New Amsterdam — 11%/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 · 40.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct loan La Financière 2, dedicated SAS, well documented

B1.3: 1/2 - No registered mortgage, simple obligation without formally documented senior debt

B2 · Opérateur & Track record 10.0/15

B2.1: 3/4 - Alexis Lim (chairman), Manuel Soutelo (delegated managing director) named in Kbis, no LinkedIn found

B2.2: 4/5 - Active promoter Ile-de-France since 2016, 7 Homunity operations, partially documented track record

B2.3: 2/3 - 2 operations repaid on Homunity documented

B2.4: 1/3 - Equity 4.1M€ but high gearing (total assets 18.6M€) and weak cash 288K€

B3 · Garanties & Sûretés 7.0/15faible

B3.1: 5/9 - Joint and several guarantee Agencity Promotion parent holding, no mortgage or trust

B3.2: 2/4 - Equity 4.1M€, gearing (18.6-4.1)/4.1=3.5, tight cash 288K€

B3.3: 1/2 - Bank credit 19M€ approved but bank not named

B4 · Structure financière 9.0/15

B4.1: 4/5 - Loan-to-Cost (ratio prêt/coût total) Homunity/total cost ≈1.3%, very low; Loan-to-Cost (ratio prêt/coût total) crowd+equity on total cost ≈3%, very low ratio

B4.2: 0/4 - Operator equity 237K€ on 72.9M€ all-in = 0.3%, very insufficient

B4.3: 3/4 - Stress test -10% price: cash-flow 7.2% all-in revenue positive; Homunity repayment assured

B4.4: 2/2 - Net margin 6.7% excl. tax but cash-flow 15.2% all-in revenue (incl. management fees)

B5 · Pré-commercialisation 4.0/10faible

Commercialisation 45% volume / 24% value
44 social housing units reserved entirely
36/133 private lots reserved
Break-even not reached, 97 lots remaining over 24 months
Hotel not commercialised (suspensive condition)
Score 4/10

B6 · Permis & Maturité 0.0/5faible

Land not yet acquired (under promise of sale), acquisition scheduled October 2026
Building permit obtained and final
Per promotion immobilière grid: unsecured land = 0/5

B7 · Marché & Localisation 2.0/3

Montévrain/Val d'Europe: established periurban Ile-de-France market, RER A, proximity Disneyland, price ~5,300€/m² consistent with market
Stable market with recovery documented 2026
Score 2/3

Points forts

✓Building permit obtained and final, reducing residual administrative risk.

✓Operation cash-flow 15.2% all-in revenue, comfortable margin at completion.

✓Operator known to Homunity, 2 projects repaid without incident.

✓Bank credit 19M€ approved, independent external validation.

✓Stress test -10% price: Homunity repayment still assured.

Risques identifiés

!Land not acquired at time of fundraising (acquisition October 2026).

!Operator equity contribution very low (237K€ / 0.3% total cost).

!Commercialisation by value at 24% only, hotel unsold (suspensive condition).

!High gearing for guarantor Agencity (~3.5x), limited cash at 288K€.

!97 lots remaining to sell in 24 months in still fragile Ile-de-France market.

⚠ Avertissement sur les risques

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