15 Limare — 12%/an · 10 mois

Plateforme · 19.0/25

A1 · Statut réglementaire 8.0/8✓ max

Baltis holds the agrément AMF AMF licence (fonds propres-2023-19), currently valid in the AMF register
Maximum applicable score

A2 · Track Record 3.0/6

Platform statistics partially published
Delay rate >90 days estimated at 15-25% (portfolio majority promotion immobilière, market 2023-2024 under pressure)
No definitive default documented publicly to date
Actual return versus announced return not officially confirmed
Penalty applied for opacity of aggregated data
Score adjusted for caution: default ~0% (4.5pts×0.5=2.25) + estimated delay 15-25% (3pts×0.3=0.90) + return N/C (0pts×0.2=0) = 3.15 → rounded 3/6

A3 · Rigueur de sélection 2.0/4

Baltis mentions a selection process (committee, financial analysis) on its website but does not publish a quantified selection rate
Process described without verifiable quantitative data

A4 · Santé financière 3.0/4bon

Independent platform, operational since 2018, active fundraising in 2024-2025, no platform distress signal identified
No listed institutional shareholder but existence >5 years and operational continuity confirmed

A5 · Protection investisseurs 3.0/3✓ max

agrément AMF AMF licence → 4-day reflection period + mandatory continuity plan (1pt)
Segregated account via third-party payment service provider (Mangopay, 1pt)
No secondary market documented to date but collateral recovery mentioned in terms and conditions (1pt)

Projet · 39.0/75

B1 · Instrument & Structure 8.0/10bon

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

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

B1.3: 1/2 - Priority ranking claimed, first ranking mortgage documented but formal registration not confirmed as of file date

B2 · Opérateur & Track record 6.0/15faible

B2.1: 4/4 - Auriane Duvillard appointed, Kbis available, identifiable profile

B2.2: 1/5 - Company created April 2024, first property trader operation, Aurélien Parrain approximately 10 years adjacent real estate

B2.3: 0/3 - First operation on any platform, zero history

B2.4: 1/3 - Company registered 2024, capital €1,000, 2024 balance sheet not analysable, gearing unknown

B3 · Garanties & Sûretés 10.0/15

B3.1: 7/9 - First ranking mortgage in course of registration plus notarised personal guarantees; mortgage prime

B3.2: 1/4 - Guarantors (Duvillard + Parrain) natural persons, patrimony not evaluated

B3.3: 2/2 - No identified banking partner; project <€2M, no RF2

B4 · Structure financière 9.0/15

B4.1: 3/5 - Loan-to-Value (ratio prêt/valeur actif) not calculable precisely; property trader project without acquisition value versus capital raise data

B4.2: 1/4 - Operator equity contribution not documented, share capital €1,000, estimation <15%

B4.3: 2/4 - Loan-to-Cost (ratio prêt/coût total)/Loan-to-Value (ratio prêt/valeur actif) unknown, stress test absent; 13% margin offer limited buffer

B4.4: 2/2 - Net margin 13% revenue including VAT complies with threshold >10% property trader

B5 · Pré-commercialisation 2.0/10faible

Financing upstream of any commercialisation
No commitments, no signed undertakings
Standard product on liquid Orléans market but context Pinel disappeared and stocks elevated

B6 · Permis & Maturité 3.0/5

No administrative authorisation required for this operation
Land: documented acquisition (company initiated June 2025 on first operation)
Acquisition status active not confirmed as of CEO November 2025

B7 · Marché & Localisation 1.0/3faible

Orléans secondary market stable
Unfavourable context: Pinel end (-53% investors), 20% projects suspended, new stock +74%
Long term fundamentals correct but slow absorption (48 months)

Points forts

✓First ranking mortgage and notarised personal guarantees on identified asset

✓Projected margin 13% revenue including VAT, above minimum threshold property trader

✓Historic centre location Orléans, solid rental market (62% tenants)

✓No administrative authorisation required, no permit risk

✓PSFP AMF Baltis licence, simple obligations French law clear

Risques identifiés

!A.P.R company created April 2024, capital €1,000, no documented completed operation

!Commercialisation not started, no buyer commitment as of collection date

!New market Orléans under pressure: Pinel end, stock +74%, absorption up to 48 months

!Operator equity contribution not documented, financial structure opaque

!Financial strength of natural person guarantors not evaluated financially in file