À propos
Refinancing of a retail park comprising 13 activity buildings (17 units, 5739m²) at Saint-Cyr-l'École (78), acquired April 2023 by BBFD Investment group. 14 units let, 3 vacant under negotiation. Exit strategy: long-term refinancing or sale of the whole.
Plateforme · 17.0/25
A1 · Statut réglementaire
8.0/8✓ max
- agrément AMF AMF fonds propres-2023-31 obtained on 9 November 2023, in force
- CIF and COA status registre ORIAS 16003112
- Member of France FinTech and CNCEF
A2 · Track Record
3.0/6
- Score adjusted thanks to live data: Default rate 0.0% → 6/6×0.5=3.0
- Delay rate 33.98% → 0/6×0.3=0.0
- Actual yield 10.16% compliant with announced range → 6/6×0.2=1.2
- Weighted: (3.0+0.0+1.2)=4.2, but penalty −2 pts for significant deterioration: 110/112 projects in delay, 80 in collective insolvency proceedings, target IRR decline
A3 · Rigueur de sélection
2.0/4
- Selection process via internal committee mentioned
- Selection rate not published
- Financial analysis present in files
A4 · Santé financière
3.0/4bon
- Score adjusted thanks to live data: Tikehau Capital subsidiary (50bn€ AUM), solid institutional group
- BUT net loss SAS Homunity −2.24m€ (2024) vs −12.5k€ (2023), fundraising −66.46% (2022-2025)
- Platform risk moderate but no imminent distress
A5 · Protection investisseurs
1.0/3faible
- Reflection period 4 days + documented BCP Capsens → 1 pt (mandatory agrément AMF)
- Segregated accounts not mentioned → 0 pt
- Secondary market not documented → 0 pt
Projet · 45.0/75
(48.0 brut, red flags −3)
B1 · Instrument & Structure
7.0/10
B1.1: 5/5 - Simple bond fixed rate 11%, French law
B1.2: 2/3 - SAS Proximite Invest dedicated project company, clear structure
B1.3: 0/2 - Simple unsecured bond, no documented senior debt but no rank formally registered
B2 · Opérateur & Track record
10.0/15
B2.1: 4/4 - Didier Grespier appointed, management function specified, identifiable
B2.2: 3/5 - Group >100 active assets managed, real estate company since 2006, office/retail experience confirmed
B2.3: 2/3 - First Homunity operation documented, group known on other platforms
B2.4: 1/3 - Score adjusted based on live data: Pappers clean, no insolvency proceeding. BUT group gearing 1.95 (32.8M€ assets, 11.1M€ equity) and Loan-to-Value (ratio prêt/valeur actif) 37.2% tight. Score reduced to 1/3
B3 · Garanties & Sûretés
9.0/15
B3.1: 5/9 - Joint and several guarantee BBFD Investment (consolidated equity 76M€) + BBFD&CO + pledge of bank account receivables
B3.2: 4/4 - BBFD Investment holding equity 76M€, gearing <1.0 estimated on consolidated basis, sound position
B3.3: 0/2 - Bank credit 7.6M€ identified but bank not named in file → 1 pt
B4 · Structure financière
10.0/15
B4.1: 4/5 - Crowd Loan-to-Value (ratio prêt/valeur actif) alone 6.3% (1.05M/16.58M valuation). Global Loan-to-Value (ratio prêt/valeur actif) crowd+bank 52% (8.65M/16.58M). Score: 4/5
B4.2: 2/4 - Operator equity 1.1M€ being 8.3% of total cost 13.2M€ → 10-15% commitment → 2/4
B4.3: 2/4 - No stress test presented but global Loan-to-Value (ratio prêt/valeur actif) 52% structurally compensates → 2/4
B4.4: 2/2 - Target gross IRR 23.6% net of fees (net margin/sales including VAT) on exit via refinancing/sale → 2/2
B5 · Pré-commercialisation
7.0/10
- Current occupancy rate 84% (14/17 units let)
- Annual rents executed 908K€, 3 units in advanced negotiation (+252K€ potential)
- Exit strategy: long-term refinancing or sale at cap rate 7% → 16.58M€ valuation → 7/10
B6 · Permis & Maturité
5.0/5✓ max
- Acquisition completed April 2023, deed executed
- Unit delivery April 2026 documented
- Restructuring permit expired, asset in rental operation
B7 · Marché & Localisation
0.0/3faible
- Score adjusted based on live data: Saint-Cyr-l'École established market west Paris region
- BUT local real estate market in documented decline: -75.74% transactions over 2 years (2024 vs 2022), prices -9% since 2023
- Retail parks subject to e-commerce pressure
- Target exit price 16.58M€ on cap rate 7% vs local residential market 4148€/m² (January 2026)
- Documented market decline → 0/3
Points forts
BBFD Investment group established since 2006, consolidated assets 254.7M€, >100 assets under management.
Crowd LTV alone 6.3%, global LTV crowd+bank 52% on target valuation 16.58M€ - moderate leverage effect.
Joint and several guarantee BBFD Investment (consolidated equity 76M€) + BBFD&CO + pledge of bank account receivables.
Current occupancy rate 84%, executed rents 908K€/year, 3 units in advanced negotiation (+252K€ potential).
Acquisition executed April 2023, delivery April 2026, asset in rental operation - confirmed maturity.
Target net margin 23.6% on exit via refinancing/sale at cap rate 7%.
Risques identifiés
Homunity platform: 33.98% projects in delay (265M€), 80 projects in collective insolvency proceeding (12.4% portfolio), net loss -2.24M€ (2024), collection -66.46% (2022-2025), Trustpilot 2.0/5, multiple projects listed on CrowdRevolt.
Repayment relies on long-term refinancing or sale - market and refinancing risk at 24 months.
3 units vacant (16% total surface) - relocation required to achieve target valuation 16.58M€.
Local Saint-Cyr-l'École market in documented decline: -75.74% transactions over 2 years, prices -9% since 2023, retail parks under e-commerce pressure.
Rate served 11%/year without first rank real security formally registered (joint and several guarantee + non-notarised pledge of receivables) - RF10 triggered (-3 pts).
Target valuation 16.58M€ relies on cap rate 7% - high sensitivity to market conditions at 2 years.
BBFD group gearing 1.95 (assets 32.8M€, equity 11.1M€), real estate company LTV 37.2% - tight financial structure.
Bank credit 7.6M€ identified but bank not named in file - partial external validation.
Absence of stress test presented on degraded rental income scenarios.
⚠ 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.