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Le Strass
PB
La Première Brique Property trading 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.

Le Strass

Average
58
score / 100
Yield
11.5%/yr
Duration
22 months
Min. ticket
1 €
Amount raised
352 k€
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À propos

Acquisition and complete rehabilitation of a rental building at 9 rue Jacob in Strasbourg (67), intended for resale in divided ownership into 16 lots (13 studios and 3 two-room units), delivered renovated, furnished and let turnkey. Operator: FIEF (Julien Merckel), professional property trader with over 20 operations completed. Land under agreement signed 23 February 2026, deed not yet executed at file date.

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 · 40.0/75 (43.0 brut, red flags −3)
B1 · Instrument & Structure 8.0/10bon
B1.1: 5/5 - Subordinated loan at fixed rate, French law
B1.2: 2/3 - Direct borrowing FIEF (SASU), well documented, French law
B1.3: 1/2 - Simple bond without known senior debt, unregistered de facto priority ranking
B2 · Opérateur & Track record 12.0/15bon
B2.1: 4/4 - Julien Merckel appointed, FIEF president, publicly identifiable
B2.2: 4/5 - Over 20 property trader operations delivered, expertise in small units
B2.3: 3/3 - 6 operations reimbursed without incident on LPB
B2.4: 1/3 - FIEF created 2021, balance sheet not provided, gearing not calculable; no proceeding identified
B3 · Garanties & Sûretés 9.0/15
B3.1: 7/9 - GAPD of MKL GROUPE (autonomous first demand guarantee) plus personal guarantee Merckel
B3.2: 1/4 - MKL GROUPE: equity and gearing not communicated, partial information
B3.3: 1/2 - Bank granted (947K€) but identity not disclosed
B4 · Structure financière 10.0/15
B4.1: 4/5 - Loan-to-Value (ratio prêt/valeur actif) 20% (borrowing/sale price); Loan-to-Cost (ratio prêt/coût total) 26% - very favourable for marchand de biens
B4.2: 1/4 - Operator contribution 6.92% of total cost, below 15%
B4.3: 3/4 - Margin 25%, Loan-to-Cost (ratio prêt/coût total) 26% very low structurally compensates
B4.4: 2/2 - Net margin 25% >15% turnover ex VAT
B5 · Pré-commercialisation 2.0/10faible
  • No lots pre-marketed at launch
  • Three specialist networks mobilised, standard investor product on stable market. marchand de biens: absence of pre-sale before acquisition is normal, but market with growing stock in 2026
B6 · Permis & Maturité 0.0/5faible
  • Land under agreement signed 23 February 2026, not yet executed
  • No planning permission required (renovation without change of use)
  • RF6 triggered (marchand de biens, land not executed)
B7 · Marché & Localisation 2.0/3
  • Strasbourg: established market, documented price resistance, strong rental demand small units
  • Exit price 4,865€/m² in upper range of market (median ~3,496€/m²)
  • DPE letting permit 2026 risk and growing stock
⚠ Alertes détectées · −3 pts déduits
Terrain pas encore acheté −3 pts

Land not executed at time of financing (agreement signed 23/02/2026, deed not realised) - RE-MDB, land not yet acquired by notarial deed.

Points forts
✓LTC 26% and LTV 20% - very low leverage, high structural safety margin.
✓Julien Merckel: 20+ property trader operations and 6 projects reimbursed without incident on La Première Brique.
✓Operator margin 25% - absorbs commercial and construction contingencies.
✓Bank committed at 67.85% - external validation of the file.
✓Projected DPE B and turnkey delivery - positioning adapted to 2026 regulatory constraints.
Risques identifiés
!Land not executed at launch: acquisition still under agreement, risk of non-realisation.
!No lots pre-marketed; exit price 4,865€/m² in upper range of local market.
!Letting permit (May 2026) in Strasbourg: regulatory risk on lot marketing.
!Financial strength of MKL GROUPE (GAPD guarantor) not documented in the file.
!Operator contribution limited to 6.92%; main commitment via guarantee and GAPD rather than equity.
Score card
Score card — Le Strass
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