Vaujours Housing — 10.5%/an · 24 mois

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 · 45.0/75

B1 · Instrument & Structure 9.0/10bon

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

B1.2: 3/3 - Dedicated société dédiée (SPV) LA FINANCIÈRE 2 distinct issuer operator

B1.3: 1/2 - Simple obligation without known senior debt, de facto first ranking not registered

B2 · Opérateur & Track record 10.0/15

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

B2.2: 3/5 - Agencity Group created 2011, active 18.6M€ but completed operations not quantified

B2.3: 2/3 - 6 Homunity operations of which 2 repaid without incident

B2.4: 1/3 - société dédiée (SPV) share capital 500€, high guarantor gearing; Agencity Promotion balance sheet revenue 4M€, equity 4.1M€ but weak cash 288k€

B3 · Garanties & Sûretés 7.0/15faible

B3.1: 5/9 - Joint and several guarantee Agencity Promotion, group parent company

B3.2: 2/4 - Equity 4.1M€ high gearing (total assets 18.6M€ -> gearing approx 3.5), very weak cash 288k€

B3.3: 1/2 - Bank credit 3M€ approved but bank unnamed

B4 · Structure financière 12.0/15bon

B4.1: 5/5 - Crowd Loan-to-Cost (ratio prêt/coût total) 4.2% very low on total cost 15.5M€

B4.2: 0/4 - Operator equity 162k€ = 1% of total cost, below 5%

B4.3: 3/4 - 100% marketed to social landlord, crowd repayment secured even under stress

B4.4: 1/2 - Net margin 9.3% revenue incl. VAT, within range 8-12%

B5 · Pré-commercialisation 6.0/10

100% marketed via undertaking to sell with social landlord; undertaking signed but not notarial deed
Ranking 2 (compromise/non-notarial undertaking)
Score 6/10 as undertaking signed and social landlord solid but deed not finalised

B6 · Permis & Maturité 0.0/5faible

Land not yet registered (under undertaking)
Building permit obtained and cleared per file, but land not secured -> 0/5 in accordance with promotion immobilière grid (land not registered = 0pt)

B7 · Marché & Localisation 1.0/3faible

Vaujours (93), secondary market Seine-Saint-Denis north-east suburban
Social price 4 617€/m² consistent with landlord sale
New rental market under pressure, difficult inventory rising
Score 1/3

Points forts

✓100% marketing to single social landlord, commercial risk virtually nil.

✓Crowd LTC very low (4.2%), crowdfunding exposure limited on total cost.

✓Building permit obtained and cleared, site work started May 2026.

✓2 operations repaid without incident at Homunity, 4 ongoing.

✓GFA obtained, builder's all risks and site management insurance in place.

Risques identifiés

!Land not registered at file date, land acquisition not finalised.

!Guarantor Agencity Promotion: very weak cash (288k€), estimated gearing approx 3.5.

!Operator equity of only 1% of total cost, contribution virtually nil.

!SPV LA FINANCIÈRE 2 capitalised at 500€, no own substance.

!New Ile-de-France market under pressure: 1 in 5 projects suspended, inventory rising.

⚠ Avertissement sur les risques

Investir en crowdfunding comporte un risque de perte partielle ou totale du capital, ainsi qu'un risque d'illiquidité. Selon le baromètre France FinTech / Forvis Mazars 2025, 25 à 30 % des projets accusent un retard de plus de 6 mois et 4 à 6 % entraînent une perte définitive. Ne placez jamais plus de 5 à 10 % de votre patrimoine en crowdfunding et diversifiez sur au moins 10 projets. CrowdPickr est un service d'information indépendant, non agréé en tant que conseiller en investissement. Les analyses présentées ne constituent pas un conseil en investissement personnalisé.