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Les Amandiers
HO
Homunity Property development 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.

Les Amandiers

Average
63
score / 100
Yield
11%/yr
Duration
24 months
Min. ticket
1 k€
Amount raised
381 k€
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À propos

Construction of a residential complex of 25 dwellings (T2-T4) in two buildings at Rosenwiller (67), carried by SAS WO, subsidiary of Weller Immobilière. Financing of 381,000€ aims to refinance 80% of own funds invested for land acquisition, land not yet executed. Programme marketed at 80% by volume with PC purged.

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 · 43.0/75 (46.0 brut, red flags −3)
B1 · Instrument & Structure 8.0/10bon
B1.1: 5/5 - Simple obligation fixed rate, clear French law
B1.2: 2/3 - Direct loan WO (SAS), documented French law
B1.3: 1/2 - Simple obligation, no senior debt explicitly ranked above
B2 · Opérateur & Track record 9.0/15
B2.1: 3/4 - Claudio Teci appointed, Kbis provided, no confirmed LinkedIn profile
B2.2: 4/5 - Weller Group 37 years, 6000 dwellings, solid regional track record
B2.3: 2/3 - 1 operation repaid on Homunity
B2.4: 0/3 - No recent financial data WO, balance sheet unavailable
B3 · Garanties & Sûretés 7.0/15faible
B3.1: 5/9 - Joint and several guarantee SCCV Les Amandiers (in registration process)
B3.2: 1/4 - Weller fonds propres holding 1.4M€, treasury 0.1M€, limited data
B3.3: 1/2 - Bank credit 1.2M€ granted, bank unnamed
B4 · Structure financière 11.0/15
B4.1: 5/5 - Loan-to-Cost (ratio prêt/coût total) crowd 6.7%, very low
B4.2: 0/4 - Operator fonds propres 1.7% of total cost, very insufficient
B4.3: 4/4 - Stress −15% price: cash-flow 13.2% revenue TTC, positive
B4.4: 2/2 - Margin 9.7% revenue TTC, real estate cash-flow 21.8%
B5 · Pré-commercialisation 6.0/10
  • 80% marketed by volume (20/25 units), 76% by value
  • Reservations, no confirmed agreements
  • Break-even covered but exact nature of commitments not specified
B6 · Permis & Maturité 4.0/5bon
  • permis de construire obtained and purged
  • Land under promise, not yet executed
  • Works not started (acquisition planned September 2026)
B7 · Marché & Localisation 1.0/3faible
  • Secondary market Rosenwiller (67), peri-urban zone Alsace
  • Exit price approximately 3,960€/m², consistent with zone
  • Stable market but limited comparable data for this rural sector
⚠ Alertes détectées · −3 pts déduits
Terrain pas encore acheté −3 pts

Land not yet executed (under promise) on RE-PROM class - applicable only via B6 and not RF6 (RE-MDB only); flag removed - see risks[]

Points forts
✓Weller Immobilière Group, 37 years regional experience, 6,000 dwellings delivered.
✓LTC crowd very low (6.7%) - Homunity exposure limited on total cost.
✓Advanced marketing: 80% by volume, 76% by value before fundraising.
✓PC obtained and purged, TRC/DO/GFA insurance policies subscribed.
✓Documented stress test: positive CF even with −15% on sale price.
Risques identifiés
!Land not yet executed: acquisition conditional on fundraising, significant upstream risk.
!Joint and several guarantee SCCV Les Amandiers in registration process - entity without history or balance sheet.
!WO balance sheet virtually non-existent (capital 1,000€, recent financial data unavailable).
!Operator contribution very low (1.7% of total cost), limited interest alignment.
!Secondary Alsatian peri-urban market: reduced liquidity, comparables poorly documented.
Score card
Score card — Les Amandiers
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