Parking Belleville — 81 lots à Paris 19e — 9.0%/an · 24 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 · 34.0/75 (37.0 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 - Dedicated société dédiée (SPV) SAS PY BELLEVILLE, but direct operator borrowing (no separate société dédiée (SPV))

B1.3: 1/2 - First rank mortgage in course of registration, not yet formally registered as at filing date

B2 · Opérateur & Track record 7.0/15faible

B2.1: 4/4 - Louis Py appointed, identifiable manager

B2.2: 2/5 - 1 reference transaction (Lamarck 18th) delivered, 1st property trader transaction parking, partial track record

B2.3: 1/3 - 1st transaction on Bricks

B2.4: 0/3 - société dédiée (SPV) created less than one financial year ago, no accounts, no financial verification possible

B3 · Garanties & Sûretés 11.0/15

B3.1: 7/9 - First rank mortgage in course of registration (deed signed, formality in progress) + sequestration 12 months interest

B3.2: 1/4 - Guarantor natural person, no asset appraisal provided, joint and several guarantee by private deed

B3.3: 0/2 - No banking partner (project <2M€, no RF2)

B4 · Structure financière 7.0/15faible

B4.1: 3/5 - Loan-to-Value (ratio prêt/valeur actif) 60.2% (marchand de biens: threshold 55-65% = 3 pts)

B4.2: 1/4 - Equity contribution 80 K€ i.e. approximately 7.5% of total cost (threshold 15-25% = 1 pt)

B4.3: 1/4 - No formalised stress test, Loan-to-Value (ratio prêt/valeur actif) 60% moderate but sale rate uncertain

B4.4: 2/2 - Gross margin 53.5% well above threshold >15%

B5 · Pré-commercialisation 2.0/10faible

No lots under promise or signed deed at time of fundraising
Standard product (Paris parking) on structurally liquid market but no documented firm commitment
Analysis of 285 listings cited but not contractualised
Score 2/10

B6 · Permis & Maturité 0.0/5faible

Land not yet committed as at filing date (acquisition financed by bond issuance). marchand de biens transaction with land under promise → triggers RF6

B7 · Marché & Localisation 2.0/3

Paris 19th: established market, sustained parking demand, structural rarefaction of supply
Live data: floor price established approximately 9,700€/m², transactions recovering
Belleville micro-location solid (metro, junction 4 districts)
2027 elections and mortgage rates weigh slightly

Points forts

✓First rank mortgage registered on 81 Paris parking lots, 100% coverage.

✓Sequestration of 12 months interest (100 K€) securing first instalments.

✓LTV of 60.2% moderate for an RE-MDB transaction without works.

✓Paris parking market structurally undersupplied, established liquidity.

✓Anticipated gross margin high (53.5%) offering significant safety cushion.

Risques identifiés

!Operator with only one reference project delivered, no antecedent on parking transactions.

!Land not committed as at fundraising date, acquisition depends on fundraising success.

!Equity contribution limited to 7.5%, financial commitment of sponsor very weak.

!No documented pre-marketing, sale rate (3-5 lots/month) not secured.

!SPV recently created, no accounts available, financial verification impossible.