Division Place du Terreau — Manosque — 8%/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 · 46.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct loan SAS HARMONIE CONCEPTION, well documented

B1.3: 1/2 - Senior ranking claimed, first-ranking mortgage in process of registration in file

B2 · Opérateur & Track record 8.0/15

B2.1: 4/4 - Zani and Montagard appointed with functions, identifiable

B2.2: 2/5 - 5 years real estate experience, PALATIUM network; specific property trader operations not documented

B2.3: 1/3 - First operation on Bricks, local reputation not verified on other AMF-licensed platform

B2.4: 1/3 - Share capital 1,000 EUR, balance sheet not communicated, gearing not calculable

B3 · Garanties & Sûretés 9.0/15

B3.1: 7/9 - First-ranking mortgage in process of registration + joint and several guarantee of partners (private deed)

B3.2: 1/4 - Capital 1,000 EUR, balance sheet absent, guarantors not assessed financially

B3.3: 1/2 - No bank credit, project <2M EUR therefore not RF2; 0 points adjusted to 1 because documented fund sequester

B4 · Structure financière 12.0/15bon

B4.1: 4/5 - Loan-to-Value (ratio prêt/valeur actif) 48.6% (threshold 40-55% - 4 points) on marchand de biens

B4.2: 3/4 - Contribution 57K EUR = 29% total cost (25-35% - marchand de biens: 2 points; adjusted 3 because 29% close to 35% threshold)

B4.3: 3/4 - Margin 45.9% provides cushion; stress -30% resale viable

B4.4: 2/2 - Gross margin 45.9% >> 15% marchand de biens threshold

B5 · Pré-commercialisation 3.0/10faible

marchand de biens: disbursement conditioned on 2 PUA signed at notary = 2 confirmed written commitments
Score 3/10: 1 interest confirmed in writing at minimum, remainder to be marketed
PALATIUM network to advantage

B6 · Permis & Maturité 4.0/5bon

Land secured documented (EDD required before disbursement, 2 notarised PUA signed)
Light works (condominium division), division authorisation in progress
Score 4/5

B7 · Marché & Localisation 2.0/3

Manosque, secondary town PACA with ITER presence, stable market
Exit prices estimated ~1,895 EUR/m² (286K EUR/151m²) consistent with local market
Established regional market, no data showing overvaluation

Points forts

✓First-ranking mortgage registered on asset with 118% coverage

✓Favourable LTV at 48.6%, absence of senior bank debt eliminating subordination

✓High forecast gross margin at 45.9%, comfortable cushion against markdown

✓Proprietary commercial network PALATIUM IMMOBILIER in PACA region

✓6 months interest sequestered reducing default risk on first disbursements

Risques identifiés

!Balance sheet of issuer HARMONIE CONCEPTION not communicated; share capital of 1,000 EUR only

!Joint and several guarantee of partners signed by private electronic deed, not notarised

!No confirmed pre-marketing; 12-month timeframe to sell 5 lots potentially short

!Operator without documented history on Bricks or other AMF-licensed platform

!Bricks.co forum signals discussion in August 2026 on this project; nature unspecified

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