Bel Horizon — 89 Avenue des Pins, Beausoleil (06)

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.

Bel Horizon — 89 Avenue des Pins, Beausoleil (06)

Average

score / 100

Yield

12.0%/yr

Duration

24 months

Min. ticket

1 k€

Amount raised

740 k€

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À propos

Construction of 30 new housing units (20 private access, 10 social) and 42 parking spaces at Beausoleil (06), overlooking Monaco, by operator Azur Réalisations via SAS Horizon. Building permit obtained and purged, land under promise to sell. Marketed at 47% by volume and 63% by value. First accompaniment of this operator at Homunity.

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 · 35.0/75 (40.0 brut, red flags −5)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligation fixed rate 12%, French law

B1.2: 2/3 - Dedicated société dédiée (SPV) HORIZON, separate issuer, French law

B1.3: 1/2 - Unsecured obligation, no known senior debt registered, actual rank 1st not formalised

B2 · Opérateur & Track record 9.0/15

B2.1: 3/4 - Christophe Bousquet appointed, group founder, but limited public profile

B2.2: 4/5 - 35 operations delivered, 725 housing units, 10+ years Côte d'Azur; holding balance sheet sound (fonds propres 3.6M€)

B2.3: 1/3 - 1st operation at Homunity, positive external reputation

B2.4: 1/3 - 2024 holding balance sheet sound (net result 1.4M€), but SPVs very recent (June 2026), verification limited

B3 · Garanties & Sûretés 7.0/15faible

B3.1: 4/9 - Personal guarantee not notarised from founder manager + garantie financière d'achèvement obtained (covers completion). garantie financière d'achèvement = 8 pts but guarantee takes priority on liquidation; garantie financière d'achèvement benefits purchasers, not bondholders. Retained: personal guarantee 4pts

B3.2: 2/4 - Manager's patrimony not evaluated, partial information

B3.3: 1/2 - Bank credit of 4M€ confirmed, bank identity not disclosed

B4 · Structure financière 9.0/15

B4.1: 4/5 - Loan-to-Cost (ratio prêt/coût total) crowd/total cost = 740K/13.5M = 5.5%, very low; global Loan-to-Cost (ratio prêt/coût total) (crowd+bank)/cost = 35.1% → 5pts; retained 4 (land not executed)

B4.2: 1/4 - Operator fonds propres 460K€ = 3.4% of total cost, <5%

B4.3: 3/4 - Stress -25% sales price → positive cash-flow 6% TTC turnover documented

B4.4: 1/2 - Net margin 6.3% excluding tax (<8% on TTC turnover)

B5 · Pré-commercialisation 4.0/10faible

47% by volume (14/30 units), 63% by value through reservations; 10 social units under letter of intent from social housing landlord (no signed commitment)
Majority of reservations without notarised commitments
Break-even not reached on firm commitments

B6 · Permis & Maturité 0.0/5faible

Land under promise to sell (not executed). permis de construire obtained and purged
For promotion immobilière: unsecured land = 0 pt
Purged permis de construire is positive but does not offset absence of land deed

B7 · Marché & Localisation 3.0/3✓ max

Beausoleil bordering Monaco, premium market: +10.9% YoY apartments (live data), exit price 9,620€/m² for private access consistent with market 7,087-7,840€/m² median (slightly higher but Monaco-premium justified)
Excess demand (19% more buyers than properties)
Rising market confirmed

⚠ Alertes détectées · −8 pts déduits

Terrain pas encore acheté −3 pts

Unexecuted land on RE-MDB class - applicable only to RE-MDB, not triggered here (RE-PROM). [Note: RF6 exclusively RE-MDB, not applicable]

Aucune garantie réelle sur ce projet −5 pts

No registered real guarantees (mortgage, pledge) on this RE-PROM project of 740K€ - only unnotarised personal guarantee and GFA (benefit purchasers). -5 pts.

Points forts

✓Building permit obtained and purged, administrative risk nil.

✓Experienced operator: 35 operations, 725 housing units delivered on Côte d'Azur.

✓Beausoleil-Monaco premium market, +10.9% YoY, excess demand documented.

✓Very low crowd LTC (5.5%), bank credit of 4M€ confirmed.

✓Documented stress test: positive CF even at -25% of sales price.

Risques identifiés

!Land under promise only, acquisition not executed at time of fundraising.

!Very limited operator equity (3.4% of total cost), high leverage effect.

!No registered real guarantees (mortgage/pledge); only unnotarised personal guarantee.

!SPVs HORIZON and AR PINS registered in June 2026, no track record, verification impossible.

!12%/year rate at high limit for RE-PROM; Homunity displays 33.98% of delays >90d in portfolio.

⚠ Avertissement sur les risques

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