Promotion immobilière Beausoleil 3 — 12.5%/an · 22 mois

Plateforme · 19.0/25

A1 · Statut réglementaire 8.0/8✓ max

A2 · Track Record 5.0/6bon

Score adjusted through live data: default_score=6 (0.0% default), delay_score=6 (0.0% delay >90d)
Actual vs announced yield N/C → 0
A2=(6×0.5+6×0.3+0×0.2)=4.8→5
Official figures used in accordance with live data (delay_rate_pct=0.0%), but 2025-2026 controversy over masking of actual risk via equity compensation and refinancings noted in risks[]

A3 · Rigueur de sélection 2.0/4

Mention of a selection process on the site but selection rate not published and process not detailed in available data

A4 · Santé financière 2.0/4

Independent platform, agrément AMF licensed, operational
Operational incident Q4 2025 (Lemonway) resolved
Financial statements not public; controversy over default compensation practices
No active failure signal, but financial opacity and absence of institutional backing limit the score

A5 · Protection investisseurs 2.0/3

agrément AMF licensed → 4-day reflection period + continuity plan guaranteed (1pt)
Lemonway identified as third-party payment service provider, segregated funds (1pt)
No documented secondary market (0pt)

Projet · 46.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct operator borrowing, clear French law

B1.3: 1/2 - First-rank conventional mortgage mentioned, formal registration not confirmed at file date

B2 · Opérateur & Track record 9.0/15

B2.1: 3/4 - Manager Jean-Michel FIOL appointed, SARL identifiable Pappers, no detailed public profile

B2.2: 3/5 - Property trader active since 2019, prior operations on same residence documented, partial history

B2.3: 2/3 - Previous operations on Bienprêter with no incident reported

B2.4: 1/3 - Healthy balance sheet (net margin 13.88%, liquidity 1.7) but gearing and net debt not disclosed

B3 · Garanties & Sûretés 11.0/15

B3.1: 9/9 - First-rank conventional mortgage + irrevocable notarial order + pledge of securities account 5M€

B3.2: 2/4 - Pledge of securities account 5M€ holding but gearing and equity of holding not verifiable

B3.3: 0/2 - No bank credit identified on project <2M€, no RF2

B4 · Structure financière 8.0/15

B4.1: 2/5 - Loan-to-Value (ratio prêt/valeur actif)=1389/1735=80.1%, marchand de biens threshold 65-75% exceeded

B4.2: 2/4 - Operator equity 346K€ i.e. 20% of acquisition price (threshold 25-35%)

B4.3: 2/4 - No explicit stress test, high Loan-to-Value (ratio prêt/valeur actif) at 80% limits resilience

B4.4: 2/2 - Net margin 13.88% > 15% marchand de biens threshold close, solid revenue

B5 · Pré-commercialisation 5.0/10

5 units sold out of 12 (41.7%) at programme level, but the 2 financed units (T5+T3) are not yet under agreement
Strong structural demand at Beausoleil/Monaco confirmed by prior sales
Documented premium liquid market

B6 · Permis & Maturité 3.0/5

B7 · Marché & Localisation 2.0/3

Score adjusted thanks to live data: national market in decline (declining trend)
Beausoleil/Monaco remains a premium micro-market structurally supported by land scarcity and Monégasque demand, but unfavourable national context limits to 2/3

Points forts

✓Multiple solid guarantees: first-rank mortgage, pledge of securities account 5M€, irrevocable notarial order

✓Beausoleil/Monaco micro-market structurally premium, documented land scarcity

✓Third JMF operation on same residence, 5 units already sold on programme

✓Solid operator financial health: net margin 13.88%, liquidity 1.7, revenue 5.7M€

✓Building permit cleared and site works on schedule

Risques identifiés

!LTV at 80.1% high for RE-MDB class, significant exposure in case of price downturn

!National real estate development market in sharp decline: sales -20%+ Q3 2025, stock +74%

!Financed units not yet under agreement, post-delivery marketing risk T3 2027

!Absence of bank financing: 80% of acquisition price financed by crowdfunding alone

!Bienprêter controversy 2025-2026 on practices of offsetting defaults against equity