Mélitée — Eden Promotion — 11.5%/an · 24 mois

Plateforme · 19.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF fonds propres-2023-5 obtained June 2023, prior to mandatory deadline November 2023
Status currently valid

A2 · Track Record 4.0/6

Default 3.5% → 4.5pts
Delay 26.29% → 3pts (15-30%)
Realised yield ~9% compliant with announced → 6pts
Score: (4.5×0.5)+(3×0.3)+(6×0.2)=4.35, rounded to 4

A3 · Rigueur de sélection 2.0/4

Selection process mentioned, platform active since 2014 with +340 operations, but selection rate not published in available data

A4 · Santé financière 3.0/4bon

Independent platform active since 2014 (+10 years), recognised player in Europe, no platform distress signal identified
No documented institutional backing

A5 · Protection investisseurs 2.0/3

agrément AMF licence → 4-day reflection period + mandatory continuity plan (1pt)
Third-party payment service provider likely for agrément AMF (1pt)
Secondary market not documented

Projet · 53.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Direct ECSP subordinated loan, fixed rate, French law

B1.2: 2/3 - Direct borrowing Eden Promotion, well documented, French law

B1.3: 1/2 - Unsecured bond with no known senior debt, de facto ranking

B2 · Opérateur & Track record 11.0/15

B2.1: 4/4 - Tristan Rivet appointed CEO, identifiable on business register

B2.2: 4/5 - 1700+ units delivered, co-promotion Quartus/BPCE, solid track record

B2.3: 2/3 - Known operator on platforms, partial history Raizers

B2.4: 1/3 - Eden Promotion balance sheet sound (turnover 5.8M€, net profit 1.06M€), Eden Group guarantor not assessed in detail

B3 · Garanties & Sûretés 9.0/15

B3.1: 7/9 - Notarised GAPD Mélitée SCCV + SAS R2D2 + SAS Groupe Eden (3 notarised GAPDs)

B3.2: 1/4 - Eden Group guarantor, capital not detailed in file

B3.3: 1/2 - No bank named in file, project less than 2M€

B4 · Structure financière 12.0/15bon

B4.1: 5/5 - Loan-to-Cost (ratio prêt/coût total) 23% (700K€/13.86M€), very low

B4.2: 4/4 - Operator equity overwhelmingly majority given crowd Loan-to-Cost (ratio prêt/coût total)

B4.3: 2/4 - Very low Loan-to-Cost (ratio prêt/coût total) compensates for absence of explicit stress test

B4.4: 1/2 - Margin not detailed; operation with bulk sale to social housing landlord reassuring

B5 · Pré-commercialisation 6.0/10

66% turnover secured: 43 units in bulk to Action Logement + 11/32 reservations owner-occupied - between 50-80% through reservations and mixed sales → 6 points

B6 · Permis & Maturité 5.0/5✓ max

Land secured, building permit obtained and free from all challenges, construction underway
Maximum situation for promotion immobilière

B7 · Marché & Localisation 2.0/3

Aytré/La Rochelle: established market, attractive Atlantic coast
Score adjusted through live data: stable market but promotion sector under pressure (insolvencies +50%)
Secondary market in owner-occupied more uncertain

Points forts

✓Very low LTC at 23%, strong structural protection for investors.

✓66% of turnover secured including bulk sale to social housing landlord Action Logement.

✓Building permit obtained and free from challenge, construction underway - maximum maturity.

✓Co-promotion with Quartus (BPCE subsidiary), operator 1700+ units delivered.

✓Three notarised GAPDs of group holdings as security.

Risques identifiés

!Promotion sector in difficulty: insolvencies +50% in Q1 2026 vs Q1 2025.

!21 owner-occupied units not reserved remain to be marketed by delivery.

!Financial strength of Eden Group (guarantor) not fully documented in file.

!Rate of 11.5% per annum at top of RE-PROM range; verify adequacy of guarantees.

!Delivery scheduled Q4 2027: risk of delay overrun in inflationary context.

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