Gospodarstwo Rolne Żero Rafał Project No.42668564 — 14.0%/an · 24 mois

Plateforme · 21.0/25

A1 · Statut réglementaire 8.0/8✓ max

ECSP licence issued by Latvijas Banka (central bank of Latvia), competent national authority within the meaning of EU regulation 2020/1503
Valid ECSP passport, verifiable ESMA registration
Full equivalent of agrément AMF licence

A2 · Track Record 4.0/6

Default rate ~2% (4.5/6)
Delays >90 days estimated at ~15-20% of portfolio, essentially on Romanian loans (3/6)
Actual yield globally in line with stated rates (10-14%/year) on repaid projects (6/6)
A2 = (4.5×0.5 + 3×0.3 + 6×0.2) = 4.05 → 4/6

A3 · Rigueur de sélection 3.0/4bon

Selection process documented publicly: requirement Loan-to-Value (ratio prêt/valeur actif) <70% on land, independent evaluation of land, borrower KYC, field visit
Acceptance rate not published precisely, but detailed criteria available

A4 · Santé financière 3.0/4bon

Independent platform operational since 2020, no distress signal identified at company level
Private shareholding, no institutional backing. >3 years in existence, active fundraising, no known proceedings

A5 · Protection investisseurs 3.0/3✓ max

ECSP licence → 4 day reflection period and mandatory continuity plan required (1 point)
Investor accounts segregated via third-party payment service provider (1 point)
Collateral recovery mechanism documented: agricultural land with seizure procedure in case of default (1 point)

Projet · 48.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Direct loan (loan) at fixed rate, clear ECSP right

B1.2: 2/3 - Direct borrowing by the operator, recognised EU Latvian/Polish right

B1.3: 1/2 - Mortgage mentioned but formal registration not confirmed as at the file date

B2 · Opérateur & Track record 7.0/15faible

B2.1: 2/4 - Manager appointed (Rafał) without identifiable public profile

B2.2: 2/5 - Documented agricultural operation, mixed activity livestock/cereals, limited history in the file

B2.3: 1/3 - First operation on Lande, reputation not verifiable elsewhere

B2.4: 2/3 - No procedure detected, tight balance sheet (debt/revenues 145%)

B3 · Garanties & Sûretés 9.0/15

B3.1: 7/9 - First-ranking mortgage in the process of being registered on agricultural real property, deed mentioned

B3.2: 1/4 - Guarantor=operator, patrimony not independently valued, partial information

B3.3: 1/2 - No banking partner identified, project <€2M therefore no RF2

B4 · Structure financière 11.0/15

B4.1: 5/5 - Loan-to-Value (ratio prêt/valeur actif) 46% on agricultural land, well below the 50% threshold

B4.2: 0/4 - The file explicitly indicates no equity contribution by the operator

B4.3: 4/4 - Very low Loan-to-Value (ratio prêt/valeur actif) (<50%) structurally compensates for the absence of formal stress testing

B4.4: 2/2 - Liquidity ratio not precisely calculable but positive net asset (225K€ equity on 303K€ asset)

B5 · Pré-commercialisation 6.0/10

Established agricultural activity (livestock, cereals, forestry), correct diversification of revenue sources
Partial history communicated in the file, no documented crop sales contracts

B6 · Permis & Maturité 5.0/5✓ max

Agricultural activity established for several years, all legal documents in order (company registered PL 381065168), valid operating licences
Sound legal structure

B7 · Marché & Localisation 2.0/3

Latvian/Polish agricultural market in rise (harvest +16% in 2024, land +2.5x over 10 years)
Cereal and livestock sectors robust
Geopolitical uncertainties linked to the Russian-Ukrainian conflict weigh on export prospects

Points forts

✓LTV of 46% on agricultural land, comfortable safety margin for the mortgage.

✓Lande platform licensed ECSP, documented recovery mechanism.

✓Latvian/Polish agricultural market in upward trend, good 2024 harvest.

✓Diversified activity (livestock, cereals, forestry) reduces sectoral risk.

✓No collective insolvency proceeding or prior default reported for the borrower.

Risques identifiés

!No equity contribution by the operator on this project (100% debt financing).

!Debt/revenues ratio of 145% indicates a tight financial situation for the operation.

!Manager insufficiently identified, no verifiable public profile.

!Geopolitical uncertainties (Russian-Ukrainian conflict) impact cereal export markets.

!Loan purpose is refinancing, not productive investment - pre-existing liquidity risk.