Division Taillerie Royat — LJJA — 9%/an · 12 mois

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 · 45.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct loan from SAS LJJA, French law, well documented

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

B2 · Opérateur & Track record 6.0/15faible

B2.1: 2/4 - Johan Gout and Ludivine Mosnier appointed, no verifiable public profile

B2.2: 1/5 - First property trader operation documented, adjacent actors

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

B2.4: 3/3 - Recent SAS, no insolvency proceeding identified, capital paid-up

B3 · Garanties & Sûretés 9.0/15

B3.1: 7/9 - First-ranking mortgage being registered plus joint and several guarantee from associates; mortgage dominant

B3.2: 1/4 - Joint and several guarantee under private agreement, guarantors' assets not assessed, SAS capital €1,000

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

B4 · Structure financière 13.0/15bon

B4.1: 4/5 - Loan-to-Value (ratio prêt/valeur actif) 49.6% (threshold 40-55%) → 4 points marchand de biens

B4.2: 3/4 - Contribution €96,560 / €267,000 = 36.1% (threshold 35-50%) → 3 points

B4.3: 4/4 - Margin 29% on cost basis; stress −30% revenue preserves crowd repayment

B4.4: 2/2 - Net project margin 29% > 15%

B5 · Pré-commercialisation 3.0/10faible

Expressions of interest received on 2 lots (ground floor and first floor), not formalised as promises
No deed or binding agreement signed
Written commitment absent per file → 3 points marchand de biens

B6 · Permis & Maturité 4.0/5bon

Promise signed on land mentioned, acquisition not yet completed as of file date
Light works (joinery, remedial work), no planning permission required
Score 4/5 for marchand de biens with works in planning stage

B7 · Marché & Localisation 2.0/3

Royat, residential town near Clermont-Ferrand, stable market
Exit price ~€1,500/m² consistent with provincial market
No documented signal of retreat

Points forts

✓First-ranking mortgage on asset with 111% coverage, funds and works placed in escrow.

✓Operator's forecast operating margin high at 29% offering comfortable cushion.

✓LTV of 49.6% below alert thresholds for RE-MDB class.

✓Operator contribution of 36% of total cost, genuine financial commitment.

✓Interest first 6 months in escrow, securing first investor distributions.

Risques identifiés

!Operator first documented property trader operation, no verifiable delivered track record.

!Joint and several guarantee under private electronic agreement, not notarised, limited legal value.

!No binding agreement signed on lots despite expressions of interest on 2 lots.

!Land not yet completed as of file date, promise signed only.

!Financing 100% crowd plus equity, complete absence of bank credit.

⚠ 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.