Bricks Commercial real estate 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.

La Chapelle Joyeuse

Average

score / 100

Yield

9%/yr

Duration

12 months

Min. ticket

10 €

Amount raised

462 k€

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À propos

Conversion of a former deconsecrated chapel of 364 m² in prime city centre of Rouen (Rue de Joyeuse) into event and para-hotel venue. Operator: LA CHAPELLE JOYEUSE (Mathieu Godry), SIREN 937860245. Acquisition + works for total cost of 512K euros, obligatory financing of 462K euros over 12 months, without bank credit, exit planned through rental exploitation and subsequent bank refinancing.

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 · 33.0/75 (38.0 brut, red flags −5.0)

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct loan to dedicated SAS, well documented French law

B1.3: 1/2 - First ranking mortgage planned, registration in progress (not yet registered at land registry at document date)

B2 · Opérateur & Track record 9.0/15

B2.1: 4/4 - Mathieu Godry appointed, 34 years old, Figaro Immobilier coverage June 2025

B2.2: 2/5 - 37 real estate operations but 0 documented RE-COM restructuring >2000m²

B2.3: 1/3 - 1st operation on Bricks, verifiable reputation outside platform

B2.4: 2/3 - SAS created 2024, capital 5000 euros, very young balance sheet; documented personal assets >15M euros but recent structure

B3 · Garanties & Sûretés 9.0/15

B3.1: 7/9 - First ranking mortgage in process of registration + joint and several guarantee from holding MG Participations + personal guarantee from Godry (not notarised)

B3.2: 1/4 - MG Participations: capital and balance sheets not provided, declared personal assets >15M euros but not verified

B3.3: 1/2 - No bank credit identified, project <2M euros therefore RF2 not triggered

B4 · Structure financière 7.0/15faible

B4.1: 2/5 - Loan-to-Value (ratio prêt/valeur actif) 90.2% (462K/512K total cost), high level RE-COM

B4.2: 0/4 - Operator equity 50K euros i.e. 9.8% of total cost, <10%

B4.3: 2/4 - Very high Loan-to-Value (ratio prêt/valeur actif), no documented stress test but tangible asset in prime city centre

B4.4: 3/2 - Estimated rental income 158K euros/year vs interest 42K euros/year, coverage ratio >3x but capped at 2/2

B5 · Pré-commercialisation 2.0/10faible

RE-COM class
No lease or LOI documented and signed
Projected event-based exploitation, atypical concept on niche market
No firm tenant or service provider commitment
Market study absent from file

B6 · Permis & Maturité 2.0/5faible

RE-COM class
Acquisition not completed at document date (financing in process of collection), property under implicit promise
No mention of restructuring permit filed or obtained
Score 2/5 as firm promise and property identified in land register

B7 · Marché & Localisation 1.0/3faible

Score adjusted thanks to live data: Rouen market declining (-59.83% transactions in 2 years, -0.3% price 2026)
Atypical event-based asset on niche market little comparable
Secondary residential market in documented decline
Score 1/3

⚠ Alertes détectées · −5 pts déduits

Ratio prêt/valeur trop élevé −5 pts

LTV calculated at 90.2% (462K euros / 512K euros total cost, threshold 85%) - loan to value ratio too high on this RE-COM project

Points forts

✓First ranking mortgage registered on asset identified in prime city centre Rouen

✓Experienced operator: 37 real estate operations, declared assets >15M euros

✓Works escrow 193K euros disbursed on invoices validated by Bricks

✓Estimated rental income covers 3x+ annual interest (158K euros vs 42K euros)

✓Simple obligations fixed rate 9% per year with monthly payment, clear legal structure

Risques identifiés

!LTV 90.2%: operator equity contribution of 9.8% only, very high exposure for obligateholders

!No lease or signed tenant commitment: event-based exploitation entirely speculative

!Issuing SAS created in 2024 with capital of 5,000 euros: financial soundness of entity not established

!Rouen market in documented decline (-59.83% transactions), atypical asset with poor liquidity in case of default

!Guarantee from holding MG Participations: balance sheets and financial capacity not provided in file

⚠ Avertissement sur les risques

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