Le Hameau du Séchoir — rénovation résidentielle à Annoeullin — 9%/an · 9 mois

Plateforme · 19.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence in valid force, fonds propres-2023-8 licence
Maximum applicable score

A2 · Track Record 5.0/6bon

Default 0% → 6/6
Delay 5.38% (threshold 5-15%) → 4.5/6
Net return 7.78% vs 10% announced, gap 2.22pp below lower bound → 1.5/6
Weighted score: (6×0.5)+(4.5×0.3)+(1.5×0.2)=4.65 → rounded 5

A3 · Rigueur de sélection 2.0/4

Selection process not detailed publicly, selection rate not published
Implicit mention of a process via agrément AMF licence
Score 2/4

A4 · Santé financière 2.0/4

Independent platform in strong growth (141M€, no.1 FR 2025)
Forced stoppage 7 months (Dec 2022-Jul 2023) and registre ORIAS deletion resolved
No identified institutional shareholder
Viability confirmed but regulatory history weighs
Score 2/4

A5 · Protection investisseurs 2.0/3

agrément AMF licenced → mandatory reflection period 4 days + Capsens continuity plan documented → 1 pt
Segregated accounts legally mandatory under agrément AMF → 1 pt
Secondary market not mentioned → 0 pt

Projet · 48.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct operator loan (MD INVEST), well documented

B1.3: 1/2 - First rank mortgage priority claimed, registration in progress

B2 · Opérateur & Track record 7.0/15faible

B2.1: 4/4 - Manuel Duret appointed, publicly identifiable manager

B2.2: 1/5 - First property trader operation documented, no verifiable track record provided

B2.3: 0/3 - No platform history or other

B2.4: 2/3 - Company created less than 1 year ago, no accounts, no proceeding identified but gearing not assessable

B3 · Garanties & Sûretés 11.0/15

B3.1: 7/9 - First rank mortgage in course of registration plus joint and several guarantee from manager

B3.2: 1/4 - Personal guarantee Manuel Duret, patrimony not evaluated, company capital 1000€

B3.3: 0/2 - No banking partner (project under 2M€, RF2 not triggered)

B4 · Structure financière 14.0/15bon

B4.1: 5/5 - Loan-to-Value (ratio prêt/valeur actif) 27.8% on resale value 630K€, excellent

B4.2: 4/4 - Capital contribution 256K€ = 59.4% total financing, >50% property trader

B4.3: 3/4 - Margin 46.2%, absorption of -20% shock without repayment threat

B4.4: 2/2 - Net margin 46.2% > 15% property trader

B5 · Pré-commercialisation 3.0/10faible

Release conditional on 2 unilateral promises on 8 lots (25% minimum commitment required)
No documented firm sale to date
Annoeullin market not tight

B6 · Permis & Maturité 4.0/5bon

Land title secured (acquisition 250K€ on own funds confirmed)
Prior declaration and subdivision permission obtained
Works not yet started
Score 4/5

B7 · Marché & Localisation 1.0/3faible

Annoeullin = North commune (59), secondary periurban Lille market
Few recent public comparables, exit price 630K€ on 8 lots uncertain
Market stable but not tight

Points forts

✓Exceptional LTV at 27.8% on resale value estimated at 630K€.

✓Operator contribution of 256K€ (59% of total financing) - high skin in the game.

✓Package of 7 guarantees including first rank mortgage, works escrow and interest.

✓Forecast gross margin of 46.2%, comfortable absorption of contingencies.

✓6 months interest escrow protects first investor drawdowns.

Risques identifiés

!Operator with no available accounts (company less than 1 year old) and no documented completed project.

!No firm pre-marketing: resale at 630K€ not secured to date.

!Personal guarantee Manuel Duret under private agreement (not notarised), solidity not assessable.

!Residential market Annoeullin not liquid, insufficient comparables to validate exit price.

!First rank mortgage in course of registration, not yet formally registered as at file date.

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