L'Ondine (74) — 12.0%/an · 24 mois

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 · 44.0/75 (50.0 brut, red flags −6.0)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligation fixed rate 12%, French law

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

B1.3: 1/2 - Priority ranking via first ranking mortgages, in process of registration at contract date

B2 · Opérateur & Track record 9.0/15

B2.1: 4/4 - Philippe RAPHIN appointed, manager VALFIMMO, address known, identifiable

B2.2: 4/5 - 18 years real estate experience, property trader Haute-Savoie documented, several operations

B2.3: 2/3 - 1 operation repaid (Le Solarys 74) on LPB

B2.4: 0/3 - VALFIMMO financial statements 'NA' in KIIS, capital 5000€, balance sheet not provided

B3 · Garanties & Sûretés 11.0/15

B3.1: 9/9 - First ranking mortgage registered on Thonon property + first ranking deported mortgage Lyon 5 (234K€)

B3.2: 1/4 - VALFIMMO capital 5000€, balance sheet not provided; personal guarantee Philippe RAPHIN documented but net worth not assessed

B3.3: 1/2 - VIR capital calls (44% financing) construable as structural commitment, no bank named

B4 · Structure financière 10.0/15

B4.1: 3/5 - Loan-to-Value (ratio prêt/valeur actif) 43% (property trader threshold 40-55% → 4pts; Loan-to-Cost (ratio prêt/coût total) 48% → 4pts; retained Loan-to-Value (ratio prêt/valeur actif) 43% → 5pts). Adjusted score: Loan-to-Value (ratio prêt/valeur actif) 43% < 40% → 5pts but Loan-to-Cost (ratio prêt/coût total) 48.41% → 4pts, retained 4/5

B4.2: 1/4 - Contribution 7.82% + VIR capital calls; initial own contribution 65K€ being ~3% cost

B4.3: 2/4 - Loan-to-Cost (ratio prêt/coût total) 48% partially offsets absence of formalised stress test

B4.4: 1/2 - Margin 12% (property trader threshold 10-15% → 1pt)

B5 · Pré-commercialisation 7.0/10

59% of turnover pre-marketed via VIR reservation contracts (8/15 units)
Property trader: >50% units under reservations/agreements
Suspensive conditions on loan across several purchasers limit certainty
Score between 5 and 8 pts - retained 7/10

B6 · Permis & Maturité 3.0/5

Building permit obtained and vacated since 21 May 2026
Land under promise of sale signed 03/10/2025, not yet executed
Property trader: land not executed → RF6 triggered (−3pts)
Score B6 = 3/5 (permit vacated but land not executed)

B7 · Marché & Localisation 2.0/3

Thonon-les-Bains: established Haute-Savoie market, proximity to Geneva, Lake Léman waterfront
Volumes rising (+12% Y/Y)
Exit price 4798€/m² medium-high local range
Stable market but new dwelling sales down >20% and rental investment -53%
Score 2/3

Points forts

✓Dual first ranking mortgage (Thonon + deported apartment Lyon 5) covering 117% of financing

✓Building permit obtained and vacated since May 2026, planning risk eliminated

✓Pre-marketing 59% of turnover via VIR reservation contracts

✓Operator Philippe RAPHIN, 18 years property trader experience Haute-Savoie, 1 LPB repaid file

✓LTV 43% and LTC 48% - financing ratios reasonable for this class

Risques identifiés

!Land not yet executed (promise signed Oct. 2025) - risk of acquisition non-completion

!Initial own contribution very limited (65K€ being ~3% cost), strong dependence on VIR capital calls

!Several reservations subject to suspensive conditions of loan approval not yet released

!VALFIMMO balance sheets not communicated (capital 5000€), financial soundness of promoter not verifiable

!New dwelling sales down >20% Y/Y (Q3 2025) and rental investment collapse (-53%)