Communay — 11.5%/an · 12 mois

Plateforme · 19.0/25

A1 · Statut réglementaire 8.0/8✓ max

Baltis holds the agrément AMF AMF licence (fonds propres-2023-19), currently valid in the AMF register
Maximum applicable score

A2 · Track Record 3.0/6

Platform statistics partially published
Delay rate >90 days estimated at 15-25% (portfolio majority promotion immobilière, market 2023-2024 under pressure)
No definitive default documented publicly to date
Actual return versus announced return not officially confirmed
Penalty applied for opacity of aggregated data
Score adjusted for caution: default ~0% (4.5pts×0.5=2.25) + estimated delay 15-25% (3pts×0.3=0.90) + return N/C (0pts×0.2=0) = 3.15 → rounded 3/6

A3 · Rigueur de sélection 2.0/4

Baltis mentions a selection process (committee, financial analysis) on its website but does not publish a quantified selection rate
Process described without verifiable quantitative data

A4 · Santé financière 3.0/4bon

Independent platform, operational since 2018, active fundraising in 2024-2025, no platform distress signal identified
No listed institutional shareholder but existence >5 years and operational continuity confirmed

A5 · Protection investisseurs 3.0/3✓ max

agrément AMF AMF licence → 4-day reflection period + mandatory continuity plan (1pt)
Segregated account via third-party payment service provider (Mangopay, 1pt)
No secondary market documented to date but collateral recovery mentioned in terms and conditions (1pt)

Projet · 51.0/75

B1 · Instrument & Structure 9.0/10bon

B1.1: 5/5 - Simple obligation fixed rate, clear French law

B1.2: 2/3 - Direct loan M2B IMMOBILIER operator, well documented

B1.3: 2/2 - First-ranking mortgage documented, no known senior debt

B2 · Opérateur & Track record 9.0/15

B2.1: 4/4 - Guérin and Jean-Paul Costa appointed, functions specified, identifiable profiles

B2.2: 4/5 - 7 property trader operations completed, real estate agents >10 years, standard bank financing

B2.3: 1/3 - 1 prior crowdfunding operation (LPB Chaponnay) with amendment extending maturity

B2.4: 0/3 - Share capital 1,000€, insufficient 2024 financial data, balance sheet not provided, gearing not calculable

B3 · Garanties & Sûretés 11.0/15

B3.1: 7/9 - First-ranking mortgage in course of registration (land acquisition planned March 2026, deed not yet signed at issue date)

B3.2: 2/4 - Notarised guarantee of both managers, patrimony not publicly assessed

B3.3: 0/2 - No identified banking partner on this specific operation; amount <2M€ → no RF2

B4 · Structure financière 9.0/15

B4.1: 3/5 - Loan-to-Value (ratio prêt/valeur actif) not precisely calculable (acquisition price not disclosed); fundraising 490K€ / turnover 743K€ = 66% as proxy

B4.2: 1/4 - Operator equity 88,425€ representing ~14.9% of total; self-financing <15%

B4.3: 2/4 - Margin 21% offers buffer but formalised stress test absent; Loan-to-Cost (ratio prêt/coût total) <30% not achieved

B4.4: 2/2 - Net margin 21% of turnover including tax, above 15% threshold

B5 · Pré-commercialisation 7.0/10

3/4 lots pre-marketed at 68% turnover including tax (503,500€)
Signed offers, contracts expected week of 16 March 2026
1 lot remaining unsold. marchand de biens: >50% under signed offers → 8pts reduced because offers not yet notarised

B6 · Permis & Maturité 4.0/5bon

Prior notification obtained 1 August 2025 and cleared of all remedies
Land acquisition planned March 2026, not yet actioned at dossier date → land under promise. marchand de biens: works not started, permission obtained but land not actioned → 3pts; prior notification cleared partially offsets → 4pts retained

B7 · Marché & Localisation 2.0/3

Communay, commune south of Lyon metropolis, stable residential market (27 transactions 2024)
Secondary periurban market with adequate residential demand but e-commerce pressure and macro instability
Residential price 3,310-3,748€/m² consistent with targets

Points forts

✓First-ranking mortgage and notarised guarantee of both managers as security.

✓7 prior property trader operations with average gross margin of 18% of turnover including tax.

✓68% of turnover including tax pre-marketed with signed offers on 3/4 lots.

✓Prior notification obtained and cleared, administrative risk eliminated.

✓Forecast margin of 21% of turnover including tax, above property trader standard.

Risques identifiés

!Land acquisition not yet actioned at dossier date (March 2026 planned).

!M2B IMMOBILIER share capital limited to 1,000€, balance sheet not provided.

!Previous crowdfunding operation (LPB Chaponnay) requiring amendment extending maturity.

!Operator self-financing of 88,425€ representing less than 15% of total financing.

!Secondary periurban market with limited liquidity and persistent macroeconomic pressure.