Bricks Property trading Financé

Ce projet est clôturé. L'analyse ci-dessous reflète les informations disponibles au moment de la souscription et n'a pas été mise à jour.

Immeuble Polonceau Paris 18e

Average

score / 100

Yield

9%/yr

Duration

12 months

Min. ticket

10 €

Amount raised

2.6 M€

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À propos

Property trader transaction on a R+4 building of 14 units located at 6 rue Polonceau, 75018 Paris. Operator 49 PI (Alexandre Tzarowsky) plans acquisition, heavy renovation and resale in individual units. Total cost €2,984,000, bond collection of €2,584,000 over 12 months.

Plateforme · 19.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence in valid force, fonds propres-2023-8 licence
Maximum applicable score

A2 · Track Record 5.0/6bon

Default 0% → 6/6
Delay 5.38% (threshold 5-15%) → 4.5/6
Net return 7.78% vs 10% announced, gap 2.22pp below lower bound → 1.5/6
Weighted score: (6×0.5)+(4.5×0.3)+(1.5×0.2)=4.65 → rounded 5

A3 · Rigueur de sélection 2.0/4

Selection process not detailed publicly, selection rate not published
Implicit mention of a process via agrément AMF licence
Score 2/4

A4 · Santé financière 2.0/4

Independent platform in strong growth (141M€, no.1 FR 2025)
Forced stoppage 7 months (Dec 2022-Jul 2023) and registre ORIAS deletion resolved
No identified institutional shareholder
Viability confirmed but regulatory history weighs
Score 2/4

A5 · Protection investisseurs 2.0/3

agrément AMF licenced → mandatory reflection period 4 days + Capsens continuity plan documented → 1 pt
Segregated accounts legally mandatory under agrément AMF → 1 pt
Secondary market not mentioned → 0 pt

Projet · 33.0/75 (41.0 brut, red flags −8)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple bond at fixed rate French law

B1.2: 2/3 - société dédiée (SPV) 49 PI dedicated, distinct issuer, but minimum capital €100

B1.3: 1/2 - First ranking mortgage mentioned, formal registration not confirmed as of filing date

B2 · Opérateur & Track record 6.0/15faible

B2.1: 2/4 - Manager Alexandre Tzarowsky appointed, no verified public profile

B2.2: 1/5 - société dédiée (SPV) with no documented property trader history; first transaction

B2.3: 0/3 - No history on Bricks or other platform

B2.4: 3/3 - No proceedings identified, société dédiée (SPV) balance sheet unavailable (recent company)

B3 · Garanties & Sûretés 10.0/15

B3.1: 7/9 - First ranking mortgage in course of registration plus 12 month interest escrow

B3.2: 1/4 - Personal guarantee from Tzarowsky not notarised, patrimony not assessed

B3.3: 0/2 - No banking partner identified, project <€2M structurally, no RF2

B4 · Structure financière 9.0/15

B4.1: 2/5 - Loan-to-Value (ratio prêt/valeur actif) ~87% (2584/2984), exceeds 75% threshold marchand de biens - 2pts; RF7 triggered as >85%

B4.2: 1/4 - Equity contribution €400K i.e. ~13.4% of total cost, range 15-25%

B4.3: 2/4 - No formal stress test; high Loan-to-Value (ratio prêt/valeur actif) does not compensate

B4.4: 2/2 - Forecast margin 23.3% (694K/2984K) > 15%

B5 · Pré-commercialisation 2.0/10faible

marchand de biens: no documented commitment to sell, property in heavy renovation required
Paris market liquid but no signed promise
Score 2/10 - standard product on liquid market

B6 · Permis & Maturité 3.0/5

marchand de biens: land not yet formalised confirmed in file (acquisition planned)
Works not started
RF6 triggered (marchand de biens, land not formalised)
Score B6: 0 - but acquisition under promise with deed planned at notary office; score 3 if land formalised plus works not started applicable conditionally
Prudential score 0

B7 · Marché & Localisation 3.0/3✓ max

Paris 18th intra-muros, deep and liquid market
Live data: median price €11,001/m2, supply structurally constrained
Exit price estimated ~€7,356/m2 on 500m2 - below market median
Score adjusted through live data: premium Paris intramuros market confirmed

⚠ Alertes détectées · −8 pts déduits

Terrain pas encore acheté −3 pts

Land not formalised on RE-MDB transaction - acquisition not yet completed by notarial deed.

Ratio prêt/valeur trop élevé −5 pts

LTV calculated at 86.6% (€2,584,000 / €2,984,000) - exceeds 85% threshold on real estate asset.

Points forts

✓First ranking mortgage on Paris property, coverage 120% of principal.

✓12 month interest escrow guaranteeing first payments to investors.

✓Paris 18th intra-muros: deep market, structurally insufficient supply.

✓High forecast operator margin (23.3%), exit price below market median.

✓Works escrow released on invoices, reducing embezzlement risk.

Risques identifiés

!Land not formalised as of filing date: acquisition not yet completed at notary office.

!LTV of 86.6% high for a RE-MDB; financing nearly entirely by bond debt.

!Heavy renovation with documented structural defects (facades, floors, cellars).

!Personal guarantee from Tzarowsky signed under private deed, not notarised, patrimony not assessed.

!SPV 49 PI with no operational history, no documented prior property trader transaction.

⚠ Avertissement sur les risques

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