La Timone : refinancement immobilier à Marseille — 9.0%/an · 12 mois

Plateforme · 19.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence in valid force, fonds propres-2023-8 licence
Maximum applicable score

A2 · Track Record 5.0/6bon

Default 0% → 6/6
Delay 5.38% (threshold 5-15%) → 4.5/6
Net return 7.78% vs 10% announced, gap 2.22pp below lower bound → 1.5/6
Weighted score: (6×0.5)+(4.5×0.3)+(1.5×0.2)=4.65 → rounded 5

A3 · Rigueur de sélection 2.0/4

Selection process not detailed publicly, selection rate not published
Implicit mention of a process via agrément AMF licence
Score 2/4

A4 · Santé financière 2.0/4

Independent platform in strong growth (141M€, no.1 FR 2025)
Forced stoppage 7 months (Dec 2022-Jul 2023) and registre ORIAS deletion resolved
No identified institutional shareholder
Viability confirmed but regulatory history weighs
Score 2/4

A5 · Protection investisseurs 2.0/3

agrément AMF licenced → mandatory reflection period 4 days + Capsens continuity plan documented → 1 pt
Segregated accounts legally mandatory under agrément AMF → 1 pt
Secondary market not mentioned → 0 pt

Projet · 49.0/75

B1 · Instrument & Structure 9.0/10bon

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

B1.2: 2/3 - Direct loan from France Immo operator, French law

B1.3: 2/2 - First ranking mortgage registered, senior ranking documented

B2 · Opérateur & Track record 8.0/15

B2.1: 4/4 - Dan Israël Abbou appointed with function, identifiable

B2.2: 2/5 - Property trader based in Marseille, experience claimed, 1-2 transactions without sufficient detail

B2.3: 1/3 - First transaction on Bricks, reputation not verified elsewhere

B2.4: 1/3 - Share capital 1,000€, balance sheet not provided, gearing unknown

B3 · Garanties & Sûretés 11.0/15

B3.1: 9/9 - First ranking mortgage registered on financed units, coverage 187%

B3.2: 0/4 - Dan Abbou's assets not documented, France Immo capital 1,000€

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

B4 · Structure financière 9.0/15

B4.1: 4/5 - Loan-to-Value (ratio prêt/valeur actif) ~53% (400K/750K), threshold 40-55% → 4 pts marchand de biens

B4.2: 0/4 - Equity committed 0€ declared

B4.3: 2/4 - Loan-to-Value (ratio prêt/valeur actif) low (<55%) partially offsets absence of stress test

B4.4: 2/2 - Net margin 87.5%, well above 15%

B5 · Pré-commercialisation 5.0/10

Construction completed (DAACT October 2025), units let (2 T3 at 900€/month)
No sale agreement signed
Resale as block or individually envisaged on liquid Marseille market
Score 5/10 marchand de biens: completed asset, let, established market

B6 · Permis & Maturité 5.0/5✓ max

Land secured (company registered office = asset address)
DAACT signed 01/10/2025 - works completed and compliant
Units let, asset operational
Maximum marchand de biens score

B7 · Marché & Localisation 2.0/3

Marseille 10th/13th arrondissement, stable market
Estimated exit price ~2,963€/m² implicit (750K/253m²), below market median (3,090-3,484€/m²)
Strong T2-T3 demand (72% searches)
Transaction slowdown noted (-63% in 2 years)

Points forts

✓First ranking mortgage registered covering 187% of amount raised.

✓Asset completed and let, DAACT signed, construction risk zero.

✓Operator margin very high (87.5%), conservative LTV (~53%).

✓Simple obligation fixed rate, French law, clear legal structure.

✓Rate of 9%/year consistent with RE-MDB standard on PSFP-licensed platform.

Risques identifiés

!France Immo share capital of 1,000€ and balance sheet not provided: financial soundness not verifiable.

!No equity declared committed (0€ explicitly mentioned in FICI).

!Personal guarantee signed electronically, not notarised - limited enforceability value.

!No banking partner; 100% crowdfunding without independent external validation.

!Operator experience poorly documented: completed transactions not quantified or verifiable.

⚠ 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.