VAB servis — 14.5%/an · 14 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 · 41.0/75 (44.0 brut, red flags −3)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple bond fixed rate, Czech law EU

B1.2: 2/3 - Direct operator loan, well documented, Czech law EU

B1.3: 1/2 - Simple bond without known senior debt, de facto first rank

B2 · Opérateur & Track record 8.0/15

B2.1: 2/4 - Manager appointed (Vasyl Bunchak), without confirmed LinkedIn profile

B2.2: 2/5 - SME <3 years at current revenue scale, construction sector, limited track record

B2.3: 1/3 - First operation on Maclear, reputation not verified on other AMF platforms

B2.4: 3/3 - No procedure, healthy financial statements, zero financial debt

B3 · Garanties & Sûretés 6.0/15faible

B3.1: 4/9 - Personal guarantee by manager (not notarised, commitment not formalised in detail)

B3.2: 1/4 - Partial asset information for manager, young company

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

B4 · Structure financière 10.0/15

B4.1: 3/5 - taux de couverture de la dette 2026 2.1x, 2027 3.1x (interest coverage), zone 1.5-2.0 conservative

B4.2: 2/4 - Equity only from retained earnings, limited contribution on facility

B4.3: 3/4 - Interest 9x covered in 2026, 3.4x in 2027; stress -20% maintains coverage

B4.4: 2/2 - Net margin 4.7%-5.3%, taux de couverture de la dette >2.0

B5 · Pré-commercialisation 6.0/10

Active portfolio: 3 signed GC contracts EUR 1.47M + 2 signed subcontracting EUR 529k
Partial history (2 years)
77% pipeline covered by signed or ongoing contracts
Correct diversification across 4 distinct counterparties

B6 · Permis & Maturité 4.0/5bon

Activity established since 2022 (>2 years), legal documents in order (audits 2023-2025 mentioned), valid licences in Czech Republic
Sound legal structure, outsourced accounting in compliance

B7 · Marché & Localisation 2.0/3

Prague construction market growing 5.1% real 2025, office vacancy rate 5.9% historically low
EPBD stimulates renovation
Stable alternative market
Minor banking credit tightening for this SME market segment

Points forts

✓Three signed GC contracts EUR 1.47M covering 77% of 2026-2027 pipeline.

✓Profitability continuous since incorporation, zero financial debt to date.

✓Strong revenue growth: EUR 56k (2023) to EUR 702k (2025), improving margins.

✓Robust interest coverage: 9x in 2026, 3.4x in 2027 (peak utilisation).

✓Prague commercial renovation market promising: EPBD + low office vacancy.

Risques identifiés

!Maclear platform: documented cases of fraud (Estlat, Vibroedil), deficient selection.

!Weak guarantees: personal guarantee not notarised only on EUR 500k total.

!Young company (2022), limited track record at current revenue scale, key-person risk.

!Return 14.5%/year without registered real guarantee, near RF10 threshold.

!No banking partner, 100% crowdfunding financing for EUR 500k facility.