À propos
Residential real estate development at Combs-la-Ville (77) by DG Group via SLV 1: 126 units (4 buildings R+4 + 14 individual houses), including 82 units sold in block to a social housing provider and 44 in private home ownership. Land under promise (not yet executed), building permit cleared, marketing at 80% by volume (101/126 units), site scheduled April 2026.
Plateforme · 17.0/25
A1 · Statut réglementaire
8.0/8✓ max
- agrément AMF AMF fonds propres-2023-31 obtained on 9 November 2023, in force
- CIF and COA status registre ORIAS 16003112
- Member of France FinTech and CNCEF
A2 · Track Record
3.0/6
- Score adjusted thanks to live data: Default rate 0.0% → 6/6×0.5=3.0
- Delay rate 33.98% → 0/6×0.3=0.0
- Actual yield 10.16% compliant with announced range → 6/6×0.2=1.2
- Weighted: (3.0+0.0+1.2)=4.2, but penalty −2 pts for significant deterioration: 110/112 projects in delay, 80 in collective insolvency proceedings, target IRR decline
A3 · Rigueur de sélection
2.0/4
- Selection process via internal committee mentioned
- Selection rate not published
- Financial analysis present in files
A4 · Santé financière
3.0/4bon
- Score adjusted thanks to live data: Tikehau Capital subsidiary (50bn€ AUM), solid institutional group
- BUT net loss SAS Homunity −2.24m€ (2024) vs −12.5k€ (2023), fundraising −66.46% (2022-2025)
- Platform risk moderate but no imminent distress
A5 · Protection investisseurs
1.0/3faible
- Reflection period 4 days + documented BCP Capsens → 1 pt (mandatory agrément AMF)
- Segregated accounts not mentioned → 0 pt
- Secondary market not documented → 0 pt
Projet · 48.0/75
B1 · Instrument & Structure
9.0/10bon
B1.1: 5/5 - Simple bond at fixed rate 11%/year, French law
B1.2: 3/3 - Dedicated société dédiée (SPV) SLV 1 issuer, clear structure
B1.3: 1/2 - Simple bond without documented senior debt, de facto first ranking but not formally registered (joint and several guarantee is not a ranking registration)
B2 · Opérateur & Track record
8.0/15
B2.1: 4/4 - Manager Mr Kudlug Deger identified, role specified, group named DG Group/KADEO
B2.2: 2/5 - Group founded 2010, integrated promoter-builder model documented, but number of completed operations not specified in the file
B2.3: 0/3 - First operation documented on Homunity for this operator
B2.4: 2/3 - KADEO fonds propres holding 15.2M€, gearing 3.24 ((64.6-15.2)/15.2), consolidated balance sheet recent June 2025, no proceeding signalled but gearing >2.5
B3 · Garanties & Sûretés
10.0/15
B3.1: 5/9 - Joint and several guarantee KADEO PARTICIPATIONS (capitalized holding) + control agent over financial flows
B3.2: 3/4 - fonds propres holding 15.2M€, gearing 3.24 (high), but no proceeding identified, reserves 6.4M€
B3.3: 2/2 - Bank credit 5.48M€ identified, independent external validation documented
B4 · Structure financière
8.0/15
B4.1: 5/5 - Loan-to-Cost (ratio prêt/coût total) 5.3% (1.424M€ / 26.971M€), excellent level of crowd leverage
B4.2: 1/4 - Operator equity 356K€ + associate 800K€ = 1.156M€ representing 4.3% of total cost (1.156/26.971), below 5% threshold
B4.3: 2/4 - Stress scenario -15% on prices maintains positive cash-flow 8.6% turnover incl. VAT, crowd repayment assured but tension on operator margin
B4.4: 0/2 - Net project margin 5.7% turnover incl. VAT, below 8% threshold for promotion immobilière
B5 · Pré-commercialisation
8.0/10bon
- 80% volume (101/126 units) including 82 units sold to social housing provider (deed likely signed, ranking 1 commitment), 19 units reserved for private home ownership
- Marketing launched January 2026, pace 9 units/month
- 25 remaining units predominantly individual houses (late marketing normal)
- Break-even far exceeded
B6 · Permis & Maturité
5.0/5✓ max
- Land under promise of sale (not executed according to file) BUT building permit obtained and cleared + site launched + construction loan obtained + insurance in place
- Live data confirm construction in progress, delivery Q2 2028
- Maximum score as technical maturity reached despite land not executed (risk RF6 captured separately)
B7 · Marché & Localisation
0.0/3faible
- Score adjusted thanks to live data: Residential real estate development market in severe crisis (1/5 projects suspended Q3 2025, private investor sales -53.3%), developer marketing in decline
- Exit prices 4177-4342 EUR/m² private home ownership, Seine-et-Marne market saturated (119 active programs, 1208 available units)
- Documented declining trend
⚠ Alertes détectées · −3 pts déduits
Terrain pas encore acheté
−3 pts
Land not executed (under promise of sale) on RE-MDB class only - ANALYSIS ERROR: this project is RE-PROM, RF6 does not apply here. Red flag cancelled.
Points forts
Marketing 80% volume including block sale 82 units to social housing provider secures outlets
LTC extremely low 5.3% limits structural financial risk
Bank credit 5.48M€ validates project with external partner
Building permit cleared and site launched with construction loan, complete administrative maturity
Guarantor holding KADEO FP 15.2M€ with consolidated liquidity 9.8M€
Risques identifiés
Score adjusted thanks to live data: Homunity platform in major operational difficulty - 110/112 projects delayed, 33.98% delayed amounts, 80 projects in collective insolvency proceeding
Land under promise only (not executed) while site launched - legal risk on acquisition
25 remaining units almost exclusively individual houses (less liquid market)
Residential development market Seine-et-Marne saturated and in crisis - 119 competing active programs
Net project margin 5.7% low for RE-PROM, vulnerability to cost overruns
KADEO holding gearing 3.24 high, limits solidity of joint and several guarantee
First DG Group/SLV 1 operation on Homunity, no platform repayment history
Exit price private home ownership 4177-4342 EUR/m² in high range for Seine-et-Marne
Operator equity contribution 4.3% below 5% threshold, external financing dependency
Duration 24 months with Q2 2028 delivery, calendar tension if construction delays
⚠ 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.