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.