La Brebise — 12.0%/an · 18 mois

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 · 52.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligation (remunerated participating loan), French law

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

B1.3: 1/2 - First ranking mortgage claimed, formal registration not confirmed at file date

B2 · Opérateur & Track record 11.0/15

B2.1: 4/4 - Delio DE MORO appointed, 60 years old, identifiable president

B2.2: 4/5 - 30+ operations delivered, group since 1972, >1000 housing units

B2.3: 2/3 - 1st LPB operation but established reputation

B2.4: 1/3 - Capital of SAS 1,320€ very low, company balance sheets not fully provided, gearing not assessable

B3 · Garanties & Sûretés 10.0/15

B3.1: 7/9 - First ranking mortgage in process of registration (deed signed, formality underway)

B3.2: 2/4 - Project company guarantor: turnover 816K€, net result 21K€, balance sheet 2.35M€, equity not isolated, partial information

B3.3: 1/2 - Escrow of 6 months interest (78K€) validated, no identified banking partner (<2M€ RF2 not triggered)

B4 · Structure financière 14.0/15bon

B4.1: 5/5 - Loan-to-Cost (ratio prêt/coût total) 8% (borrowing/cost price), very low

B4.2: 4/4 - Operator contribution 69.86% of total financing, very high

B4.3: 3/4 - Very low Loan-to-Cost (ratio prêt/coût total) (<10%) structurally compensates for absence of formalized stress test

B4.4: 2/2 - Net cash flow seller 21.5% on refinanced units, margin >15%

B5 · Pré-commercialisation 2.0/10faible

No pre-commercialization on the 5 remaining units
33/38 units sold attest overall attractiveness but the 5 targeted units are all in commercialization without signed commitment
Corsican secondary residence market, uncertain liquidity

B6 · Permis & Maturité 5.0/5✓ max

Land deed executed (27/02/2020), building permit obtained and cleared, construction completed, completion certificate filed on 22/04/2026
Maximum post-construction situation

B7 · Marché & Localisation 2.0/3

Balagne/Belgodère: established Corsican secondary residence market, proximity to Île-Rousse, Calvi
Sustained tourism demand but seasonally volatile secondary market
Exit price in upper bracket (average 5,812€/m²)
Market in confirmed uptrend per live data

Points forts

✓Construction completed, completion certificate April 2026, construction risk nil.

✓Operator contribution 69.86% of total, very high financial commitment.

✓De Moro group active since 1972, >30 operations delivered in Upper Corsica.

✓LTC of 8% and turnover coverage at 142% of amount raised.

✓Escrow of 6 months interest (78,000€) secured from the outset.

Risques identifiés

!None of the 5 remaining units under compromise or reservation at time of raising.

!Corsican secondary residence market, seasonal, sensitive to interest rates and taxation.

!Symbolic capital of DE MORO RESIDENCES SERVICES (1,320€), holding balance sheets not communicated.

!Maximum duration 18 months (maturity Jan. 2028), repayment dependent on sales.

!Exit price in upper bracket of local market, risk of reduction in value if delays extend.

⚠ Avertissement sur les risques

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