Barachois - La Réunion (JOCETHAD) — 11%/an · 12 mois

Plateforme · 17.5/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence from AMF currently valid under European regulation 2020/1503
Highest status on the grid
Score adjusted thanks to live data: confirmation of active agrément AMF licence

A2 · Track Record 3.5/6

Score adjusted thanks to live data: default 0.09% (<1%) → 6 pts; delay >6 months 32.23% (30-50%) → 1.5 pts; actual vs announced return N/A → 0 pts
Calculation: (6×0.5)+(1.5×0.3)+(0×0.2)=3.45, rounded to 3.5/6

A3 · Rigueur de sélection 1.0/4faible

No published selection rate or detailed process description identified in available data
Established platform (since 2015) and recognised on the French market

A4 · Santé financière 3.0/4bon

Independent platform, operational since 2015 (9+ years), >€1bn funded, no collective insolvency proceeding against ClubFunding itself
Portfolio delays fall under A2, not A4
Absence of stress signal at platform level

A5 · Protection investisseurs 2.0/3

agrément AMF licence → 4-day cooling-off period plus mandatory continuity plan (1 pt)
Segregated accounts via third-party PSP presumed compliant with agrément AMF (1 pt)
Secondary market not documented in available data (0 pt)

Projet · 45.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct loan operator SAS JOCETHAD, French law

B1.3: 1/2 - First ranking mortgage registered mentioned, priority ranking claimed

B2 · Opérateur & Track record 8.0/15

B2.1: 2/4 - Cédric Muller appointed, 49 years old, identified manager but LinkedIn not confirmed

B2.2: 4/5 - Real estate experience since 1997, own agency, several Reunion assets managed

B2.3: 1/3 - First operation on ClubFunding, Raizers history repaid

B2.4: 1/3 - SIREN mismatch JOCETHAD/ClubFunding SAS unresolved, balance sheet post-capital increase 50K€ fragile

B3 · Garanties & Sûretés 10.0/15

B3.1: 9/9 - First ranking mortgage registered on identified commercial asset

B3.2: 1/4 - Net wealth 6.4M€ of manager documented but personal guarantee, holding gearing not established

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

B4 · Structure financière 8.0/15

B4.1: 3/5 - Loan-to-Value (ratio prêt/valeur actif) ≈71% (320K/450K), range 60-70% limit

B4.2: 2/4 - Raizers repaid on equity, operator contributed initial equity estimated ~15%

B4.3: 2/4 - No formalised stress test, moderate Loan-to-Value (ratio prêt/valeur actif) partially compensates

B4.4: 1/2 - Net margin 14% gross IRR announced, but commercial asset in RE-COM

B5 · Pré-commercialisation 7.0/10

9 year firm lease signed with tenant operator (M
Chiefare, restaurant), rent 37,752€/year active since June 2024
LOI sale signed 30/04/2026 with named buyers
Corresponds to 7/10 (LOI signed, tenant identified named)

B6 · Permis & Maturité 3.0/5

Acquisition completed (deed 03/08/2023)
No restructuring permit required according to file
Terrace order obtained 07/11/2025
No additional authorisation mentioned necessary
Corresponds to 3/5 (acquisition completed, no heavy permit in progress)

B7 · Marché & Localisation 1.0/3faible

Score adjusted thanks to live data: real estate market Nice/Reunion declining trend (-0.5% to -2.9%)
Commercial asset located in Saint Denis La Reunion, secondary insular market
Target price 4,018€/m² on market with limited data

Points forts

✓First ranking mortgage registered on identified commercial asset and leased

✓9 year firm lease with operator tenant in place since June 2024

✓Sale promise signed with named buyers on 30/04/2026

✓Prior Raizers loan fully repaid on equity

✓Provisional net margin of 14% on commercial operation

Risques identifiés

!SIREN 807764980 registered at ClubFunding SAS and not at SAS JOCETHAD - unresolved registry inconsistency

!Real estate market La Reunion/commercial in declining trend according to live data 2026

!JOCETHAD very low share capital (50K€ post-AGM), historically fragile balance sheet

!No documented banking partner on this refinancing, total crowd dependence

!Return 11%/year slightly above RE-COM standard; verify that guarantees compensate

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