Bricks Property development Financé

Ce projet est clôturé. L'analyse ci-dessous reflète les informations disponibles au moment de la souscription et n'a pas été mise à jour.

Résidence Sainte-Marthe — Marseille 14

Strong

score / 100

Yield

10%/yr

Duration

18 months

Min. ticket

10 €

Amount raised

3.5 M€

Invest →

À propos

New construction of 61 social dwellings (55 PLUS/PLS + 6 other) at 131 Chemin de Sainte-Marthe, 13014 Marseille, carried out by INOVA PROMOTION via the SCCV Marseille 131 Chemin de Ste Marthe. All dwellings sold in block under VEFA to Provence Métropole Logement (institutional lessor) at price €13.0M HT. Building permit obtained and cleared. Financing of land phase and initial works by bond loan of €3.54M at 10%/year over 18 months.

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 · 49.0/75 (54.0 brut, red flags −5)

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Dedicated SCCV but issuer INOVA ≠ SCCV project, indirect structure

B1.3: 1/2 - First rank mortgage promise not yet registered at file date

B2 · Opérateur & Track record 8.0/15

B2.1: 2/4 - Umut Inci appointed president, limited verifiable public information

B2.2: 3/5 - INOVA created 2011, capital €1M, but delivered operations not documented

B2.3: 1/3 - First Bricks operation, platform reputation not verified

B2.4: 2/3 - No insolvency proceeding identified, tight balance sheet (gearing non-calculable, equity €1M)

B3 · Garanties & Sûretés 10.0/15

B3.1: 7/9 - First rank irrevocable mortgage promise, authentic deed in process of registration

B3.2: 1/4 - Dedicated SCCV without history, equity not assessed, guarantor capitalisation not documented

B3.3: 1/2 - Financing from Banque des Territoires/CDC identified on lessor side, no direct promoter credit

B4 · Structure financière 12.0/15bon

B4.1: 2/5 - Loan-to-Cost (ratio prêt/coût total) 89.6% (crowd €3.54M/cost €3.95M), threshold >85% → RF7 triggered

B4.2: 2/4 - Contribution €412K i.e. 10.4% of total cost (threshold 10-15%)

B4.3: 3/4 - Block sale 100% secured to institutional lessor, commercial risk quasi-nil

B4.4: 1/2 - Gross margin €565K/€13M turnover ≈ 4.3%, below 8% threshold

B5 · Pré-commercialisation 8.0/10bon

100% of 61 dwellings sold in block to Provence Métropole Logement under signed reservation contract (€13,001,138 HT)
Lessor licence obtained 23/01/2026
Firm commitment before works
No authentic VEFA deed yet regularised

B6 · Permis & Maturité 5.0/5✓ max

Building permit permis de construire 013055 24 00506 P0 issued 31/12/2024, cleared of all appeals
Amending permit issued 13/03/2026
Land not yet formalised (prerequisite for disbursement) but cleared building permit constitutes maximum progress

B7 · Marché & Localisation 3.0/3✓ max

Score adjusted thanks to live data: Marseille market rising, strong structural social housing demand
Block institutional sale at fixed contractual price eliminates market risk
Maximum score 3/3

⚠ Alertes détectées · −5 pts déduits

Ratio prêt/valeur trop élevé −5 pts

LTC calculated at 89.6% (threshold 85%) - bond debt to total cost ratio too high

Points forts

✓Block sale 100% secured to institutional lessor before works commencement

✓Building permit obtained and cleared, right to build definitively acquired

✓AIRCAP centraliser account with mandatory staged repayments on site

✓Banque des Territoires/CDC financing of €8.97M secured on purchaser side

✓First rank irrevocable mortgage pledge promise on 5 land parcels

Risques identifiés

!LTC 89.6% - bond financing covers quasi-totality of launch cost, own contribution limited to 10.4%

!Land not yet formalised at file date, VEFA not regularised - disbursement conditional

!No bank credit on promoter side, bond debt sole external financing source

!INOVA PROMOTION delivered operations history not documented in file

!Forecast gross margin 4.3% very low, little cushion in event of cost overrun

⚠ Avertissement sur les risques

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