Appartements Jean Jaurès Sainte-Marie-aux-Chênes — 9%/an · 12 mois

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 · 47.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple bond at fixed rate, French law

B1.2: 2/3 - Dedicated société dédiée (SPV) DU 8J-SMAC, clear French law

B1.3: 1/2 - First-rank mortgage claimed, registration not confirmed as at file date

B2 · Opérateur & Track record 6.0/15faible

B2.1: 4/4 - Kurt Jean Savard appointed, function specified, holds 60% of shares

B2.2: 1/5 - SAS created recently, capital €300, no documented property trader operations

B2.3: 0/3 - No history on Bricks or other platform

B2.4: 1/3 - Recent company, balance sheet unavailable, very low capital

B3 · Garanties & Sûretés 12.0/15bon

B3.1: 7/9 - First-rank mortgage in process of registration plus joint and several personal guarantee

B3.2: 1/4 - Natural person guarantor, assets not documented, guarantee by private deed

B3.3: 0/2 - No banking partner, amount <€2M therefore no RF2

B4 · Structure financière 9.0/15

B4.1: 3/5 - Loan-to-Value (ratio prêt/valeur actif) 65.8% (range 55-65% = 3 points, slightly above = 3)

B4.2: 1/4 - Equity contribution €60,000 on €425,000 = 14.1%, range 15-25% not achieved = 1 point

B4.3: 3/4 - Stress -10%: margin becomes €74,500, crowd repayment assured

B4.4: 2/2 - Gross margin 30.6% > 15%

B5 · Pré-commercialisation 8.0/10bon

Two sale agreements signed for €555,000 covering 100% exit
Rank 2 according to hierarchy (sale agreements signed)
Score 8/10 for marchand de biens with >50% under signed sale agreements

B6 · Permis & Maturité 3.0/5

Land not yet completed (acquisition to be carried out), works not started
Sale agreements signed but notarial deed not confirmed
Score 3/5 according to marchand de biens grid: land completed plus works not started

B7 · Marché & Localisation 1.0/3faible

Sainte-Marie-aux-Chênes: rural Moselle municipality, secondary market
Proximity to Luxembourg favourable but few recent comparable data
Stable national market

Points forts

✓Two sale agreements signed for €555,000, commercial risk substantially reduced.

✓First-rank mortgage on the two units securing 120% coverage.

✓Gross margin of 30.6% of total cost, comfortable for the property trader sector.

✓Sequestration of 12 months' interest ensuring coupons even in case of slight delay.

✓Bricks platform licensed PSFP AMF, solid regulatory framework.

Risques identifiés

!DU 8J-SMAC operator with no documented history of prior property trader operations.

!Share capital of €300 and balance sheets unavailable; issuer financial strength not verifiable.

!Personal guarantee by private deed only, assets of manager not documented.

!100% debt financing (crowd plus equity), no banking partner validating the file.

!Land not yet completed as at file date; acquisition conditional.

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