Les Rivages de Quiberon — 12%/an · 15 mois

Plateforme · 19.0/25

A1 · Statut réglementaire 8.0/8✓ max

Baltis holds the agrément AMF AMF licence (fonds propres-2023-19), currently valid in the AMF register
Maximum applicable score

A2 · Track Record 3.0/6

Platform statistics partially published
Delay rate >90 days estimated at 15-25% (portfolio majority promotion immobilière, market 2023-2024 under pressure)
No definitive default documented publicly to date
Actual return versus announced return not officially confirmed
Penalty applied for opacity of aggregated data
Score adjusted for caution: default ~0% (4.5pts×0.5=2.25) + estimated delay 15-25% (3pts×0.3=0.90) + return N/C (0pts×0.2=0) = 3.15 → rounded 3/6

A3 · Rigueur de sélection 2.0/4

Baltis mentions a selection process (committee, financial analysis) on its website but does not publish a quantified selection rate
Process described without verifiable quantitative data

A4 · Santé financière 3.0/4bon

Independent platform, operational since 2018, active fundraising in 2024-2025, no platform distress signal identified
No listed institutional shareholder but existence >5 years and operational continuity confirmed

A5 · Protection investisseurs 3.0/3✓ max

agrément AMF AMF licence → 4-day reflection period + mandatory continuity plan (1pt)
Segregated account via third-party payment service provider (Mangopay, 1pt)
No secondary market documented to date but collateral recovery mentioned in terms and conditions (1pt)

Projet · 52.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct loan INOVIM DEVELOPPEMENT, well documented French law

B1.3: 1/2 - Rank not registered but no known senior debt on this issuer

B2 · Opérateur & Track record 11.0/15

B2.1: 4/4 - Julien Bellec appointed, identifiable on LinkedIn, Kbis attached

B2.2: 4/5 - Group founded 2011, 19 operations but predominantly tertiary/logistics, 1st documented residential land development operation

B2.3: 2/3 - Operations underway on Baltis, no incident reported

B2.4: 1/3 - Sound balance sheet (equity 6.4M€) but high gearing, obligation convertible in liabilities, cash 40K€ very low

B3 · Garanties & Sûretés 9.0/15

B3.1: 7/9 - GAPD INOVIM + irrevocable notarised order after bank repayment; non-bank GAPD reduced to 7 points

B3.2: 2/4 - INOVIM: equity 6.4M€ (>5M€) but high gearing and very limited cash (40K€); 2 points

B3.3: 0/2 - No bank partner identified on this project, amount <2M€

B4 · Structure financière 13.0/15bon

B4.1: 4/5 - Crowd Loan-to-Cost (ratio prêt/coût total) not precisely calculable; crowd 500K€ on CA 13.2M€ TTC → very low ratio, estimated <10% of total cost

B4.2: 4/4 - Developer margin 29% CA excluding VAT + cash-flow 38%; operator equity contribution >20% implicit

B4.3: 3/4 - Margin 29%, stress −20% remains positive; no formalised stress test

B4.4: 2/2 - Net margin >12% and cash-flow >20% CA TTC confirmed

B5 · Pré-commercialisation 4.0/10faible

Marketing at 30% of CA TTC through existing reservations
Break-even not reached (<50%), but pre-marketing underway with existing reservations
Land marketed at 913€/m² TTC

B6 · Permis & Maturité 5.0/5✓ max

Administrative licences obtained and free from all recourse
First phase of works completed
Land secured (SCCV operational)
Maximum score

B7 · Marché & Localisation 2.0/3

Carnac: established Breton seaside market, strong secondary residential demand, rare building land
Regional market stable with limited scope, not Paris premium
Price 913€/m² land consistent with local references

Points forts

✓Administrative licences obtained and free from recourse, first phase of works completed

✓High developer margin (29% CA excluding VAT) and operator cash-flow (38% CA excluding VAT)

✓INOVIM group founded 2011, 19 completed operations, identified manager

✓Double guarantee: GAPD INOVIM + irrevocable notarised order

✓Modest crowd amount (500K€) on 13.2M€ TTC operation, low risk dilution

Risques identifiés

!Marketing at only 30% of CA TTC, break-even not reached

!INOVIM DEVELOPPEMENT cash very low (40K€) despite equity of 6.4M€

!GAPD issued by INOVIM (non-bank): solidity linked to group equity, not to a bank

!INOVIM group specialised in tertiary/logistics: 1st documented residential land development operation

!Rate 12%/annum beyond RE-PROM standard (6-12%); verify guarantee adequacy