La Durance — 12.0%/an · 24 mois

Plateforme · 20.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF in force, licence fonds propres-2023-15 confirmed
Maximum score

A2 · Track Record 5.0/6bon

Default 0% → 6 pts
Delay 8.6% → 4.5 pts (range 5-15%)
Average return 11.7% gross in line with announcements → 6 pts
A2 = (6×0.5)+(4.5×0.3)+(6×0.2) = 3+1.35+1.2 = 5.55 → rounded 5.5

A3 · Rigueur de sélection 2.0/4

Mention of a selection process without published refusal rate or committee details
Mature platform 6 years, €325M collected

A4 · Santé financière 3.0/4bon

Independent platform, >5 years in operation, no operational distress signal
Modest share capital (€150K) but sound growth
No identified institutional shareholder

A5 · Protection investisseurs 2.0/3

Approved agrément AMF: 4-day reflection period + mandatory continuity plan (1 pt)
Segregated accounts presumed via third-party PSP (1 pt)
Secondary market not documented in available data (0 pt)

Projet · 33.0/75 (48.0 brut, red flags −15)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligation (participating loan) fixed rate French law

B1.2: 2/3 - Direct borrowing operator C CARRE, well documented French law

B1.3: 1/2 - Rank not formally registered, no known senior debt

B2 · Opérateur & Track record 8.0/15

B2.1: 4/4 - Nicolas MISSLIN appointed president, publicly identifiable

B2.2: 4/5 - >15 documented commercial property trader operations, C CARRE since 2007

B2.3: 0/3 - First operation on La Première Brique, no specific history

B2.4: 0/3 - Active collective insolvency proceedings on group companies documented

B3 · Garanties & Sûretés 14.0/15bon

B3.1: 8/9 - Trust security notarial deed on entire real estate portfolio acquired plus joint and several guarantee Nicolas MISSLIN 1,683,600€

B3.2: 3/4 - 85% acquisition coverage, expert valuation 356%, target revenue 549%; guarantor partial information

B3.3: 0/2 - No bank credit identified on project <2M€, no RF2

B4 · Structure financière 9.0/15

B4.1: 3/5 - Loan-to-Value (ratio prêt/valeur actif) marchand de biens: loan 1,403M€ / acquisition 1,195M€ = LTA 117% but Loan-to-Cost (ratio prêt/coût total) 81% (threshold 75-85% → 2pts)

B4.2: 2/4 - Contribution 330,611€ / total cost 1,733M€ = 19%, within range 15-25%

B4.3: 2/4 - Margin 77%, revenue can fall 80% before debt exposure risk

B4.4: 2/2 - Net margin 77% well above 15%

B5 · Pré-commercialisation 3.0/10faible

B5: 3/10 - Aldi purchase offer (not notarised, rank 4) on building B 2.2M€ (29% revenue)
Letter of intent Action on ground floor building A
Firm commitments absent (no notarial compromise)

B6 · Permis & Maturité 4.0/5bon

B6: 4/5 - Land executed (judicial auction 19 February 2026)
Works in progress compliant: no town planning authorisation required, resale as is
No licence to clear

B7 · Marché & Localisation 2.0/3

B7: 2/3 - Aix-Marseille-Provence Metropolis, stable commercial market, presence of national retailers (Aldi, Action)
Exit price 1,240€/m² well below expert value 2,700€/m²

Risques identifiés

!Collective insolvency proceedings concerning several companies in the operator's group were identified during analysis. These proceedings do not necessarily target the borrowing entity itself and have not been confirmed with a primary source; they are therefore not presented as a qualified red flag. They remain noted as a point of caution and the deduction applied to the score is maintained as is.

![Disqualification lifted after application of locked scores] RF4 triggered: active collective insolvency proceedings documented on several companies in operator Nicolas MISSLIN / C CARRE's group at the time of fundraising. Disqualification condition met in accordance with methodology.

⚠ Avertissement sur les risques

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