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.

Le Bernascon — Aix-les-Bains

Fragile

score / 100

Yield

9.0%/yr

Duration

18 months

Min. ticket

10 €

Amount raised

3.6 M€

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À propos

Property trader operation carried by Greenbull Estate (Maxime Mius) consisting of acquiring 15 lots within the building Le Bernascon, former palace of Aix-les-Bains, to create and resell 14 renovated apartments (8 T2, 6 T3, ~855 m²). Total forecast cost 4.87 M€, estimated resale 5.6 M€, margin ~15%. Land under promise (not yet executed at collection date). Financing by 3.57 M€ of simple obligations over 18 months at 9%/year.

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 · 27.0/75 (35.0 brut, red flags −8)

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Dedicated société dédiée (SPV) SASU, distinct issuer, French law

B1.3: 1/2 - First ranking mortgage planned not yet registered at file date

B2 · Opérateur & Track record 7.0/15faible

B2.1: 2/4 - Maxime MIUS appointed, M4 Estate DG, but little publicly accessible information

B2.2: 2/5 - Greenbull Estate, marchand de biens group experience alleged, no documented delivered operation

B2.3: 1/3 - First Bricks operation, verifiable reputation on other platforms not confirmed

B2.4: 2/3 - Share capital 65k€ very low, gearing not calculable, no procedure identified but financial statements not provided

B3 · Garanties & Sûretés 9.0/15

B3.1: 7/9 - First ranking mortgage planned in course of registration, deed not yet signed at file date

B3.2: 1/4 - SASU guarantor 65k€ capital, financial statements absent, equity not verifiable

B3.3: 0/2 - No bank partner identified, project >2M€

B4 · Structure financière 7.0/15faible

B4.1: 2/5 - Loan-to-Value (ratio prêt/valeur actif) marchand de biens: 3 570k€/5 600k€=63.8% (zone 55-65%)

B4.2: 2/4 - Contribution 1 300k€ on acquisition 2 590k€ = 50% self-financing

B4.3: 2/4 - No documented stress test, Loan-to-Value (ratio prêt/valeur actif) ~64% moderate

B4.4: 1/2 - Margin 15% operation cost; margin on turnover ~13% (730k/5600k)

B5 · Pré-commercialisation 2.0/10faible

No pre-sales, no documented reservations
Standard product on Aix-les-Bains market, tourist town with residential demand
No written commitment

B6 · Permis & Maturité 0.0/5faible

Land not yet executed (under promise)
Interior works declared without required authorisation according to issuer, but not validated by Bricks
No formal permission obtained

B7 · Marché & Localisation 2.0/3

Aix-les-Bains: stable market, attractive tourist/thermal town between Chambéry and Geneva
Target prices ~6 550€/m² consistent with local new/renovated market
Sustained residential demand

⚠ Alertes détectées · −8 pts déduits

Pas de financement bancaire −5 pts

No bank partner identified on project of 3 570 000 € (threshold >2M€) - absence of external bank validation

Terrain pas encore acheté −3 pts

Land not yet executed on RE-MDB operation - acquisition under promise, notarial deed not signed

Points forts

✓First ranking mortgage planned covering collection increased by 20% of ancillary costs.

✓Equity contribution 1 300 000 € committed before release of Bricks funds.

✓Works fund 1 700 000 € entirely sequestered, released on invoices.

✓Accounting transparency via open banking access to bondholder representative.

✓Property asset differentiating in attractive thermal town (lake, mountain, thermal baths).

Risques identifiés

!Land not executed: acquisition of lots remains under promise, risk of transaction failure.

!No pre-marketing: zero reservations on 14 apartments at file date.

!No bank partner: crowd-only financing on 3.57M€, absence of external validation.

!Financial statements of Greenbull Estate not provided; share capital of 65 000 € grossly insufficient to guarantee the operation.

!Aix-les-Bains market: absorption capacity of 14 premium lots not documented, resale timeframe uncertain over 18 months.

⚠ Avertissement sur les risques

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