ULTIMA FINANCE — 15.2%/an · 9 mois

Plateforme · 9.0/25

A1 · Statut réglementaire 3.0/8faible

A2 · Track Record 3.0/6

Stated default rate 0.1% (<1% → 6 pts base)
Delay rate >90 days not published → N/C → 0 pts
Real yield vs announced yield not verifiable (no audited report 2024) → N/C → 0 pts
Gross score: (6×0.5 + 0×0.3 + 0×0.2) = 3.0
No -2 penalty as default rate partially published

A3 · Rigueur de sélection 1.0/4faible

Selection rate not published
Process not documented publicly
Two documented cases of fraud/false information to investors (Estlat, Vibroedil) calling into question the rigour of the process
Established platform recognised in its niche but proven deficient selection

A4 · Santé financière 1.0/4faible

No audited financial report 2024 published (March 2026, delay justified by migration)
Small reserve fund and not transparent
Target yields 20%+ without verifiable solvency reserves
720% growth but suspect business model
No active distress signal but insufficient transparency for 2+ pts

A5 · Protection investisseurs 1.0/3faible

Projet · 18.0/75 (23.0 brut, red flags −5)

B1 · Instrument & Structure 7.0/10

B1.1: 5/5 - Simple obligation at fixed rate, clear Bulgarian EU law

B1.2: 2/3 - Direct loan from operator ULTIMA FINANCE LTD, well documented, Bulgarian law

B1.3: 0/2 - No senior debt documented but ranking not registered; de facto subordinated to any future uncapped debt

B2 · Opérateur & Track record 6.0/15faible

B2.1: 2/4 - Anton Popov appointed, identifiable manager, no verified LinkedIn profile

B2.2: 2/5 - Recent NBFI less than 3 years old, launch April 2026, prior experience not documented precisely

B2.3: 0/3 - First transaction on any platform, no cross-platform history

B2.4: 2/3 - No proceedings, but strained balance sheet (D/E 30x projected, losses 2026)

B3 · Garanties & Sûretés 0.0/15faible

B3.1: 0/9 - No real or personal security documented in the file for this NBFI loan

B3.2: 0/4 - No guarantor identified or assessed

B3.3: 0/2 - No banking partner; amount <€2M so RF2 not triggered

B4 · Structure financière 3.0/15faible

B4.1: 0/5 - taux de couverture de la dette not calculable; entity in operational loss 2026, insufficient cash flows

B4.2: 1/4 - Equity €513K but D/E projected 30x, effective contribution very limited versus debt

B4.3: 0/4 - No stress test presented, Loan-to-Value (ratio prêt/valeur actif)/ratio not applicable, model projective only

B4.4: 2/2 - NIM 23.8% in 2026 offers theoretical buffer, but based on unvalidated projections

B5 · Pré-commercialisation 3.0/10faible

SME-NBFI: portfolio of 54 loans (April 2026 only), high B2B concentration, very limited data
Fewer than 20 active B2B clients, history of one month only
Score 3/10 - portfolio data not detailed, one month of activity only

B6 · Permis & Maturité 3.0/5

Bulgarian NBFI registered with BNB on 30.03.2026 (BGR00534), full licence obtained before first loan
Start-up activity (<1 year), sound and complete legal structure
Score 3/5 - documents up to date but activity very recent

B7 · Marché & Localisation 1.0/3faible

Stable Bulgarian market post-euro, underserved SME credit demand
Residential volumes in decline 2.5% YoY, inflation 6.8%, demographic constraints
Secondary market for Bulgarian NBFIs poorly documented
Score 1/3 - emerging market with opportunities but structural risks

Points forts

✓BNB licence obtained before first loan, Bulgarian regulatory framework respected from inception.

✓Founder with prior experience in Bulgarian non-bank credit (B2C/SME).

✓Proprietary technology (LMS) developed in-house before operational launch.

✓Euro adoption January 2026 eliminates currency risk for eurozone investors.

✓Bulgarian SME credit market structurally underpenetrated, real opportunity identified.

Risques identifiés

!Entity created October 2025, one month of real operational data available only.

!D/E projected at 30x end 2026, very limited absorption against any default shock.

!Principal repayment structurally dependent on refinancing (cash €40-83K versus €1.55M due).

!No real or personal security documented for this €100,000 loan.

!Maclear platform without PSFP/ECSP licence, documented fraud cases on other projects (Estlat, Vibroedil).