La Cervoiserie - Financement d'enseigne (AGN) — 11.0%/an · 54 mois

Plateforme · 14.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence from AMF obtained in November 2023, currently valid
Maximum applicable score

A2 · Track Record 1.0/6faible

Default 7.47% → tranche 7-15% → 1.5 pts
Delay >90 days: N/C → 0 pt
Actual return vs announced: N/C → 0 pt
A2 = (1.5×0.5)+(0×0.3)+(0×0.2) = 0.75 ≈ 1
Statistics partially published (loss rate 0.79% available), penalty -2 pts not triggered as partial data published

A3 · Rigueur de sélection 1.0/4faible

No selection rate published nor detailed process identified
Platform established since 2016, recognised in SME sector
Minimum score for established platform without documented process

A4 · Santé financière 3.0/4bon

Independent platform active since April 2016 (>8 years), agrément AMF licence obtained
No distress signal identified
AUM and solvency data unavailable but no platform incident reported
3 pts: independent, established, without negative signal

A5 · Protection investisseurs 1.0/3faible

agrément AMF licence legally guarantees 4-day reflection period and continuity plan → 1 pt mandatory minimum
Investor dashboard mentioned as updated
Segregated accounts and secondary market not documented in available data

Projet · 43.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Monthly amortisable loan, French law, clear instrument

B1.2: 2/3 - Direct operator borrowing (SAS AGN), no société dédiée (SPV), French law

B1.3: 1/2 - Simple bond without formally subordinated senior debt; known senior bank loan of 407.5K€ but relative ranking not documented

B2 · Opérateur & Track record 6.0/15faible

B2.1: 2/4 - Nicolas Charles appointed, identified president, personal email provided, LinkedIn not verified

B2.2: 1/5 - First operation as franchisee-acquirer; 5 years salaried experience on this site only

B2.3: 0/3 - First platform operation, no track record

B2.4: 3/3 - SIREN not confirmed in live enrichment but no collective insolvency proceeding identified, AGN financial statement not available (capital 100€ only)

B3 · Garanties & Sûretés 10.0/15

B3.1: 6/9 - Registered pledge on business assets plus notarised personal guarantee of partners; pledge = 6pts (official registered)

B3.2: 1/4 - Guarantor SAS AGN created with capital 100€, fonds propres quasi-zero; partner personal guarantee: limited assets (Jean-Jacques: Airbnb apartment, pension)

B3.3: 2/2 - Bank loan 407.5K€ identified, external validation confirmed

B4 · Structure financière 7.0/15faible

B4.1: 3/5 - taux de couverture de la dette: EBITDA 143K€ / financial charges ~22K€ + debt amortisation = estimated annual service ~100K€ → taux de couverture de la dette ~1.4, bracket 1.0-1.5

B4.2: 2/4 - Partner contribution 115K€ / total 693K€ = ~16.6%, bracket 15-20%

B4.3: 1/4 - Historical EBITDA 115-143K€; -10% stress would reduce operating leeway significantly; no documented stress test + Loan-to-Cost (ratio prêt/coût total) ~14%

B4.4: 1/2 - EBITDA 143K→168K€ but total financial charges ~22-25K€/year plus amortisation; estimated net margin modest

B5 · Pré-commercialisation 6.0/10

Existing activity with turnover 780K€ in 2025, documented loyal customer base
Operational establishment, acquisition of an existing business asset in continuity
Portfolio of active customers (after-work events, neighbouring businesses), documented track record >2 years
Partial portfolio data

B6 · Permis & Maturité 5.0/5✓ max

Activity established for several years (former operator documented), all legal documents in order, acquisition of existing business asset with licence
7-year franchise agreement signed
No missing documents reported

B7 · Marché & Localisation 1.0/3faible

Mérignac, business district, CHR/quick service restaurant market
Documented B2B rental demand (Thales, Dassault, Airbus nearby)
Commercial market in moderate recovery 2026 but CHR/bar sector under consumption pressure
Secondary market medium-sized city near Bordeaux: 1 pt

Points forts

✓Existing establishment with stable turnover 780K€ and historical EBITDA >115K€ documented.

✓Bank loan of 407.5K€ granted - independent external validation of the project.

✓Nicolas Charles: 5 years operational experience on this specific site.

✓Pledge on business assets plus notarised personal guarantee of partners.

✓Franchise supported by C10 group (196.5M€ turnover, 38M€ FP).

Risques identifiés

!SAS AGN created with share capital of 100€ only - quasi-nonexistent financial structure.

!SIREN 103894903 not confirmed in available French registers during live enrichment.

!Acquirer's first operation as independent franchisee, without autonomous management track record.

!High post-acquisition total debt (~550K€) on EBITDA of 143K€ - tight coverage ratio.

!Crowd rate of 11%/year over 54 months: within SME standard but pressure on cash flow combined with bank charges.