L'Amour — Saint-Amour (39) — 12.0%/an · 30 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 · 34.0/75 (39.0 brut, red flags −5)

B1 · Instrument & Structure 7.0/10

B1.1: 5/5 - Participating loan with remuneration, French law, fixed rate

B1.2: 2/3 - Direct borrowing SDM Invest (no dedicated société dédiée (SPV)), clear French law

B1.3: 0/2 - Mortgage in the course of registration (value 61% initial), but crowd debt represents primary rank; rank not yet registered at publication

B2 · Opérateur & Track record 7.0/15faible

B2.1: 3/4 - Mathieu EYLERT appointed, CEO EM Holding, identifiable but partial profile

B2.2: 2/5 - Formerly franchisee L'Appart Fitness, 12 Rituel clubs; 1st real estate acquisition, brand in development

B2.3: 1/3 - L'Equilibre project (69) mentioned on LPB, not yet repaid

B2.4: 1/3 - SDM Invest capital 15K€, equity 7.5K€, very tight balance sheet; SDM Groupe equity 2.4M€ but result -72% and cash 11K€

B3 · Garanties & Sûretés 10.0/15

B3.1: 7/9 - 1st rank mortgage in course of registration (deed signed, formality in progress). Pledge of business assets complementary

B3.2: 2/4 - SDM Groupe equity 2.4M€ (>1M€) but high gearing approximately 0.94 and very low cash 11K€

B3.3: 1/2 - Equipment finance lease 267K€ identified but lender not named

B4 · Structure financière 7.0/15faible

B4.1: 2/5 - Loan-to-Value (ratio prêt/valeur actif) 67.58% on commercial asset (threshold 60-70% → 3 pts, but asset in transformation not generating revenue → 2 pts prudent)

B4.2: 1/4 - Operator contribution 23.9% but real equity SDM Invest 7.5K€; group contribution 750K€ of which 340K€ initial; <20% own equity engaged

B4.3: 1/4 - Cash tension Nov-26 to -2K€; break-even 1050 members in year 2; no documented stress test; Loan-to-Cost (ratio prêt/coût total) >60%

B4.4: 0/2 - Project IRR not calculated; deficit operations year 1; EBITDA margin >50% only in year 5

B5 · Pré-commercialisation 5.0/10

500 members pre-registered (registrations non-contractual)
No lease signed, operations not commenced
Positive market study, absence of local competition documented
Zone in development with commercial anchor tenants

B6 · Permis & Maturité 2.0/5faible

Promise signed 23 December 2025 (real estate not yet executed)
Works in progress according to file
Acquisition not executed by deed but under firm promise
Building permit not precisely documented

B7 · Marché & Localisation 1.0/3faible

Saint-Amour, medium town in Jura (approximately 5,000 inhabitants), stable secondary real estate market
Average price €1,415/m²
Innovative premium fitness concept but narrow local market
Absence of competition positive but limited catchment

Points forts

✓1st rank mortgage in course of registration on identified real estate asset

✓500 members pre-registered before opening, absence of local competition documented

✓First demand guarantee from SDM Groupe, operational holding with turnover 2.1M€

✓Commercial zone in development with anchor tenants (Super U, Aldi, McDonald's)

✓Pledge of business assets complementary to mortgage

Risques identifiés

!Real estate under promise only (not executed at file date), acquisition risk

!SDM Invest: equity 7,572€ for a borrowing of 2.1M€; quasi-shell entity with no history

!Repayment 100% conditional on bank refinancing or equipment finance lease not obtained

!SDM Groupe cash: 11,766€ at 31/08/2025, limited guarantee capacity short term

!Cash tension operations anticipated Nov-26 to -2K€; member ramp-up not contractually guaranteed