Bricks Commercial real estate 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.

Complexe Bowling et Laser Game Torcy

Average

score / 100

Yield

8%/yr

Duration

24 months

Min. ticket

10 €

Amount raised

1.5 M€

Invest →

À propos

Acquisition of buildings (930,000€) and goodwill (330,000€) of the Le Crystana leisure complex in Torcy (Saône-et-Loire), operated since 1991, including bowling, laser game, bar and restaurant. The operation is carried by Experience Torcy 71 (SIRU 106515562), newly created company carried by Paul Mandis and Nicolas Delfaut via Experience Groupe. Quasi-total financing by bond issue (98% of total cost), without banking contribution, with improvement works of 150,000€.

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 · 37.0/75 (42.0 brut, red flags −5)

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Dedicated société dédiée (SPV) (SASU), but dual-entity structure SCI+SAS

B1.3: 1/2 - First ranking mortgage mentioned, registration in progress not confirmed

B2 · Opérateur & Track record 7.0/15faible

B2.1: 2/4 - Paul Mandis appointed, Nicolas Delfaut appointed, little verifiable public information

B2.2: 2/5 - 2 major operations, leisure experience 5-10 years, but no financial statements

B2.3: 0/3 - First operation on Bricks

B2.4: 3/3 - Company recently created, no insolvency proceedings identified

B3 · Garanties & Sûretés 10.0/15

B3.1: 7/9 - First ranking mortgage in process of registration + pledge of securities registered

B3.2: 1/4 - Guarantor new SCI, equity and financial statements not available

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

B4 · Structure financière 6.0/15faible

B4.1: 2/5 - Loan-to-Value (ratio prêt/valeur actif) ~61% (1,529,000/2,510,000 assets+WC)

B4.2: 0/4 - Quasi-total debt financing, operator equity not documented

B4.3: 2/4 - Loan-to-Value (ratio prêt/valeur actif) <65% partially compensates, no formalised stress test

B4.4: 2/2 - EBITDA 100K€/575K€ revenue = ~17%, target IRR reasonable

B5 · Pré-commercialisation 7.0/10

RE-COM: active operation for 35 years, revenue 575K€, 4 profitable financial years
No lease signed post-acquisition but continuity guaranteed
Score 7/10 - established activity, no formal lease commitment

B6 · Permis & Maturité 3.0/5

Acquisition under offer/in progress, preliminary notice of works not formally documented
Established commercial activity, preliminary notice likely for improvements
Score 3/5

B7 · Marché & Localisation 1.0/3faible

Torcy (71), Le Creusot-Montceau basin, illiquid secondary market
Specialised leisure commercial property, limited acquirers
Little recent comparable data on this segment

⚠ Alertes détectées · −5 pts déduits

Aucune garantie réelle sur ce projet −5 pts

Mortgage guarantee limited to 930K€ on a loan of 1,529,000€ - goodwill fraction (330K€) covered only by pledge of securities of a SASU with share capital of 100€

Points forts

✓Activity established for 35 years, 4 consecutive profitable financial years documented.

✓First ranking mortgage on buildings (930K€) and full pledge of securities.

✓Works escrow 150K€ with release on invoices, security of fund usage.

✓Documented local monopoly within 30 km radius for bowling+laser game.

✓Profits retention clause 5 years, protection of obligateholders.

Risques identifiés

!Issuing company created less than one year ago, share capital of 100€, no financial statements available.

!100% debt financing by bond issue, total absence of documented equity contribution.

!Illiquid local leisure commercial market, asset resale difficult in case of default.

!Mortgage limited to 930K€ on 1,529K€ raised - goodwill not covered by real guarantee.

!Operator with no track record on Bricks nor audited financial statements, first operation of this type under Experience Groupe.

⚠ Avertissement sur les risques

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