash-flow 18.3% turnover incl. VAT amply covers investor interest.

Risques identifiés

!Land not yet authenticated at time of fundraise, risk of acquisition not finalised.

!Gearing joint and several guarantee high (3.5x) on AGENCITY PROMOTION, guarantor solidity limited.

!4 simultaneous operations ongoing with same operator, guarantee concentration risk.

!SPV LA FINANCIÈRE 2 capitalised at 500€ only, vehicle structurally very fragile.

!SIREN mismatch reported in live data, register verification recommended.

⚠ Avertissement sur les risques

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