Villa Anémos — Construction et revente, Les Sables-d'Olonne — 9.5%/an · 18 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 · 41.0/75 (49.0 brut, red flags −8.0)

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 3/3 - VIAROCH dedicated société dédiée (SPV), distinct issuer, French law

B1.3: 0/2 - Trust over VIAROCH securities, no registered mortgage rank; senior debt absent but rank not registered at land registry

B2 · Opérateur & Track record 9.0/15

B2.1: 4/4 - David Talon appointed, publicly identifiable manager

B2.2: 4/5 - 6 villas delivered Atlantic coast, documented track record, 3-4 operations in property trader/construction similar

B2.3: 1/3 - First operation on Bricks, Villa Frégate repaid on other platform

B2.4: 0/3 - société dédiée (SPV) capital €100, no financial statements available, impossible to verify VIAROCH legal situation created <1 financial year

B3 · Garanties & Sûretés 10.0/15

B3.1: 8/9 - Trust-security over 100% VIAROCH securities + 6 months interest escrow + priority allocation sale price second land (floor €450K)

B3.2: 2/4 - Land valued €1.2M vs acquisition €699K; société dédiée (SPV) capital €100, guarantor VIAMO not financially assessed

B3.3: 0/2 - No identified banking partner

B4 · Structure financière 13.0/15bon

B4.1: 4/5 - Loan-to-Value (ratio prêt/valeur actif) 63.4% on estimated resale value (€2.5M); for marchand de biens Loan-to-Value (ratio prêt/valeur actif) 55-65% → 3/5; but Loan-to-Value (ratio prêt/valeur actif) acquisition = 1582K/2500K = 63.4% → 3/5

B4.2: 3/4 - Net economic contribution €399K / total cost €1981K = 20.1% → marchand de biens: 50%+ self-financing on acquisition price = €699K contribution for €1582K collected, contribution/acquisition ratio = 30.8% → 2/4... Adjusted: equity contribution 20% total cost → promotion immobilière scale but marchand de biens: 399K/1981K=20% → 2/4

B4.3: 4/4 - Gross margin 25.9%, stress -30% on resale price = €1750K > €1582K obligation

B4.4: 2/2 - Net margin >15% turnover documented at 25.9%

B5 · Pré-commercialisation 2.0/10faible

marchand de biens: no documented buyer commitment, villa not constructed
Premium product on seasonal Atlantic coast market, liquid for high-end but without signed promise → 2/10

B6 · Permis & Maturité 5.0/5✓ max

marchand de biens: Land secured (VIAROCH owner of both plots) + building permit cleared (administrative court certificate Nantes 30/07/2024) → works not yet started but all conditions met → 5/5

B7 · Marché & Localisation 2.0/3

Les Sables-d'Olonne: premium beach market Atlantic Vendée coast, sustained demand for high-end villas
Exit price €2.5M for 332m² villa (€7,530/m²) on very high-end segment plausible but few recent comparables available → 2/3

Points forts

✓Building permit cleared of all appeals, certified by the administrative court

✓Trust-security over 100% VIAROCH securities, robustly structured guarantee

✓Forecast gross margin high at 25.9%, significant shock absorption

✓Six villas delivered by VIAVILLA group, documented operational track record

✓6 months interest escrow securing early payments

Risques identifiés

!No pre-identified buyer for a €2.5M villa on selective seasonal market

!VIAROCH SPV capital €100, no financial statements available, financial soundness not verifiable

!Complete absence of banking partnership on €1.58M operation

!Estimated resale value €2.5M not supported by documented recent comparables

!David Talon first operation on Bricks, limited platform history