Bricks Property trading 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.

Immeuble Eugène Cuenot Marseille

Average

score / 100

Yield

9%/yr

Duration

12 months

Min. ticket

10 €

Amount raised

1.4 M€

Invest →

À propos

Property trader operation concerning a residential building of 513 m² located at 5 avenue Eugène Cuenot, 13009 Marseille (9th district). Compagnie Financière Marseillaise (CFM), active since 2019, acquires, completely renovates and resells in 12 distinct lots (2 one-bedroom, 4 two-bedroom, 6 three-bedroom). Bond financing of 1.35M€ over 12 months at 9%/year, with personal contribution of 150,000€ and work escrow of 400,000€.

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 · 43.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct loan from CFM company, clear French law

B1.3: 1/2 - Declared junior rank, no senior debt known but subordination mentioned

B2 · Opérateur & Track record 9.0/15

B2.1: 4/4 - Audrey Schroun and Fabien Benarouche appointed and identifiable

B2.2: 4/5 - ~25 operations since 2019, solid property trader track record

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

B2.4: 0/3 - Share capital 500€, financial statements not provided, gearing not verifiable

B3 · Garanties & Sûretés 8.0/15

B3.1: 2/9 - Personal guarantee not notarised (private electronic deed); no mortgage or notarised guarantee

B3.2: 1/4 - Associates not financially evaluated, assets not documented

B3.3: 2/2 - No banking partner, amount <2M€ therefore RF2 not triggered; but work escrow 400K€ noted positively

B4 · Structure financière 11.0/15

B4.1: 3/5 - Loan-to-Value (ratio prêt/valeur actif) 64.3% (55-65% → 3pts marchand de biens)

B4.2: 1/4 - Contribution 10% being 150K€/1.5M€ (15-25% → 1pt marchand de biens)

B4.3: 3/4 - Margin 40%; 5% decrease reduces margin to 33%, structure holds

B4.4: 2/2 - Gross margin 40% > 15% marchand de biens → 2pts

B5 · Pré-commercialisation 2.0/10faible

B5 marchand de biens: no lot under promise to sell or signed deed at file date
Property currently occupied
Marseille market liquid but no documented firm commitment → 2/10

B6 · Permis & Maturité 3.0/5

B6 marchand de biens: titled land not explicitly confirmed; works not yet started
Division permit not mentioned
Acquisition mentioned as financing objective → 3/5 by prudence

B7 · Marché & Localisation 2.0/3

Marseille metropolis established, volumes +11.8% in 2025, sustained rental demand
Target prices ~4K€/m² consistent with market
Risk of EPC/obsolescence (old building) and limited national growth +0.8%

⚠ Alertes détectées · −5 pts déduits

Aucune garantie réelle sur ce projet −5 pts

Personal guarantee by private electronic deed not notarised only - real security absent on 1.35M€ loan. NOTE: B3.1 = 2pts (non-notarised guarantee), RF8 not applicable as guarantee exists; removed.

Points forts

✓Target gross margin of 40% offering significant safety cushion

✓Operator with ~25 similar operations since 2019 in Marseille

✓Work escrow 400K€ disbursed on invoices, fund usage protection

✓LTV 64.3% below usual alert thresholds

✓Marseille market recovering with volumes up 11.8% in 2025

Risques identifiés

!Personal guarantee only by private electronic deed, without notarised deed or registered real security

!Equity contribution limited to 10% (150K€) on total financing of 1.5M€

!No documented pre-commercialisation, 12 lots to sell in 12 months

!Share capital of 500€, financial statements not provided, guarantor financial strength not verifiable

!Tight schedule: acquisition, complete renovation and sale of 12 lots in 12 months

⚠ Avertissement sur les risques

Investir en crowdfunding comporte un risque de perte partielle ou totale du capital, ainsi qu'un risque d'illiquidité. Selon le baromètre France FinTech / Forvis Mazars 2025, 25 à 30 % des projets accusent un retard de plus de 6 mois et 4 à 6 % entraînent une perte définitive. Ne placez jamais plus de 5 à 10 % de votre patrimoine en crowdfunding et diversifiez sur au moins 10 projets. CrowdPickr est un service d'information indépendant, non agréé en tant que conseiller en investissement. Les analyses présentées ne constituent pas un conseil en investissement personnalisé.