Le Rivage (83) — 11.0%/an · 20 mois

Plateforme · 18.5/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF fonds propres-2023-15 verified and in force

A2 · Track Record 4.5/6bon

Score adjusted thanks to live data: Default rate 0.0% (6 pts), delay rate >6 months 10.1% (4.5 pts), yield not disclosed
Weighted formula: (6×0.5 + 4.5×0.3 + 3×0.2) = 4.95
Rounded 4.5/6

A3 · Rigueur de sélection 2.0/4

Documented audits before publication but selection rate and detailed process not published

A4 · Santé financière 3.0/4bon

Score adjusted thanks to live data: Platform profitable (851K€ profit 2022), healthy growth (367M€ collected, 171K investors), >29 employees, offices in Lyon
Licenced agrément AMF 2023, thus <3 years licence but solid structure

A5 · Protection investisseurs 1.0/3faible

agrément AMF licence guarantees 4-day deadline + continuity plan (1 mandatory pt)
No mention of segregated accounts or secondary market in file

Projet · 55.0/75

B1 · Instrument & Structure 10.0/10✓ max

B1.1: 5/5 - Subordinated loan, simple bond French law

B1.2: 3/3 - Dedicated société dédiée (SPV) MORELLO INVEST, clear structure French law

B1.3: 2/2 - First-rank mortgage registered at the land registry (documented)

B2 · Opérateur & Track record 13.0/15bon

B2.1: 4/4 - Manager Didier Morello appointed, role specified as manager

B2.2: 5/5 - 16 property trading operations completed, 48.5M€ cumulative turnover, 46% margin, >40 years real estate

B2.3: 1/3 - First operation on La Première Brique, track record elsewhere not documented

B2.4: 3/3 - Paris RCS verified, no proceedings, sound accounts

B3 · Garanties & Sûretés 13.0/15bon

B3.1: 9/9 - First-rank mortgage registered at land registry on 63 Av. Hirondelles Cavalaire

B3.2: 2/4 - Personal guarantee Didier Morello 2.22M€, patrimony not documented precisely

B3.3: 2/2 - Bank credit 1.675M€ refinanced (bank identity not disclosed but documented existence)

B4 · Structure financière 9.0/15

B4.1: 3/5 - Loan-to-Value (ratio prêt/valeur actif) 63% (1.851M€ / 2.765M€), range 60-70% marchand de biens class

B4.2: 3/4 - Initial contribution 440K€ plus additional 135.6K€ = 575.6K€ i.e. 29% self-financed (575.6/1986.6)

B4.3: 1/4 - No documented stress test, Loan-to-Value (ratio prêt/valeur actif) 63% (>60%) does not compensate

B4.4: 2/2 - Net margin 28% on turnover, well above 15% marchand de biens threshold

B5 · Pré-commercialisation 3.0/10faible

Renovated asset completed, recent promise of sale not concluded (suspensive condition not realised)
Interest confirmed but no current firm commitment
Liquid high-end market Cavalaire

B6 · Permis & Maturité 5.0/5✓ max

Land title executed 20/06/2023, works completed, occupation authorisation obtained (renovation plus 60m² extension plus swimming pool completed in compliance)

B7 · Marché & Localisation 2.0/3

2/3 - Score adjusted thanks to live data: Cavalaire-sur-Mer premium market Côte d'Azur stable, uncertainties on mortgage rates 3.26-3.45% April 2026 and DMTO April 2025 weighing on high-end transactions

Points forts

✓Experienced operator: 16 property trading operations, 48.5M€ cumulative turnover, average margin 46%, no losses.

✓First-rank mortgage registered covering 149% of financed amount.

✓Asset entirely completed, technical risk nil.

✓Attractive forecast margin 28% on turnover.

✓Premium market Côte d'Azur, sought-after residential district.

✓Significant operator contribution 29% of total cost.

Risques identifiés

!Exit price 12,568€/m² well above local market median (7,022€/m²).

!Recent promise of sale not concluded, suspensive condition not realised.

!First operation on La Première Brique platform, track record not documented elsewhere.

!No stress test presented, vulnerability in case of sale price decline.

!Refinancing after initial bank credit maturity, marketing delay.

!Return 11%/year beyond RE-MDB norm 6-12%, verify guarantee compensation.

!Guarantor personal patrimony (guarantee 2.22M€) not documented precisely.

!Target duration 8 months but maximum duration 20 months, sales calendar uncertainty.

!Context high mortgage rates April 2026 weighs on potential high-end buyers.

⚠ Avertissement sur les risques

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