À propos
Refinancing of a residential development of 39 units (31 private, 8 social) at Saint-Raphaël (Agay) by AEI Promotion. Land acquired, permit cleared, site ongoing, delivery scheduled December 2027. 62% commercialised in volume. Bullet bond over 21 months.
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 · 50.0/75
B1 · Instrument & Structure
9.0/10bon
B1.1: 5/5 - Simple bond, fixed rate 11% per annum, French law
B1.2: 3/3 - Dedicated société dédiée (SPV) HARLEY (SAS), clear structure
B1.3: 1/2 - Simple unsecured bond, no documented senior debt
B2 · Opérateur & Track record
11.0/15
B2.1: 4/4 - Jérémy Amzallag identified as director, LinkedIn profile found
B2.2: 4/5 - AEI Promotion created 2001, 25 employees, €11.1M equity. Established operator but documented deliverables insufficient
B2.3: 2/3 - 2 previous Homunity projects: 1 repaid, 1 ongoing without reported incident
B2.4: 1/3 - AEI Promotion balance sheet sound: €11.1M equity, €366K net result, gearing 1.95 (slightly tight)
B3 · Garanties & Sûretés
7.0/15faible
B3.1: 5/9 - Joint and several guarantees AEI PROMOTION (€11.1M equity) + CITADELLE SCCV, no real security
B3.2: 2/4 - AEI PROMOTION: €11.1M equity, gearing 1.95, weak cash position €0.1M
B3.3: 2/2 - Bank credit €3.5M identified (25% financing)
B4 · Structure financière
10.0/15
B4.1: 3/5 - Loan-to-Cost (ratio prêt/coût total) 59% (€8.3M crowd plus bank / €14.0M total cost)
B4.2: 1/4 - Operator equity €260K that is 1.9% of total cost (<5%)
B4.3: 3/4 - Stress-test minus 15% price: margin 6.0% turnover TTC, cash flow €918K positive, repayment assured
B4.4: 3/2 - Net margin 10.9% turnover TTC >8%, real estate cash flow €1.68M >12%
B5 · Pré-commercialisation
6.0/10
- 62% commercialised in volume (24/39 units), 55% in value (€8.26M/€14.65M)
- Commercialisation launched September 2024, pace >1 unit per month
- 15 units to sell over 21 months
- Majority VEFA reservations, compromises not detailed
B6 · Permis & Maturité
5.0/5✓ max
- Land acquired May 2024
- Building permit cleared February 2026
- Site launched February 2026, delivery scheduled March 2028
- Planning permission obtained
B7 · Marché & Localisation
2.0/3
- Score adjusted thanks to live data: Saint-Raphaël market stable
- Average price €5193/m², new €5700/m²
- Stock average price €6989/m² (private access) vs market €5700/m² - slight premium
- Rates stabilised 3-3.5%, price growth slowed +1.21% (2023-2025)
Points forts
Land acquired, building permit cleared, site launched - project maturity excellent
Bank credit €3.5M identified (25% of plan) - external bank validation
Premium coastal market Saint-Raphaël Agay - stable solvent demand
Operator established since 2001, €11.1M equity, 25 employees
Commercialisation 62% in volume - break-even largely exceeded
Stress-test minus 15% price: margin 6.0% maintained, repayment assured
Risques identifiés
Score adjusted thanks to live data: Homunity - portfolio delay rate 33.98%, 110/112 projects delayed
15 units remaining to commercialise over 21 months - calendar risk if slowdown
Stock average price €6989/m² private access vs market new €5700/m² - premium 22%
Operator equity 1.9% only - financing quasi-total by debt
Cash position AEI Promotion €0.1M - limited shock absorption capacity
No real security - repayment depends on commercialisation flows
Group financial statements consolidation not carried out by operator
Return 11% per annum - above RE-PROM standard (6-12%) without real security
⚠ Avertissement sur les risques
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