Maison Saint-Avé — Division en 3 logements et terrain détaché — 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 · 41.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligations fixed rate French law

B1.2: 2/3 - Issuer ARYA IMMO direct, French law, well documented

B1.3: 1/2 - First-ranking mortgage mentioned, registration in progress not confirmed

B2 · Opérateur & Track record 6.0/15faible

B2.1: 2/4 - Yassine REGUEI appointed, identified manager, limited public profile

B2.2: 2/5 - Investor since 2015 declared, €1.2M patrimony, but 0 documented property trader operations delivered

B2.3: 0/3 - First operation on Bricks, no platform history

B2.4: 2/3 - ARYA IMMO created recently, capital €1,000, no financial statements available, gearing not calculable

B3 · Garanties & Sûretés 10.0/15

B3.1: 7/9 - First-ranking mortgage in process of registration on financed asset (plus 20% accessories)

B3.2: 1/4 - Personal guarantee Yassine REGUEI, patrimony €1.2M declared not notarised, not formally appraised

B3.3: 0/2 - No banking partner, amount below €2M therefore no RF2

B4 · Structure financière 9.0/15

B4.1: 3/5 - Loan-to-Value (ratio prêt/valeur actif) 66.6% (range 55-65% = 3pts, slightly above)

B4.2: 1/4 - Contribution €80,000 on €521,000 total cost = 15.4%, range 15-25% = 1pt marchand de biens

B4.3: 2/4 - Margin 27% provides cushion but no formalised stress test; moderate Loan-to-Cost (ratio prêt/coût total) partially compensates

B4.4: 2/2 - Net forecast margin 27.1% of total cost, well above 15% threshold

B5 · Pré-commercialisation 3.0/10faible

Plot of 1,160 m² under offer at €195,000 (44% of financing)
The 3 dwellings remain to be marketed after works
Partial pre-marketing, 1 written commitment confirmed

B6 · Permis & Maturité 3.0/5

Land not yet acquired (acquisition to be financed)
Urban planning authorisations obtained but transfer of property condition to operator and ENEDIS quote pending
Works not started

B7 · Marché & Localisation 2.0/3

Saint-Avé, residential municipality in Vannes agglomeration (Morbihan)
Established market, sustained demand for small units, exit prices €3,010-€3,810/m² in line with local references
Market stable according to live data

Points forts

✓First-ranking mortgage registered on financed asset, coverage 120% of principal.

✓Plot under offer at €195,000 secures 44% of repayment at exit.

✓Forecast gross margin of 27.1% provides comfortable cushion against risks.

✓12-month escrow of interest guarantees first payments to investors.

✓Residential market of Vannes/Saint-Avé dynamic with sustained rental demand.

Risques identifiés

!ARYA IMMO created recently, share capital €1,000, no financial statements available.

!No documented property trader operation delivered for operator Yassine REGUEI.

!Land not yet acquired at date of dossier; property condition transfer and ENEDIS quote pending.

!Personal guarantee not notarised, patrimony €1.2M declared not formally verifiable.

!Quasi-total financing by debt (84.6% crowd), own contribution limited to €80,000.

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