Division Résidentielle Aigrettes - Montpellier — 9%/an · 9 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 · 45.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Dedicated société dédiée (SPV) HOLDING CHARTIER SASU, French law, but capital €1,500 very low

B1.3: 1/2 - First ranking mortgage HLPD committed, not yet registered at file date

B2 · Opérateur & Track record 7.0/15faible

B2.1: 3/4 - Maël Pierre Chartier appointed, 100% shareholder, but limited profile

B2.2: 2/5 - 6 operations planned end 2026 not delivered documented, partial marchand de biens experience

B2.3: 1/3 - First operation identified on Bricks

B2.4: 1/3 - Recently created company, capital €1,500, balance sheets not detailed in file

B3 · Garanties & Sûretés 10.0/15

B3.1: 7/9 - HLPD + first ranking conventional mortgage in course of registration, coverage 111%

B3.2: 1/4 - Personal guarantee from Chartier, patrimony not documented, holding capital €1,500

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

B4 · Structure financière 11.0/15

B4.1: 3/5 - Loan-to-Value (ratio prêt/valeur actif) 65.8% (marchand de biens threshold 55-65% → 3pts)

B4.2: 2/4 - Contribution €150K on €673K total = 22.3% (threshold 25-35% → 2pts)

B4.3: 2/4 - Moderate Loan-to-Value (ratio prêt/valeur actif) compensates absence of documented stress test

B4.4: 2/2 - Gross margin 18.1% > 15% marchand de biens threshold

B5 · Pré-commercialisation 3.0/10faible

28% pre-commercialised (ground floor under offer at €225K), 0 units sold by deed
Offer = rank 4 (not notarised)
Other units without commitment
Montpellier market stable but transactions -38%

B6 · Permis & Maturité 4.0/5bon

Land under agreement (deed scheduled before 23/07/2026)
Prior declarations of subdivision obtained (29/04 and 10/06/2026)
Limited works, no building permit required
Score 4/5 as authentic deed not yet executed at document date

B7 · Marché & Localisation 2.0/3

Montpellier = established major regional metropolis, solid demographic demand
Exit prices ~€3,500/m² consistent with local median
Stable market, exit prices consistent with comparables

Points forts

✓First ranking mortgage (HLPD + conventional) covering 111% of bond financing.

✓Gross margin 18.1% on operation with limited works (€14,000), low technical risk.

✓LTV 65.8% conservative, absence of competing bank debt.

✓Prior declarations of subdivision already obtained, permitting risk near nil.

✓Ground floor under offer validating local demand at €225,000.

Risques identifiés

!Land not yet executed by deed (agreement signed, deed scheduled July 2026) - residual risk at document date.

!Young operator (SASU capital €1,500), 6 announced operations not delivered documented, limited track record.

!Personal guarantee not notarised and director's patrimony not documented - guarantor solidity not verifiable.

!28% pre-commercialised only via non-notarised offer - 72% of turnover to achieve in 9 months on declining market (-38% volumes).

!Dependence on rapid sale of 3 units on Montpellier where transactions fell 38% between 2022-2024.

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