V Capital — 15%/an · 13 mois

Plateforme · 9.0/25

A1 · Statut réglementaire 3.0/8faible

A2 · Track Record 3.0/6

Stated default rate 0.1% (<1% → 6 pts base)
Delay rate >90 days not published → N/C → 0 pts
Real yield vs announced yield not verifiable (no audited report 2024) → N/C → 0 pts
Gross score: (6×0.5 + 0×0.3 + 0×0.2) = 3.0
No -2 penalty as default rate partially published

A3 · Rigueur de sélection 1.0/4faible

Selection rate not published
Process not documented publicly
Two documented cases of fraud/false information to investors (Estlat, Vibroedil) calling into question the rigour of the process
Established platform recognised in its niche but proven deficient selection

A4 · Santé financière 1.0/4faible

No audited financial report 2024 published (March 2026, delay justified by migration)
Small reserve fund and not transparent
Target yields 20%+ without verifiable solvency reserves
720% growth but suspect business model
No active distress signal but insufficient transparency for 2+ pts

A5 · Protection investisseurs 1.0/3faible

Projet · 41.0/75 (44.0 brut, red flags −3)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Fixed-rate obligation, clear German law

B1.2: 2/3 - Direct borrowing by operator, recognised EU law

B1.3: 1/2 - Rank not formally registered, no known senior debt

B2 · Opérateur & Track record 8.0/15

B2.1: 2/4 - Two co-founders named with functions, LinkedIn profile not confirmed

B2.2: 2/5 - SME 5 years, distribution sector, documented growth but outside NBFI

B2.3: 1/3 - First transaction on Maclear, reputation not verifiable on other AMF platforms

B2.4: 3/3 - Zero debt, sound balance sheet, no identified proceeding

B3 · Garanties & Sûretés 6.0/15faible

B3.1: 6/9 - Pledge on vehicle inventory (identifiable assets, liquidation Loan-to-Value (ratio prêt/valeur actif) 0.78)

B3.2: 1/4 - Equity 105K EUR, D/E 6.18, weakly capitalised guarantor

B3.3: 0/2 - No bank partner identified, project <2M EUR therefore RF2 not triggered

B4 · Structure financière 9.0/15

B4.1: 3/5 - Monthly taux de couverture de la dette 2.1-2.3x, interest coverage 3.6x (2026F)

B4.2: 1/4 - Equity 105K EUR on 650K facility, weak contribution

B4.3: 3/4 - Coverage maintained at 1.8x even at -50% EBIT documented

B4.4: 2/2 - Net margin 5%+, taux de couverture de la dette >2.0 in 2026F

B5 · Pré-commercialisation 6.0/10

SME-NBFI: active portfolio EUR 3.37M, 11 counterparties, 3 contracts in execution and 2 forward contracts signed
Correct diversification, partial data on client concentration

B6 · Permis & Maturité 5.0/5✓ max

Established activity since 2020 (5 years), all legal documents in order under German law, no missing licence reported

B7 · Marché & Localisation 2.0/3

Points forts

✓Zero prior debt, operational profitability confirmed since 2024.

✓Two signed forward contracts covering 1.20x total repayment.

✓Interest coverage 3.6x in 2026F, resistant to -50% EBIT.

✓Established activity 5 years, revenue growth +58-65% annually documented.

✓Liquidation LTV 0.78 on identifiable vehicle assets owned by V Capital.

Risques identifiés

!D/E ratio of 6.18 very high; equity of only 105K EUR against 650K facility.

!Strong concentration on two forward contracts for principal repayment.

!Maclear platform: history of operator fraud (Estlat, Vibroedil), insufficient selection rigour.

!Rate of 15%/year at upper limit of SME norm; inventory pledge not formally registered.

!Delivery/settlement delay risk: delay >45 days impacts repayment schedule.