À propos
Property trader transaction involving acquisition of a house at Saulxures-lès-Nancy (54420) for 200,000€, followed by a property division into three plots (house to renovate plus two building plots). Carried out by SAS LES 2 FRERES (Sivan and Sirin Duygulu). Simple bullet obligation over 12 months at 9% per annum, collection of 172,000€ on the Bricks platform (AMF licence PSFP FP-2023-08).
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 · 39.0/75
(42.0 brut, red flags −3)
B1 · Instrument & Structure
8.0/10bon
B1.1: 5/5 - Simple obligation fixed rate clear French law
B1.2: 2/3 - Direct loan SAS LES 2 FRERES, well documented
B1.3: 1/2 - First ranking mortgage mentioned but not yet registered (property not executed as at date)
B2 · Opérateur & Track record
6.0/15faible
B2.1: 2/4 - Sivan and Sirin Duygulu named, no verified public profile
B2.2: 1/5 - First documented transaction, adjacent real estate players, no referenced completed project
B2.3: 0/3 - No history on Bricks or other platform
B2.4: 3/3 - Recent company, no collective insolvency proceeding identified, balance sheet unavailable but capital of 500€ noted
B3 · Garanties & Sûretés
9.0/15
B3.1: 7/9 - First ranking mortgage in course of registration (deed not yet signed as at collection date)
B3.2: 1/4 - Joint and several guarantee two co-managers, patrimony not documented, guarantor not assessed
B3.3: 1/2 - No bank credit (0€), project <2M€ therefore no RF2, 0 pts B3.3; escrow 2 months interest noted. Score
B3.3: 1 pt for escrow
B4 · Structure financière
15.0/15✓ max
B4.1: 5/5 - Loan-to-Value (ratio prêt/valeur actif) 44.1% on estimated resale value 390K€, very conservative (<55%)
B4.2: 2/4 - Capital contribution 60K€ being 25.9% of total cost (threshold 25-35%)
B4.3: 2/4 - Margin 68% covers substantially shocks; no formalised stress test but Loan-to-Cost (ratio prêt/coût total) < 45%
B4.4: 2/2 - Estimated net margin >15% of turnover excluding tax
B5 · Pré-commercialisation
3.0/10faible
- A resale commitment on the house envisaged or signed (deed not confirmed), two plots of land without firm commitment
- Stable periurban Nancy market
- Score marchand de biens: partial commitment not notarised = 3/10
B6 · Permis & Maturité
0.0/5faible
- Property not yet executed as at collection date (conditional acquisition)
- Prior declaration for division not yet obtained
- Suspensive conditions not satisfied = 0/5
B7 · Marché & Localisation
1.0/3faible
- Saulxures-lès-Nancy, secondary periurban Lorraine market
- Stable demand but moderate prices
- Volumes in national recovery
- Score 1/3 stable secondary market
⚠ Alertes détectées · −3 pts déduits
Terrain pas encore acheté
−3 pts
Property not yet executed as at collection date (acquisition under suspensive conditions) - RE-MDB applicable rule
Points forts
LTV very conservative at 44.1% on estimated resale value of 390,000€
Gross margin of 68% providing substantial cover for costs and contingencies
First ranking mortgage registered on the asset, 100% cover declared
Personal capital contribution of 60,000€ (26%) aligning interests of the sponsor
Absence of bank leverage eliminating risk of third party lender default
Risques identifiés
Operator without documented completed transaction, first property trader experience on this platform
Property not yet executed: acquisition and division authorisations remain conditional
Two building plots (61.5% of revenues) without firm commitment from identified purchaser
Share capital of 500€, guarantor natural person without documented patrimony
12 month timetable tight to obtain prior declaration, sell 3 separate plots
Voir toute l'analyse Bricks →
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