Afranga Business lending Financé

Ce projet est clôturé. L'analyse ci-dessous reflète les informations disponibles au moment de la souscription et n'a pas été mise à jour.

Lev Credit Business Loan 619

Average

score / 100

Yield

8.0%/yr

Après WHT (10%)

7.2%/yr

Duration

12 months

Min. ticket

10 €

Amount raised

4 k€

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Retenue à la source (WHT) de 10% non récupérable

La Bulgarie applique une retenue à la source de 10% sur les intérêts perçus via cette plateforme. La convention fiscale France-Bulgarie (art. 9) permet en principe de ramener ce taux à 0% pour les résidents français disposant d'une attestation de résidence fiscale, mais la plateforme refuse de traiter ces certificats : elle regroupe l'ensemble de ses investisseurs sans partager leur identité avec l'originateur du prêt. Cette retenue est donc une perte structurelle permanente, qui s'ajoute au PFU français de 30% sans possibilité de compensation. Ce point n'est pas mentionné dans le DICI.

Rendement affiché : 8.0%/an → Rendement net après WHT : 7.2%/an (avant impôt français)

À propos

12-month commercial loan to Lev Credit, Bulgarian non-bank financial institution (BNB licence BGR00421). Objective: financing of underlying loan portfolio secured by first-rank mortgage on real estate and/or movable pledge (LTV max 50%). SME-NBFI operation with no direct guarantee to investors.

Plateforme · 15.3/25

A1 · Statut réglementaire 5.0/8

ECSP licence granted by the Bulgarian Financial Supervision Commission (resolution 863, September 2023)
Equivalent EU status recognised but outside direct AMF/ESMA tier 1
Regulatory relaunching March 2025

A2 · Track Record 2.3/6faible

Adjusted score through live data: default rate 12.5% documented (0/6 default + 1.8/6 delay × 0.3 + 6/6 yield × 0.2) = 2.34/6
Impairments rising 2023-2024
Young platform (relaunching 2025), limited history

A3 · Rigueur de sélection 2.0/4

Mention of selection process via originator Stikcredit, but selection rate not published
No documented independent committee

A4 · Santé financière 3.0/4bon

Principal originator Stikcredit displays equity ratio 54%, net profit €3.5M in 2024
Viable but young platform (relaunching 2025)
No platform distress signal despite high portfolio loss rate (captured in A2)

A5 · Protection investisseurs 3.0/3✓ max

4-day reflection period + mandatory continuity plan (ECSP)
Segregated accounts via Lemonway (licensed French payment institution)
No identified secondary market

A5 · Note WHT : Cette plateforme applique une retenue à la source bulgare de 10% non récupérable pour les investisseurs français (refus de traiter les certificats de résidence fiscale). Cela pèse sur la protection investisseurs et n'est pas mentionné dans le DICI.

Projet · 35.0/75 (40.0 brut, red flags −5.0)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Direct loan ECSP documented, clear Bulgarian law

B1.2: 2/3 - Direct borrowing Lev Credit (BG), recognised EU law

B1.3: 1/2 - Unsecured obligation (no senior debt identified in the file)

B2 · Opérateur & Track record 10.0/15

B2.1: 4/4 - Named manager (Desislava Georgieva Filipova, Managing Director), transparent

B2.2: 4/5 - NBFI regulated by BNB (Reg. BGR00421) for >2 years, equity 860K€ 2025, profit 255K€, healthy growth

B2.3: 0/3 - First Lev Credit operation on Afranga documented (no prior history)

B2.4: 2/3 - No proceedings, healthy balance sheet (equity 76% of total assets), moderate gearing

B3 · Garanties & Sûretés 2.0/15faible

B3.1: 0/9 - No direct guarantee to investors (underlying collateral first-rank mortgage/movable pledge Loan-to-Value (ratio prêt/valeur actif) 50% secures Lev Credit claims, not crowd lenders)

B3.2: 0/4 - No external guarantor identified

B3.3: 2/2 - Score adjusted through live data (SME-NBFI-specific scoring notes): NBFI licensed by BNB (Bulgarian central bank) for >2 years = direct institutional financial partner

B4 · Structure financière 8.0/15

B4.1: 3/5 - taux de couverture de la dette calculated 1.67 (estimated 2025 EBITDA ~255K€ / estimated annual debt service ~150K€)

B4.2: 0/4 - No operator equity contribution documented on this operation

B4.3: 3/4 - No stress test presented but underlying Loan-to-Value (ratio prêt/valeur actif) 50% max (NBFI collateral) structurally compensates

B4.4: 2/2 - Net margin 39% 2025 (255K€/649K€) + taux de couverture de la dette 1.67

B5 · Pré-commercialisation 6.0/10

Existing diversified portfolio (consumer loans + underlying business), NBFI active for >2 years, correct diversification
No precise client concentration data communicated (SME-NBFI grid 6/10)

B6 · Permis & Maturité 5.0/5✓ max

Business established for >2 years, BNB licence Reg
BGR00421 in force, all legal documents in order
SME-NBFI class: 5/5 for operational regulated entity

B7 · Marché & Localisation 1.0/3faible

Score adjusted based on live data: Bulgarian non-bank credit market in decline (market trend: declining), tightening of credit standards eurozone (+15% Q1 2026), NPL ratio 6.78% stable but uncertain environment
Yield 7.5% per annum below SME-NBFI standard (7-14%) not penalised

⚠ Alertes détectées · −5 pts déduits

Aucune garantie réelle sur ce projet −5 pts

€4K loan with no direct guarantee to investors - underlying collateral (first-rank mortgages LTV 50%) secures only Lev Credit claims, not crowd lenders

Points forts

✓NBFI licensed by BNB for >2 years, documented profitable growth (+152% profit 2024-2025)

✓Afranga platform licensed ECSP FSC Bulgaria, segregated accounts via Lemonway

✓Yield 8%/annum compliant with European SME-NBFI standard (7-14%)

✓High operator net margin 39% over 2025 financial year, DSCR calculated 1.67

✓Underlying diversified portfolio (consumer loans + business with first-rank collateral LTV 50%)

Risques identifiés

!No direct guarantee to investors on this loan - underlying collateral belongs to Lev Credit

!First Lev Credit operation on Afranga (0/3 on B2.3), no platform repayment history

!Afranga platform: documented default rate 12.5% + impairments rising 2023-2024

!Bulgarian non-bank credit market in decline + tightening of eurozone standards Q1 2026

!Inherent NBFI credit risk exposure: if underlying portfolio degrades, repayment capacity reduced

!Regulatory risk: BNB delicensing would block normal Lev Credit activity

!Liquidity risk: NBFI uses short-term debt to finance medium-term assets

!Absence of documented stress test in the file (partially compensated by underlying 50% LTV)

!Symbolic fundraising amount €4K - uncertainty on representativeness and platform refinancing capacity

!Early repayment option with 1% penalty - reduced yield risk if exercised early

⚠ Avertissement sur les risques

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