Afranga Business lending 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.

Afranga – Business Loan 814 (Lendivo)

Average

score / 100

Yield

12.0%/yr

Après WHT (10%)

10.8%/yr

Duration

24 months

Min. ticket

10 €

Amount raised

150 k€

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Retenue à la source (WHT) de 10% non récupérable

La Bulgarie applique une retenue à la source de 10% sur les intérêts perçus via cette plateforme. La convention fiscale France-Bulgarie (art. 9) permet en principe de ramener ce taux à 0% pour les résidents français disposant d'une attestation de résidence fiscale, mais la plateforme refuse de traiter ces certificats : elle regroupe l'ensemble de ses investisseurs sans partager leur identité avec l'originateur du prêt. Cette retenue est donc une perte structurelle permanente, qui s'ajoute au PFU français de 30% sans possibilité de compensation. Ce point n'est pas mentionné dans le DICI.

Rendement affiché : 12.0%/an → Rendement net après WHT : 10.8%/an (avant impôt français)

À propos

Professional loan of 150,000 EUR to Lendivo, Bulgarian non-bank financial institution specialising in unsecured consumer loans. The borrowing finances expansion of Lendivo's consumer credit portfolio in Bulgaria. Term 24 months, monthly interest, principal repaid in fine.

Plateforme · 11.0/25

A1 · Statut réglementaire 5.0/8

ECSP licence via FSC Bulgaria (Resolution 863/12.09.2023), compliant with EU regulation 2020/1503
Outside AMF/ESMA tier 1 (France/Netherlands/Germany) → 5 points per grid

A2 · Track Record 1.0/6faible

Default rate 12.5% → 7-15% → 1.5pts×0.5=0.75
Delay >90 days: N/A → 0pts×0.3=0
Actual vs announced yield: N/A → 0pts×0.2=0
Gross score 0.75
Adjusted score using live data: CrowdRevolt_mentions (decline 7th→18th→16th) reduces A2 → score rounded to 1/6

A3 · Rigueur de sélection 1.0/4faible

No published selection rate, due diligence process not publicly detailed
Recent platform under ECSP but recognised in P2P community → 1 point (established platform without documented process)

A4 · Santé financière 2.0/4

Afranga EOOD operational under ECSP since 2025, without published annual financial statements
Strong dependence on Stikcredit (profitable, equity ratio 54%) but accelerating provisions
Young platform (<3 years), long-term viability not confirmed → 2 points

A5 · Protection investisseurs 2.0/3

1pt: 4-day cooling-off period plus mandatory continuity plan (licensed ECSP)
1pt: Segregated funds via Lemonway (ACPR licensed)
0pt: No secondary market or documented collateral recovery mechanism

A5 · Note WHT : Cette plateforme applique une retenue à la source bulgare de 10% non récupérable pour les investisseurs français (refus de traiter les certificats de résidence fiscale). Cela pèse sur la protection investisseurs et n'est pas mentionné dans le DICI.

Projet · 39.0/75 (44.0 brut, red flags −5)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligation (direct loan) fixed rate, Bulgarian law

B1.2: 2/3 - Direct borrower loan, Bulgarian law EU recognised, well documented

B1.3: 1/2 - No known senior debt, de facto first rank but not registered

B2 · Opérateur & Track record 8.0/15

B2.1: 2/4 - Stefan Topuzakov appointed Chief Executive Officer, no verified public profile

B2.2: 4/5 - NBFI licensed by BNB, less than 3 years old but healthy balance sheets, profitable within 8 months

B2.3: 1/3 - First operation on Afranga, reputation not verified on other AMF platforms

B2.4: 1/3 - 2025 balance sheet healthy (equity 707k€ on assets 5.1M€), gearing approximately 6.3 high but standard for NBFI sector

B3 · Garanties & Sûretés 7.0/15faible

B3.1: 0/9 - No documented real or personal security (KIIS: N/A)

B3.2: 0/4 - Guarantor absent

B3.3: 2/2 - Lendivo licensed by BNB (BGR00455) for more than 2 years, profitable, constitutes compliant institutional partner per SME-NBFI note. Score adjusted thanks to live data: B3.3=2/2 per NBFI licensed rule

B4 · Structure financière 9.0/15

B4.1: 3/5 - Estimated taux de couverture de la dette 1.5-2.0 (net result 171k€ on revenues 5.16M€, rising debt); partial data

B4.2: 2/4 - Equity 707k€ / assets 5.1M€ i.e. approximately 14% of equity

B4.3: 2/4 - No stress test, Loan-to-Cost (ratio prêt/coût total) not calculable; margin and growth compensate structurally

B4.4: 2/2 - Net margin greater than 5% (171k/5164k approximately 3.3%) and estimated taux de couverture de la dette greater than 1.5; rapid growth confirmed

B5 · Pré-commercialisation 6.0/10

Active portfolio, diversification to be confirmed, partial history (less than 3 years)
100% of Afranga portfolio performing as of June 2026 per live data
Portfolio diversification not detailed → 6/10

B6 · Permis & Maturité 5.0/5✓ max

Established activity, valid BNB registration (BGR00455), complete legal structure, loan compliant with Bulgarian regulations
Lendivo operational since 2024

B7 · Marché & Localisation 1.0/3faible

Market for consumer loans Bulgaria: NBFI NPL 6.78% (stable), GDP growth approximately 2.6% (slowdown), euro adoption January 2026
Declining trend (live), EU credit tightening
Score adjusted thanks to live data: market_trend=declining → 1/3

⚠ Alertes détectées · −5 pts déduits

Aucune garantie réelle sur ce projet −5 pts

No documented real or personal security on this 150,000 EUR NBFI loan (KIIS Risk mitigation: N/A)

Points forts

✓Lendivo licensed by BNB (BGR00455), regulated framework in Bulgaria.

✓Profitability achieved within 8 months of launch (April 2024).

✓100% of Afranga portfolio performing as of 15 June 2026 (live data).

✓Lendivo revenues multiplied by 3.5 between 2024 and 2025 (1.4M€ → 5.2M€).

✓Funds segregated via Lemonway (ACPR licensed), ECSP investor protection.

Risques identifiés

!Total absence of documented real or personal security (KIIS: N/A).

!Lendivo gearing very high (approximately 6.3x) typical for NBFI but sensitive to downturn.

!Operator created in 2024, history limited to 2 financial years, no data greater than 90 days in arrears.

!Declining market (live): EU credit tightening, slowdown in Bulgarian growth.

!Default rate Afranga platform 12.5% - arrears statistics greater than 90 days not published.

⚠ Avertissement sur les risques

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