L'Échoppe (33) — Talence — 11.5%/an · 24 mois

Plateforme · 20.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF in force, licence fonds propres-2023-15 confirmed
Maximum score

A2 · Track Record 5.0/6bon

Default 0% → 6 pts
Delay 8.6% → 4.5 pts (range 5-15%)
Average return 11.7% gross in line with announcements → 6 pts
A2 = (6×0.5)+(4.5×0.3)+(6×0.2) = 3+1.35+1.2 = 5.55 → rounded 5.5

A3 · Rigueur de sélection 2.0/4

Mention of a selection process without published refusal rate or committee details
Mature platform 6 years, €325M collected

A4 · Santé financière 3.0/4bon

Independent platform, >5 years in operation, no operational distress signal
Modest share capital (€150K) but sound growth
No identified institutional shareholder

A5 · Protection investisseurs 2.0/3

Approved agrément AMF: 4-day reflection period + mandatory continuity plan (1 pt)
Segregated accounts presumed via third-party PSP (1 pt)
Secondary market not documented in available data (0 pt)

Projet · 44.0/75

B1 · Instrument & Structure 8.0/10bon

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

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

B1.3: 1/2 - First ranking mortgage planned but not yet registered at file date

B2 · Opérateur & Track record 9.0/15

B2.1: 4/4 - Fabien Roussel appointed, President SAS, identifiable

B2.2: 4/5 - 15+ years construction, multiple property trader renovations, 1 similar operation delivered on LPB

B2.3: 2/3 - 1 operation repaid on LPB (Le Léopard, November 2025)

B2.4: 2/3 - Bordeaux Companies Register 927796730 verifiable, capital €1,000 but gearing not assessed due to lack of readable financial statements

B3 · Garanties & Sûretés 9.0/15

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

B3.2: 1/4 - Natural person guarantor (joint and several guarantee Fabien Roussel €658,800), patrimony not assessed

B3.3: 0/2 - No banking partner, amount <€2M (no RF2)

B4 · Structure financière 9.0/15

B4.1: 3/5 - Loan-to-Value (ratio prêt/valeur actif) 65% on marchand de biens (threshold 55-65% = 3 points)

B4.2: 2/4 - Contribution 20.69% of total cost (marchand de biens: 25-35% = 2 points)

B4.3: 2/4 - Margin 18%, exit price below high market; stress test -10% absorbable but -20% not documented

B4.4: 2/2 - Net margin 18% > 15% on marchand de biens

B5 · Pré-commercialisation 2.0/10faible

No pre-marketing committed at this stage
Standard asset on marchand de biens market in Talence, liquid sector but no buyer commitment
Score 2/10 in accordance with marchand de biens grid

B6 · Permis & Maturité 5.0/5✓ max

Agreement signed 22/10/2025, building permit granted 13/03/2026 and purged 14/06/2026
Land under agreement (deed not yet completed at publication date)
Building permit purged = maximum structurally attainable in marchand de biens before final acquisition

B7 · Marché & Localisation 2.0/3

Talence, established Bordeaux metropolis, active residential market with sustained demand
Exit price €5,248/m² below high market (€5,957/m²)
Major regional city market, score 2/3

Points forts

✓Building permit purged, maximum urban planning security before fundraising.

✓Prudent exit price (€5,248/m²) below local high market.

✓First ranking mortgage documented on target property.

✓Operator with verified track record on LPB (Le Léopard repaid by advance payment).

✓Operating margin of 18% offering safety cushion against unsold inventory.

Risques identifiés

!No pre-marketing at this stage, unsold inventory risk not covered.

!Land still under agreement at publication date, notarial deed not completed.

!Own contribution of 20.69% low for RE-MDB operation without bank financing.

!Personal guarantee of €658,800 not notarised and guarantor patrimony not documented.

!100% crowd financing without senior bank, LTC at 79% elevated for this class.

⚠ Avertissement sur les risques

Investir en crowdfunding comporte un risque de perte partielle ou totale du capital, ainsi qu'un risque d'illiquidité. Selon le baromètre France FinTech / Forvis Mazars 2025, 25 à 30 % des projets accusent un retard de plus de 6 mois et 4 à 6 % entraînent une perte définitive. Ne placez jamais plus de 5 à 10 % de votre patrimoine en crowdfunding et diversifiez sur au moins 10 projets. CrowdPickr est un service d'information indépendant, non agréé en tant que conseiller en investissement. Les analyses présentées ne constituent pas un conseil en investissement personnalisé.