À propos
Acquisition and conversion of a building for garage use located 40 Chemin du Grillou, 31170 Tournefeuille (Toulouse metropolitan area), by ESTEDE IMMO. The operation consists of dividing the building into three individual houses of 65 m² each, then reselling them separately. Building permit granted in April 2026, obligatory financing of 338,000 € over 12 months, without bank credit.
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 · 51.0/75
B1 · Instrument & Structure
9.0/10bon
B1.1: 5/5 - Simple obligation fixed rate, clear French law
B1.2: 3/3 - SAS ESTEDE IMMO dedicated, French law
B1.3: 1/2 - First-rank mortgage currently being registered (deed to follow at notary's office)
B2 · Opérateur & Track record
10.0/15
B2.1: 4/4 - Two directors appointed (DELEUZE, ESTEVIN), functions specified
B2.2: 4/5 - 4 prior Bricks operations + Estevin & Fils 20 years renovation; property trader since 2023 only
B2.3: 2/3 - 4 operations on Bricks, no incidents reported
B2.4: 0/3 - Capital stock of 100€, gearing not calculable; company created in 2023, balance sheets not provided; Pappers verification insufficient
B3 · Garanties & Sûretés
10.0/15
B3.1: 7/9 - First-rank mortgage currently being registered (statutory lender pledge + supplementary conventional mortgage)
B3.2: 1/4 - Guarantor = SAS ESTEDE IMMO, fonds propres 100€; joint and several guarantee by associates under electronic private deed, patrimony not evaluated
B3.3: 0/2 - No banking partner (project <2M€, RF2 not triggered)
B4 · Structure financière
14.0/15bon
B4.1: 4/5 - Loan-to-Value (ratio prêt/valeur actif)=338K/680K=49.7% (threshold 40-55%)
B4.2: 3/4 - Contribution 50K€ / purchase 180K€ = 27.8% (threshold 25-35%)
B4.3: 3/4 - Margin 75%: scenario -30% turnover → sale value 476K€ > cost 388K€, positive cash-flow
B4.4: 2/2 - Gross margin 292K/388K=75.3%>15%
B5 · Pré-commercialisation
3.0/10faible
- Purchase offers mentioned for the 3 lots but not formalised in signed contracts
- Verbal/informal confirmations only
- Score rank 4 = letters of intent/offers not notarised → 3/10
B6 · Permis & Maturité
4.0/5bon
- Land secured (acquisition planned through notary with obligatory funds) + Building permit obtained 7 April 2026, not cleared as of filing date (possible appeals)
- Score 4/5
B7 · Marché & Localisation
1.0/3faible
- Tournefeuille = western suburbs Toulouse, stable secondary market
- Exit price 3 houses 65m² at 226K€ each (≈3,480€/m²) within DVF median
- But volumes -24%, price -7%/year, high rates hamper first-time buyers
- Score 1/3
Points forts
First-rank mortgage (statutory lender pledge + conventional mortgage) on identified property
Gross margin of 75% offers significant safety cushion in case of price decline
Works escrow (144K€) with release on invoices and open banking access RMO
Operator with 4 prior operations on Bricks and works partner with 20 years experience
Building permit obtained, principal administrative risk eliminated
Risques identifiés
Capital stock of 100€ and ESTEDE IMMO balance sheet not provided; guarantor soundness not verifiable
Joint and several guarantee under electronic private deed only, not notarised; limited legal force
Pre-marketing not formalised (verbal/informal purchase offers); resale risk within 12 months
Toulouse transaction volumes -24% and price -7%/year; first-time buyers hampered by high rates
Operator equity contribution 12.9% of total cost; high dependence on crowdfunding alone without bank
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