Olivares — Inversiones Lampaza SL — 11.5%/an · 24 mois

Plateforme · 19.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF fonds propres-2023-5 obtained June 2023, prior to mandatory deadline November 2023
Status currently valid

A2 · Track Record 4.0/6

Default 3.5% → 4.5pts
Delay 26.29% → 3pts (15-30%)
Realised yield ~9% compliant with announced → 6pts
Score: (4.5×0.5)+(3×0.3)+(6×0.2)=4.35, rounded to 4

A3 · Rigueur de sélection 2.0/4

Selection process mentioned, platform active since 2014 with +340 operations, but selection rate not published in available data

A4 · Santé financière 3.0/4bon

Independent platform active since 2014 (+10 years), recognised player in Europe, no platform distress signal identified
No documented institutional backing

A5 · Protection investisseurs 2.0/3

agrément AMF licence → 4-day reflection period + mandatory continuity plan (1pt)
Third-party payment service provider likely for agrément AMF (1pt)
Secondary market not documented

Projet · 48.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligation fixed rate 11.5%, Spanish law EU

B1.2: 1/3 - Direct operator loan, Spanish law, Spanish applicable law

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

B2 · Opérateur & Track record 10.0/15

B2.1: 3/4 - Grupo Index identified, managing director not explicitly named in the file

B2.2: 4/5 - Grupo Index >50 completed promotions, 1,750 units, Madrid

B2.3: 1/3 - First Raizers operation but verifiable reputation

B2.4: 2/3 - 2025 balance sheet positive, high gearing (significant group debt)

B3 · Garanties & Sûretés 12.0/15bon

B3.1: 7/9 - First ranking mortgage in process of registration (identified asset, Loan-to-Value (ratio prêt/valeur actif) 54%)

B3.2: 3/4 - Geosolar fonds propres>5M€, gearing to be evaluated, declared situation sound

B3.3: 0/2 - No identified bank credit, project 650K€ (<2M€, no RF2)

B4 · Structure financière 8.0/15

B4.1: 3/5 - Loan-to-Value (ratio prêt/valeur actif) 54% on RE-COM (60-70% zone)

B4.2: 2/4 - Operator equity contribution estimated 15-20% construction cost 882K€

B4.3: 2/4 - Rental income covers interest, stress test -25% vacancy applied

B4.4: 1/2 - Gross rental IRR >10% but capital repayment dependent on other group cash flows

B5 · Pré-commercialisation 5.0/10

RE-COM: Lease in place (9 bedrooms let June 2026, 7,550€/month), extension to 14 bedrooms planned September 2026
No formal multi-tenant contract, coliving model without signed long-term commitment

B6 · Permis & Maturité 4.0/5bon

Acquisition completed (March 2016), renovation works finished, prefabricated house installation in progress (July 2026)
Prior declaration/modular permit not explicitly documented

B7 · Marché & Localisation 1.0/3faible

Secondary peri-urban market Madrid (Villaviciosa de Odón), local student coliving market poorly documented, Loan-to-Value (ratio prêt/valeur actif) 54% acceptable but asset liquidity limited

Points forts

✓First ranking mortgage with comfortable LTV at 54% on identified asset.

✓Guarantee from Proyectos Sostenibles Geosolar with documented equity >5M€.

✓Grupo Index: more than 50 completed promotions, 1,750 units in Madrid region.

✓Asset already in operation with actual rental income (9 bedrooms, 7,550€/month).

✓Inversiones Lampaza 2025 balance sheet positive: result 367K€, equity 1.29M€.

Risques identifiés

!Capital repayment dependent on cash flows from other group operations, not guaranteed.

!Spanish operator outside France: judicial verification limited to Spanish registers.

!No long-term lease signed with student tenants; risk of seasonal vacancy.

!Significant inter-group debt (909,500€) increases Inversiones Lampaza liabilities.

!Rate 11.5%/year for operating rental asset: high yield for RE-COM class.

⚠ Avertissement sur les risques

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